WHITEPAPER

Optimizing the Procure to Pay Process and Achieving Savings of over $50,000 for an Oil and Gas Company

Jun 9, 2019

What is the Procure to Pay Process?

The procure to pay process is the coordinated action required for procuring goods and services in a timely and cost-effective manner. It involves steps such as requisitioning, purchasing, receiving, paying and accounting for goods and services in sequential order. Here are the key performance indicators vital for the procure to pay process.

Key Performance Indicators for the Procure to Pay Process

Quality

Companies need to have clear set norms mentioned in the contract with penalties to decrease the percentage of substandard products and improve compliance.  For this, companies can measure the defect rate of products and rate their suppliers accordingly.

Delivery

Companies can track the average time taken by a supplier to fulfill a certain order and calculate supplier lead time. Additionally, they can also determine purchase order cycle time and devise strategies to improve the efficiency of their procure to pay process.

Savings

Savings are one of the most important KPIs that companies aim to achieve. It considers cost per invoice and purchase order, spend under management, and procurement ROI. The cost to process purchasing documents or invoices involves a list of variables and is the most disputed KPI in the procure to pay process. The rest two factors are helpful in determining the cost-effectiveness of any organization.

DOWNLOAD THE FREE CASE STUDY TO KNOW MORE!

Optimizing the Procure to Pay Process and Achieving Better Savings

Optimizing the Procure to Pay Process and Achieving Better Savings

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars
Request Free Proposal