Procure to pay (P2P) process has always been hard. The cross-departmental alliance of getting right vendor, negotiating deals, reducing expenditure, and looking schemes to automate the goods buying cycle doesn’t come good without its own glitches.

Although Procurement challenges vary business to business and based on an organization’s size. Here are few common procurement challenges that visit businesses of all sizes.

• Supplier Enquiries

Mismatched payment scheduling becomes a big issue when Inquiries from suppliers about payment are constantly trickling in and turn into threats. This dips procurement department experts into a difficult position.

• Slow Invoice Process Cycle

Manual routing, processing, and a big turnaround time for approvals delay P2P cycle, harden to capture early payment discounts, lead to late payment penalties, and may ruin supplier relationships.

• Paper and Non PO invoices

Sometimes, buying goods through paper invoices and non-PO based invoices gets essential which takes us back to the problem of tracking down documents.

• Reduced Data Accuracy

Any process involving paper and manual data entry may lead to Risk of errors and unauthentic stats.

• High Costs Per Invoice

The cost of storing physical copies of bills in case of processing errors and purchase orders in the office or in off-site stores boosts cost unnecessarily. 

• Troublesome Data Retrieval

When invoices and POs are stored at multiple locations and usually retrieved manually then it leads to wrong inquiries.

Above all, there are other P2P challenges in procurement,

• Lack of Global Spend Visibility
• Extended timeline of submitting bids
• Lack of Automation etc.

Looking for an extensive tool to manage your procurement process? Then IndustryKart is a best option to accelerate procurement automation. Our aim is to make the entire production resources chain as fast, secure, and cost-effective as possible, Supporting daily routine business and administrative functions, supporting complex decision-making processes will let any business to flourish like a Pro in Industry.