How to (Finally) Achieve
Procure-to-Pay

What isprocure-to-pay?

Procure-to-pay (P2P) is a system covering theentire process of acquiring goods and services,from product selection all the way to payment.

The P2P process
Product Selection

Requisition

Purchase Order

Receipt of Goods

Request for Quote

Quotation

Invoice Processing

Payment

Most organizations have recognizedthat handling P2P manually…

…is slow, inefficient,and prone to errors.

…requires frequent handoffs
between departments.

…prevents visibility
into the cash flow process.

of AP organizations
still function on paper-based
processes, even when invoices
arrive electronically65%$171,340 125
average annual cost per U.S. businessto deal with P2P friction issues

average hours each U.S.
business wastes on P2P
issues per week

But attempts at P2P automation often fail because
businesses are taking a data-driven approachto a document-driven problem.
The P2P process runs on the data contained within many different documents:

Requisitions

Quotes

Receipts

Purchase orders

InvoicesThat’s why attempting to automate P2P witha data-based approach has historically failed.

of Supply Chain professionals
we surveyed said thetechnology didn’t work
as intended or was never used

62%

DATA-DRIVENAPPROACH TO P2P

DOCUMENT-DRIVENAPPROACH TO P2P

Technologies suchas artificial intelligence,business intelligence, andoptical character recognition
applied without visibility andinsight into the way data fromdocuments are forwarding
the process.

Understanding document
data and how it fuels theprocess to finally enable
the real-time processing ofpayments and cash requiredfor P2P: intelligent document
processing (IDP).

Intelligent document processing (IDP):
the holy grail of P2P automation
Documents are both records and decision points, which require more than simple
data extraction. They also require skilled understanding, decision-making, andmore importantly, decisions made in context.

Essential skills of intelligent document processing:

Skilled readingof documents

Understandingof document content

Extracting insights
to make smart decisions

Real-life results of intelligent
accounts payable automation:

400%

30%

12%

81%

increase in employee
productivity

fewer late payments

less time responding
to inquiries

91%

lower invoiceprocessing costs

faster invoiceprocessing time

Make P2P a reality with ABBYY Vantage
ABBYY introduced the industry’s first low-code / no-code
intelligent document processing platform, ABBYY Vantage.
With pre-trained “Document Skills” available in the ABBYY
Marketplace for essential AP documents, shipping andlogistics documents, and more, Vantage makes IDP
accessible within minutes.

Low-code /no-code

Pluggable AI

Pre-trained

Adapt on the fly

FASTAchieving P2P is within your reach! Learn how you can get started today with
ABBYY Vantage.

SOURCES:

Building a Foundation for Digital Transformation in Accounts Payable, Levvel Research
5 Proven Strategies to Reduce Costs and Accelerate Cycle Times in P2P, IOFM
Taking the Pulse on Digital Transformation in Supply Chain, ABBYY
Reimagine Your Accounts Payable Department, ABBYY© ABBYY 2023. ABBYY is a registered trademark or a trademark of ABBYY Development Inc. and/or its affiliates. This designation can also be logo, product, or company name(or part of any of the above) of ABBYY Development Inc. and/or its affiliates and may not be used without consent of their respective owners. All other product names andtrademarks mentioned herein are the property of their respective owners. #15310