Mitigating Risk In Softwareless Procure To Pay: Essential Considerations For Managed Services
Best In Class Procure To Pay Process
Employing managed services can give businessesignificant cost and operational advantages in procure to pay (P2P) processes and practices. However, without the necessary software to support these services, organizations may be inadvertently exposing themselves to variety of risks. From both financial and reputational perspectives, it is important for C-suite executives to consider the potential hazard of neglecting to invest in software that can help ensure secure procurement processes.
When outsourcing part or all of the P2P workflow to managed services, organizations must ensure that due diligence is practiced throughout each step. Relying upon appropriate software can provide readily available verification tools that can help business review payment history, monitor spend category dynamics, access information regarding supplier activities, and capture data regarding stakeholders? approaches as they pertain to contracts and other channels related to the procurement process. With such information accessible, organizations can benefit from enhanced levels of transparency that can reduce any number of risks associated with the procurement process.
Not having the software available to streamline the P2P workflow can lead organizations to oversights such as inadequate compliance and control measures, lack of visibility across processes, and inadequate audit trail documentation. Without proper Softwaresolutions in place, business can be left vulnerable to variety of difficulties including corruption, fraud, re-allocation of resources, malfeasance, and waste.
Data security is also of paramount importance and key component of investmeints in P2P software. With the rise in malicious cybercrime activities, organizations require robust software infrastructures that can help protect data from external threats. Such Softwareshould be capable of maintaining payment parameters, account information, invoicing data, supplier records, authorization settings, and any other relevant information that concerns the procurement process. comprehensive risk assessment should be conducted to measure the scope of security needs prior to committing to any given Softwaresolution.
For C-suite executives, procuring best-in-class P2P software is paramount to mitigating any number of risks as they pertain to managed services. Identifying vendors keenly attuned to particular organizations needs can bring forth tailored solutions that can help ensure compliance in the procurement process while also mitigating any number of data security threats. To gain full understanding of the associated costs, enterprises should factor the return on investment (ROI) of the chosen P2P solution and weigh such data across the span of the complete implementation process. Taking these points into account represents an important step toward mitigating the risk of going without software in procures to pay processes.
