![]() ![]() ![]() Invoice Posting and Payment: The approved invoice is posted and the payment is made to the vendor. Invoice Approval: The invoice is reviewed by the handling team to verify the quality of the goods or services. Invoice Receipt: The vendor sends an invoice for the goods or services. Goods Receipt: The goods are received at the company's physical storage and logged into the warehouse management system. Purchase Order: A purchase order is created for the goods or services being procured. Purchase Requisition: A request is made to purchase goods or services, which is then submitted for approvals. The standard phases of a purchase-to-pay (P2P) process typically include: The Phases of the Purchase-to-Pay Process: This blog was originally published in 2020 and has been updated with recent information in February 2023. In this article, you'll see how process mining helps to optimize the purchase-to-pay process and get 3 practical tips for how this is done with our process mining software, QPR ProcessAnalyzer. However, process mining technology provides a solution to these challenges, helping organizations to optimize their P2P process and drive significant improvements in performance. With so many moving parts, the P2P process can become complex and time-consuming, leading to inefficiencies and bottlenecks. The purchase-to-pay (P2P) process is an essential part of procurement and involves multiple stages, from requisition to payment. Procurement is a crucial function for any organization, as it involves the sourcing, purchasing, and paying for goods and services. ![]()
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