Procure To Pay Software Definition
Procure-to-pay software is a solution that enables an organization to streamline and automate its procure-to-pay process. The procure-to-pay process includes all of the steps from sourcing and purchasing goods or services to receiving and paying invoices for those goods or services.
Procure-to-pay software typically includes modules for Requisition Management, Supplier Management, Catalog Management, Contract Management, Sourcing, Procurement, Accounts Payable, and analytics & reporting.
The benefits of using procure-to-pay software include reduced procurement costs, improved supplier performance, better visibility into spending, streamlined approvals processes, and compliance with internal controls and external regulations.
