PROCURE TO PAY
Process of purchasing goods and services required by a business from point of order till the payment settlement is often based on paper and manual keeping down the pace.
In a typical P2P cycle – Requirements planning, Request for Quotation, Creation of purchase order, goods/services receipt, creation of payment invoice, payment and reporting – automation brings in speed, efficiency and effectiveness..
Algonox’s RPA & ML capabilities makes your Procure-to-pay (P2P) process smooth and reliable in each stage. Keys areas of automation in P2P cycle includes:
- Requisitioning – This provides a way for the operations staff to complete the requisitions electronically, often selecting items from a catalog or template of items that they are permitted to order. Machine learning is used to predict the items to order in the next cycle. The requisition sanctions are also automated based on ML algorithms to reduce the approval time.
- Purchase orders – Issuance of POs is made once the requirements are gathered and sent to the relevant vendors automatically
- Invoice processing – Received invoices are read and automatically stored in the database. Invoice matching is also done using bots to reconcile the overpayments.
- Issuance of payments – Once the reconciliation is done, bots are prompted to make the transactions electronically
Algonox’s Procure to Pay automation CoE helps in building paperless procurement environment, reduce procurement cycle time thus by giving pace to the transactions and business.