Procurement departments have made strides in adopting digital tools like electronic Calls for Tender (CFTs), supplier collaboration, RPA, and catalog buying. However, they have yet to fully harness the potential of end-to-end digital processes. Although some sub-processes within procurement functions have been automated, they remain disconnected from each other and key enterprise systems, hampering their ability to deliver maximum value. There is a significant gap that lies in the integration of procurement and financial processes, particularly in the Procure-to-Pay (P2P) cycle.  

To thrive in today's competitive environment, businesses and procurement teams must develop a technology-driven strategy that seamlessly connects various procurement and supply chain sub-processes. Contracts, serving as the foundation of supplier relationships, are an ideal starting point for shaping a comprehensive procurement and supply management strategy encompassing pricing, timelines, specifications, and SLA performance requirements. Contracts hold crucial data about purchases, terms, pricing, incentives, and penalties. When these contract details aren't seamlessly integrated into payment processes, organizations lose out on visibility and cost savings. 

Access this whitepaper co-written by Klaus Richter, former CPO of Airbus, to learn how integrating contractual information into all business processes unlocks successful outcomes in procurement, operations, and finance. You’ll see why this approach improves compliance, enables operational teams to measure supplier adherence to obligations, and enhances procure-to-pay processes by linking financial transactions with contract agreements.

Please CLICK HERE to download the white paper.