oboloo Glossary

Procure To Pay Metrics

oboloo Glossary

Procure To Pay Metrics

Procure to Pay (P2P) Metrics are a set of performance measurements used to assess the effectiveness of the procurement process. These metrics are designed to provide insight into the efficiency of the process, from the initial purchase order to the final payment. The metrics provide visibility into the effectiveness of the process, allowing organizations to identify areas of improvement and optimize their procurement process. Some of the most common P2P metrics include: cycle time, invoice accuracy, invoice processing time, and supplier performance. Cycle time measures the amount of time it takes to complete the entire process, from the initial purchase order to the final payment. Invoice accuracy measures the accuracy of the invoices that are processed. Invoice processing time measures the amount of time it takes to process an invoice. Finally, supplier performance measures the performance of the suppliers in terms of cost, quality, and delivery. By tracking these metrics, organizations can gain a better understanding of their procurement process and identify areas for improvement.