P2P (Procurement-to-Payment) is a business process that describes the entire process of purchasing and paying for goods and services. It is a critical part of the overall supply chain process and involves the selection of suppliers, negotiation of contracts, purchase order creation, goods receipt, invoice processing, and payment. P2P systems are designed to streamline and automate the entire process, from the initial purchase order to the final payment. This helps to reduce costs, improve accuracy, and increase efficiency. Additionally, P2P systems can provide greater visibility into the supply chain, enabling companies to make more informed decisions. By leveraging the latest technology, P2P systems can also provide improved supplier relationships, improved inventory management, and better control over the entire process. In short, P2P systems are an essential part of any business’s supply chain management strategy.
