As technology continues to evolve, and more companies are having their employees work from home, the need for p2p consulting services is growing every day. Whether we like it or not, the way things are done in the business world is changing. Procuring goods and services from reliable sources can be a bit challenging at times in all of the chaos that has been happening globally behind the pandemic. You might be wondering what any of this has to do with procurement-to-pay consulting services, but if you think about the impact that shutdowns have had on businesses, you can see where some solutions might be available.
From Procurement to Payment
The procurement-to-pay, also known as the p2p process, is a process that involves the obtaining of goods and services that are necessary for a business to operate, then paying for the services or goods to the vendors or suppliers. There is a sequence of steps that make up the process that can be modified, optimized, and put into effect in a way that benefits the company. Procurement is merely acquiring the goods, services, or whatever else that is in demand at the time. Finding these goods is a step further back known as source-to-pay.
From Source to Payment
As we mentioned above, procurement is obtaining goods or services. Sourcing, on the other hand, is locating and acquiring the appropriate sources for the goods and services. An s2p consultant can help with both sourcing and procuring methods. The source-to-pay process, also known as s2p, is the process that involves building relationships with suppliers, getting the supplies that are needed, then paying the suppliers in the end. Source-to-pay and procurement-to-pay both work hand in hand in order to deliver the highest yield and benefits from every transaction.
How Consultants Help Businesses
The whole process from beginning to end in the procurement operation has several steps that make up the entire event. Each step has the potential to make or break the efficiency of the system. A professional consultant that has experience finding problems and correcting them, will have a better perspective on where to look for problems and areas that can be improved. In many cases, after a consultant spots issues and helps to correct problematic areas the company will see an increase in revenue and a decrease in wasted efforts.
Planning and Sourcing
Since the majority of companies depend on their procurement strategies to keep them running, it is safe to say that the whole procurement process is much like the heartbeat of the company. Goods and services are acquired that are necessary for the business to make profits and thrive. In the beginning stages of the source-to-pay mechanism, it is imperative to have a great plan with solid solutions that will benefit the company. The first step is to plan the entire system before even making a step. A seasoned procurement consultant will know exactly how to implement a strategic planning stage where every aspect can be taken apart and inspected for ways of improvement.
In the planning stage, the consultant will take a close look at the way that your products and services are being sourced. You can compare a group of proposed sources side by side and see which ones will be the most beneficial for your company. Technology and software can bring you real-time stats on each supplier and what they have to offer. You might be amazed at how much money you are throwing away with some of your existing sources.
P2P Consulting Services Bring Value
No matter how much you think you might know about how to procure your company’s needs, there is never any harm from getting a second opinion and having a pair of expert eyes look at the process. In some, rare cases, there may not be a need or any room for improvement. However, in most cases, a consultant can save money and precious time. Saving money and time brings value to the table that could otherwise have been undetected.
