We’ve discussed the elements of creative risk management in an emerging market and one of the most vital is to be wise in mitigating risk by keeping ahead of potential problems. One essential way to proactively manage your organization with greater efficiency is to implement SAP S/4HANA for Procure-to-Pay processes. An SAP S/4HANA Enterprise Management solution provides a central system that streamlines collaboration, purchasing, and analytics from requisition to invoicing while creating a better and more unified work environment, happier vendors and customers, and being more efficient. These all add up to a better bottom line and a more detailed view of the management landscape.
Many companies have intricate systems in place for all areas of product acquisition, inventory management, invoicing, etc. and have a difficult time when purchase requisitions find themselves in the bottleneck of disorganized or disjointed systems, or worse, when an invoice or orders/requisitions that do not come through a standard invoicing system, also known as a free text requisition. No matter the origin, each and every purchase requisition requires time, resources, and efficiency to ensure the customer is both satisfied and managed with detail and expediency. Most companies don’t realize that there is a solution to a complex issue that offers freedom and productive insight.
SAP S/4HANA solutions for Procure-to-Pay provide much more than a handle on the end result. This digital procurement platform benefits from native integration with the SAP Ariba Network for supplier order and invoice collaboration. Access to real-time analytics, such as supplier spend and delivery dates enable procurement leaders to effectively assess supplier readiness, optimize operational sourcing and increase competitiveness.
A well established and installed SAP system can handle invoice disputes by heading off any mismanaged or empty data from the start and many more of the plethora of supply chain horrors. Data is sometimes readily available but data is only as useful as the time and brainpower that is committed to learning, analyzing, and applying it. One major benefit of Enterprise Management SAP S/4HANA is that it creates phenomenal benefits as your Procure-to-Pay systems learn and communicates from every experience while providing unilateral benefit for every element and department in the purchasing cycle. Here are a few other areas where this SAP system can help grow your business.
Holistic Supply Management
Having quality oversight and control over the supply assignments and vendors will not only give all parties a peace of mind but will encourage better vendor relations and maintain a high level of consistency. Having this automated oversight over all the processes related to purchasing will also provide a clear opportunity to manage cash-flow as it optimizes inventory movement resulting in superior warehouse operations. The cost savings alone from these SAP S/4HANA integrated solutions will take your business to another level of operational efficiency, which in real terms are better profits. With these system-wide monitoring opportunities, some industries have reported 50-70% of cost reductions in some markets, not to count the greatly reduced rate of error along the entire process establishing a more solid foundation and a greater return when dealing with a vast inventory and purchasing infrastructure.
SAP S/4HANA Procure-To-Pay Process Automation
When the SAP Enterprise Management Solution streamlines your processes for invoices, the data allows for solid and error-free invoice management through automated verification. This provides management of all accounting data including any payment methods that are handled relative to specific market or emerging market requirements. No matter the diversity of vendors or customers, SAP 4/HANA permits these processes to work together, not against each other. Everyone gets what they need when they need it, and the invoices are not only correct, issued, and verified, but they are paid. Consider the peace of mind and ease of oversight with SAP solutions being your eyes and ears throughout the invoice process and imagine the quick and easy management flexibility that this affords.
Instant Knowledge and Measurability
Seamless integration is what SAP provides with instant and measurable outcomes. Many aspects of the cloud-based management solutions give a boost in market collaboration between vendors, suppliers and other necessary entities that will streamline contract management and source assignments. No more ‘sticky-note’ management or email trails will interfere with productivity. All the information is real-time and visible, measurable, and available as the process unfolds. So, there are no more surprises at the end of the cycle. Coupled with superb procurement analytics, this solution will be a comprehensive cost-saver with real-time reporting that makes inventory and supplier management worries obsolete.
These centralized system benefits are unparalleled. SAP S/4HANA is truly the right solution for any market looking to be productive, efficient, and profitable. This boost to your Procure-to-Pay strategy will be a boost to your business and an investment for success. Need to know how a streamlined Procure-to-Pay SAP S/4HANA can help your productivity? Let us give you a free consultation today on how an on-site SAP Tackle expert can boost your Procure-to-Pay productivity.