Procure to Pay (P2P) and Order to Cash (O2C) are two of the most important processes in the business world. They are both part of the larger Supply Chain Management (SCM) process and are essential for any business to operate efficiently. P2P is the process of procuring goods and services from suppliers, while O2C is the process of receiving and processing customer orders and collecting payments.
The official business definition of P2P is the process of acquiring goods and services from external sources, while the official business definition of O2C is the process of receiving and fulfilling customer orders and collecting payments. P2P is the process of sourcing and buying goods and services from suppliers, while O2C is the process of fulfilling customer orders and collecting payments.
P2P and O2C are both essential processes for any business to operate efficiently. They are both part of the larger SCM process and are integral to the success of any business. By streamlining these processes, businesses can save time and money, as well as increase customer satisfaction. Additionally, by implementing a well-defined P2P and O2C process, businesses can ensure that their supply chain is efficient and cost-effective.