Why P2P Consulting is a Top Priority for 2021

If you are a business owner you might want to make p2p consulting your top priority for the year 2021. Technology is advancing at an alarming rate, and soon businesses that have not taken the liberty to transform their procurement solutions from manual to digital may suffer. Literally millions of large-scale companies throughout the entire planet have turned towards artificial intelligence to help them maximize their procurement strategies.

Source-to-Pay and Procure-to-Pay

Source-to-pay is a term that was coined in order to describe the process that a business implements in order to find the sources of goods and services that they need to do business, buy them, then pay for them. When large companies buy several thousands of products and services every month there can be quite a bit of confusion if the process is not organized and streamlined. Procure-to-pay, on the other hand, is basically the same process, but all of the vendors for the goods and services have already been sourced and are available. A reputable p2p consultant will be able to easily interchange these processes and maximize each step in each one.

Why Hire a Consultant?

As we mentioned above, technology is becoming a dominant factor for businesses all around the world. Much of the technology that is available specifically for procurement purposes is extremely advanced and not so easily understood. A source-to-pay consultant that has a wellspring of knowledge about how the process works, and how to implement the software in a way to get the most out of every transaction. For a business in the process of transformation, an experienced guide can be like a breath of fresh air.

The Stages of Procurement

Within the entire source-to-pay process there are many steps that have to be taken in order to successfully complete the endeavor. The first step is the planning stage, and it is the most important. Although every business will have its own needs and stipulations, the four most basic steps that make up the process are:

• Planning the process
• Obtaining the sources
• Ordering goods and services
• Paying the vendors

As we mentioned above, the first step should always be the planning step so that the procurement team can have a good look at what steps are required to facilitate a bountiful procurement and where they can be improved or modified.

Obtaining Sources

Acquiring the appropriate sources is imperative for the efficiency of a business. A consultant will be able to provide solutions to support a positive sourcing strategy. The software platforms that we mentioned earlier are able to locate the best sources for a particular company based on algorithms and available data. Not only can the software locate the sources, but it can also extract several comparable sources and allow you to compare each one of them side-by-side. Another perk of using intelligent software to find sources is that it can point out which sources would be the highest probability for you to gain the most from.

Conclusion

If you already know what you are doing, maybe you don’t need a consultant to help you out. However, if think that you might be able to benefit from a little help, you are wise. Technology is becoming more advanced, and many companies are turning towards technological solutions. Everything that you may already know about the procurement process, and how it works, is probably going to become obsolete. If that happens, it might be a good idea to be prepared for it.