What are the challenges in the procure-to-pay process?

Despite technological advancements like automated procurement and AI agents, even today, businesses face a ton of challenges in their procurement processes, like continued reliance on manual efforts and a lack of spend visibility. These could lead to unexpected supplier and supply chain risks. The data silos and lack of transparency in the process would mean that organizations have a hard time controlling maverick spend.

In the current economic condition where inflation is rising at an exponential rate, price volatility is another significant hurdle that every procurement team faces. As the fluctuations in commodity prices are at an all-time high, they impact procurement budgets and the spend considerably. The ever-evolving regulatory environment doesn’t help much, as compliance assurance is yet another procure-to-pay challenge.

Overcoming these often involves adopting an end-to-end procurement system and intelligent procurement tools to centralize data, automate workflows, and enforce policies, leading to better control and efficiency.