Procure to Pay for efficiency, compliance and control

Procure to Pay (P2P) is an end-to-end process that starts with the identification of a need to purchase goods and/or services, then moves through requisitioning and order creation, and finally concludes with the payment to the supplier.

E-procurement focuses specifically on the digital tools and platforms used to manage purchasing goods and services. At the same time, procure-to-pay (P2P) encompasses the entire process from requisition to payment, including procurement and accounts payable activities. E-procurement is a component within the broader P2P process, enabling more efficient and automated procurement transactions.

The ability to view P2P as a unified process, rather than separate departments, leads to better outcomes across a number of key areas, including

Efficiency: Automation cuts down time spent on low-value tasks, reducing manual data entry and errors, while speeding up procurement cycles. Companies that fully automate procurement workflows are shown to be 68% more productive.

Cost savings: Automating P2P processes lowers operational costs by speeding up payments, reducing errors, and allowing teams to take advantage of early payment discounts, while also avoiding late payment fees.

Scalability and flexibility: P2P solutions scale easily as business grows, handling larger volumes without needing more resources. They also adapt to changing processes and integrate with existing systems like ERP and CRM for a unified, efficient workflow.

Regulatory compliance: With evolving regulations like e-Invoicing mandates, automated P2P systems help streamline compliance across different jurisdictions, reducing the administrative burden and the risk of penalties for non-compliance.

Policy adherence: Automation ensures all purchases follow standardized procedures, reducing unapproved spending and giving organizations better control over spend. The user-friendly interface also increases employee adoption and compliance.

Visibility: Automation provides complete visibility into the entire P2P process, enabling finance leaders to track invoices, POs, and payments in real-time. This transparency allows for better decision-making and ongoing process improvements.

Strategic value: P2P automation allows staff to focus on higher-value activities, such as supplier relationship management and risk assessment, rather than manual tasks. It enhances the overall role of procurement teams and improves negotiation leverage with suppliers.

Any business can benefit from Tradeshift’s Procure-to-Pay solution; however, mid-market organizations experiencing growth in their procurement needs and transaction volumes typically find our solution most appealing. Generally, they will have revenue somewhere between $200m and $1.5 bn.

Tradeshift’s solutions are designed to suit a broad range of industries, but we have particular strengths in Transportation and logistics, Automotive Parts, Financial Services, Hospitality, and Process and Discrete Manufacturing.

Organisations that choose Tradeshift Procure to Pay have outgrown their existing procurement and accounts payable processes. Many are looking for solutions that can integrate with and complement legacy ERP / P2P solutions to drive digital transformation, meet new regulatory mandates, and gain a competitive advantage with AI.

Tradeshift Procure to Pay has been designed to enable you to be up and running in 90 days.

Prebuilt ERP Connectors: Tradeshift’s standard connectors for systems like SAP and Oracle expedite integration, reducing time to deployment.

Flexible Middleware Capabilities: Tradeshift’s middleware can handle various data formats and mapping requirements, ensuring a smooth and quick setup tailored to your needs.​

Fully SaaS-Based Solution: As a cloud-native platform, Tradeshift eliminates the need for maintenance or hosting, enabling fast implementation without disruptions or costly upgrades​.

Tradeshift’s Procure to Pay solution integrates seamlessly with any existing ERP and procurement systems. We have built standard connectors for common ERP systems such as SAP ECC 6.0, SAP S4/HANA, Oracle eBusiness Suite, and Oracle Fusion.

Tradeshift views the customer data entrusted to us as central to our operations. Our platform and processes are meticulously designed to reflect the importance of the documents and records we manage.

We adhere to industry-leading standards for information security, confidentiality, and integrity, including ISO 27001, SOC 1, SOC 2, and ISAE 3402, and undergo regular audits to ensure compliance.

Our dedicated security and compliance teams work tirelessly to protect our infrastructure, ensuring that all platform components are securely and consistently managed.

Our internal security initiatives focus on continuous improvement and implementing a robust, layered defense strategy.

We are committed to enhancing our security measures and detection capabilities, ensuring our platform consistently meets the rigorous requirements of even our most regulated customers.