From Manual Punching to Analysis: Automating P2P 

The Drawbacks of a Manual P2P Process

Firstly, manual P2P methods involve tedious data entry and paper-based tasks. These outdated methods hinder growth and scalability. Errors are common, leading to inaccurate financial records and extra work to correct them.

Moreover, handling invoices, purchase orders, and payments manually is time-consuming and prone to human error. This results in discrepancies that require additional resources to resolve. As the volume of transactions increases, the workload can lead to delayed payments and strained supplier relationships. To keep up, businesses often need to hire more staff, increasing costs.

Furthermore, paper-based processes reduce visibility into financial operations. It becomes difficult to monitor spending patterns, enforce procurement policies, and identify opportunities for cost savings. This lack of insight hampers strategic decision-making, preventing businesses from optimizing procurement strategies and achieving operational excellence.

Automation of the P2P Process

By leveraging technology, the P2P process becomes streamlined from purchase requisition to invoice payment, reducing the time and effort needed to manage transactions. Automation minimizes human error, ensuring data accuracy and consistency. This improves efficiency, compliance, and reduces costly mistakes.

Furthermore, automated P2P systems are scalable. They handle more transactions without increasing workload or resources, allowing your business to grow without constraints. With real-time visibility into the P2P process, you gain actionable insights into spending, supplier performance, and compliance.

These insights support strategic decision-making, helping identify cost-saving opportunities, optimize procurement strategies, and strengthen supplier relationships.

Insight Through Eye-share

Eye-share’s platform automates the entire P2P process, from accounts payable to smart procurement and contract management. It embeds best practices and compliance checks at every step.

For example, advanced optical character recognition (OCR) technology captures and interprets invoice data automatically. This speeds up invoice handling and reduces human error. Additionally, smart procurement tools enhance strategies and manage supplier relationships efficiently, allowing better terms negotiation.

Eye-share’s contract management keeps all contracts in one place, ensuring better compliance and oversight. The platform integrates seamlessly with existing ERP systems, making the transition to automation smooth.

Beyond automation, eye-share provides you with deep insights into your P2P processes. These insights range from spending patterns and supplier performance metrics to compliance monitoring and contract utilization rates. The ability to analyze spending and performance in real-time transforms the P2P process from a functional necessity into a strategic asset. The analytics component of eye-share’s software is designed for user-friendliness, ensuring that you can easily access and interpret data without needing specialized knowledge. 

Implementing Eye-share in Your Business

Starting your journey towards automating your procure-to-pay (P2P) process with Eye-share signifies a strategic move towards operational excellence and insight-driven decision-making.

The first step involves a consultation with Eye-share’s team of experts to understand your unique business needs and challenges. This is followed by a tailored implementation plan that aligns with your specific requirements, ensuring that the software integrates seamlessly with your existing ERP systems. Eye-share also provides comprehensive training and support, ensuring that your team is fully equipped to maximize the benefits of the software from day one.

So, are you ready to transform your P2P process and unlock automation and analytics potential? Reach out to us, and we will be happy to help you get started!