P2P (Procure-To-Pay)

Procure-to-Pay (P2P) is a business process that facilitates the procurement of goods and services from external vendors. It involves the entire lifecycle of purchasing, beginning with the identification of the need for an item, through the negotiation of terms, and finally to the point of payment. The P2P process provides visibility into the full supply chain by facilitating communication among stakeholders throughout the transaction. As a result, organizations can control costs, reduce transaction times, and ensure compliance with corporate policies and procedures.