Procure-to-pay (also known as Purchase to Pay (P2P)) is a term used in the software industry to designate a specific subdivision of the procurement process.
Some of the largest players of the software industry agree on a common definition of procure-to-pay, linking the procurement process and financial department.
Most of the companies using these systems look for a centralization of their procurement department, or to set up a shared services organization for the same purpose.
[2] According to the Aberdeen Group, despite the availability of technology which can dramatically reduce the mountains of paperwork and inefficiencies plaguing accounts payable, few companies have addressed AP transformation like other processes essential to the business.
According to Deloitte, a few procure-to-pay challenges which ultimately impair the ability to manage and execute key activities effectively are: