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What is Procure to Pay?
Procure to Pay, or P2P for short, is the term used to describe system-based automation of procurement processes, enabling users to easily make business to business (B2B) purchases.
In simple terms, a P2P system enables the integration of a purchasing department with the accounts payable department meaning you can easily manage buying, approvals, compliance, payments, and food suppliers across the entire supply chain.
How it works
From the initial approval of an order, placing an order, receiving an order and finally, through to the invoicing and delivery of the goods or services, P2P systems create efficiencies throughout every facet of the purchasing journey. It also means front-line teams have one simple system where they can place and manage all their orders with full procurement, processing and payment visibility, removing the need for phone or email orders.
No matter your role in the food procurement journey, whether it be financial, operational, culinary or anything in between, P2P systems streamline the entire purchasing process. Many businesses in the food and hospitality industry would be lost without it:
- Control – P2P systems enable you to control spend across large, multi-site portfolios. As you drive compliance, rest assured your business is operating an efficient and safe supply chain
- Optimisation – with full visibility and transparency of where sites are spending, you’re able to manage food suppliers and product lists closer than ever before to maximise the value of your sourcing decisions
- Streamline – remove those manual and timely processes that are prone to error and delays. Once you have everything automated via the system, you’ll be able to redeploy vast amounts of resource to those projects that will really benefit your business
- Expedite – speed up the process for listing and approving new suppliers or products. The removal of Excel spreadsheets and manual data exercises means you can focus your attention on other things like supplier auditing, negotiations and much more
- Drive savings - Procure-to-pay systems allow you to set budgets and create bespoke approval flows at whichever levels are right for your business. Just sit back and watch those benefits drop through to your bottom-line
Meet Epsys
P2P systems come in all shapes and sizes, and are sometimes even referred to as eProcurement systems, but here at Foodbuy we’re fortunate enough to own the food and hospitality industry’s leading system in Epsys.
Over the years, our in-house systems team have pushed the boundaries when it comes to P2P and eProcurement systems development. In fact, Epsys is so much more than procure to pay. It also includes several bespoke modules like: Recipe building, stock management, sustainability reporting, industry benchmarking, allergen control and much more.
If you would like to know more about our systems, please contact us here to setup a system demo with a member of our team or to start an initial conversation.
