- Does your chosen Procure to Pay software offer Strategic Sourcing solutions?
- Strategic sourcing helps to identify the best vendor offering the best prices in an automated and auditable manner for each purchase.
- Can you conduct a reverse-auction from known and registered vendors for commoditized products/services?
- How easy is your RFP process? People conducting RFPs on Excel sheets deserve a medal for their bravery. It is now time to reward them with a system where vendors can respond directly in the application- all in an auditable manner.
- Choose a system that offers RFP Software
- Can the Core-Admin/Procurement team do easy Supplier Management within the application?
- Basic activities like adding/editing/removing suppliers, blacklisting suppliers.
- A repository to upload supplier agreement, registration details
- A control system to manage applicable lower GST thresholds
- Manage Supplier Escalation matrix and other information for automated emails
- Is it an e-Procurement system?
- Can the system help create systematic PR-POs where a 360degree visibility is possible?
- Can it issue Purchase Orders to suppliers directly along with applicable T&Cs and Payment Terms?
- Do you still have gaps in your system ? Can you 100% ensure (as per org rules) there are no POs without PRs and No Payments without POs in a perfect e-Procurement ecosystem?
- Is the system available on Cloud?
- Avoid long term infrastructure investment and annual costs of hardware maintenance
- Easy Scale up for more system usage
- How quick is the implementation?
- Is it possible to do it in an agile manner?
- Do you have to wait for years (like an ERP implementation) before the usage sees the light of the day, by when it is already outdated?
- Can your users start using the segments of application that are configured on a piece-meal basis.
- Is the system configurable?
- Does the core team have to reach out to the product support team for every small change?
- Is it possible to manage such changes in-house?
- Is it possible to have approvals based on Delegation of Authority rules?
- How flexible is the system to adapt to changes in personnel?
- What about cross-functional team approvals based on the type of item/service? Does the system include such complications?
- Do your users have to remember the names of all the people in the approval hierarchy for different purchases?
- Does your system speak with others?
- Is the system able to integrate with the accounting system and take care of GL level entries?
- What about the personnel changes? Can you integrate with the HR system?
- How seamless is the flow within the whole PR-PO-Invoicing systems?
- Is the system Easy to Use and Understand?
- Is the system design user-friendly and clean?
- How much training is required for Business users to be able to use the system?
- How fast would new users be able to adapt to the system?
- Is the system Scalable?
- How easy is it to add new processes, new items, and cost centers?
- How easily can you add new users?
- Can you look at this as a reliable system for the coming 5-10 years?
To automate the Procure to Pay Process, you need an integrated system that can be used by business users, the finance team, meets the IT criteria, and can also be managed internally by the core procurement team.
It’s not an easy challenge to make everyone happy, and yet, that is exactly what you’ve ventured out to do when you decided to automate your Procure to Pay process.
Increasing numbers of CFOs across the globe choose to streamline internal spending by implementing Expense Management and Procure to Pay systems for effective spend management and expense reduction.
Let us help make your job a tad easier!
10 Big Questions to ask before buying an Integrated P2P Solution Software:
1. Does your chosen Procure to Pay software offer Strategic Sourcing solutions?
Strategic sourcing helps to identify the best vendor offering the best prices in an automated and auditable manner for each purchase.
Can you conduct a reverse-auction from known and registered vendors for commoditized products/services?
How easy is your RFP process? People conducting RFPs on Excel sheets deserve a medal for their bravery. It is now time to reward them with a system where vendors can respond directly in the application- all in an auditable manner.
Choose a system that offers RFP Software
2. Can the Core-Admin/Procurement team do easy Supplier Management within the application?
Basic activities like adding/editing/removing suppliers, blacklisting suppliers.
A repository to upload supplier agreement, registration details
A control system to manage applicable lower GST thresholds
Manage Supplier Escalation matrix and other information for automated emails
3. Is it an e-Procurement system?
Can the system help create systematic PR-POs where a 360degree visibility is possible?
Can it issue Purchase Orders to suppliers directly along with applicable T&Cs and Payment Terms?
Do you still have gaps in your system ? Can you 100% ensure (as per org rules) there are no POs without PRs and No Payments without POs in a perfect e-Procurement ecosystem?
4. Is the system available on Cloud?
Avoid long term infrastructure investment and annual costs of hardware maintenance.
Easy Scale up for more system usage.
5. How quick is the implementation?
Is it possible to do it in an agile manner?
Do you have to wait for years (like an ERP implementation) before the usage sees the light of the day, by when it is already outdated?
Can your users start using the segments of application that are configured on a piece-meal bas
6. Is the system configurable?
Does the core team have to reach out to the product support team for every small change?
Is it possible to manage such changes in-house?
7. Is it possible to have approvals based on Delegation of Authority rules?
How flexible is the system to adapt to changes in personnel?
What about cross-functional team approvals based on the type of item/service? Does the system include such complications?
Do your users have to remember the names of all the people in the approval hierarchy for different purchases?
8. Does your system speak with others?
Is the system able to integrate with the accounting system and take care of GL level entries?
What about the personnel changes? Can you integrate with the HR system?
How seamless is the flow within the whole PR-PO-Invoicing systems?
9. Is the system Easy to Use and Understand?
Is the system design user-friendly and clean?
How much training is required for Business users to be able to use the system?
How fast would new users be able to adapt to the system?
10. Is the system Scalable?
How easy is it to add new processes, new items, and cost centers?
How easily can you add new users?
Can you look at this as a reliable system for the coming 5-10 years?
There are always additional questions that could be specific to your requirement, but this list is a good starter list to round up on basic requirements from stakeholders such as Business Users, Core Admin/Procurement/Purchasing team, and Finance teams, giving you a reliable, sturdy and stable product to work with.
Watch out this space for more information on other Financial Control Systems.
