Elcom P2P
With Elcom, you can integrate, streamline and automate your entire Purchase-to-Pay (P2P) process.
Organisations need to know what they are buying, when they are purchasing, from which supplier they are purchasing, and how much each transaction will cost them.
Procurement is a complex process for any organisation, and this can limit cost-effectiveness. A procurement process that isn’t cost-effective can substantially increase expenses and impact the wider business.
Now, more than ever, businesses and individuals alike are searching for ways to reduce costs – purchase-to-pay (P2P) solutions offer greater savings by helping businesses overcome challenges in the procurement process.
How P2P leads to savings
If procurement is a pain point for your organisation, P2P can offer substantial benefits. Organisations have reported that an optimised P2P system can save between 30% and 50% of purchase order and invoice costs, with the overall cost of supply chain management lowering by 15-20%. Let’s look in more detail at how P2P leads to valuable savings for a broad range of organisations.
The P2P system delivers valuable savings for businesses in several different ways. For every £10 invested in an eProcurement system, businesses can see savings of up to £72. These substantial savings mean businesses increasingly see the benefit of investing in technological procurement solutions, thus making P2P systems a much more widely used business tool.
- Lower transaction costs significantly
- Back-office efficiencies
- Simple to implement and achieve ROI
- Control costs and spend
- Data accuracy, visibility, and transparency
- Detailed analytics and reporting
- Compliance and governance
Challenges
What are the key challenges that a P2P solution tackles Over the years, procurement professionals have focused on 5 key pain points. Between 10-20% of organisations globally still do not have any P2P solution in place:
With Elcom’s e-P2P solution, you will be able to:
- Publish and manage supplier catalogues
- Search easily and thoroughly for goods and services
- Configure your own business rules to automate processing
- Create requisitions and purchase orders efficiently and safely
- Connect easily with suppliers
- Receive and seamlessly match receipts and invoices
- Provide bespoke reporting and analytics
- Seamlessly integrate with Finance and/or 3rd party systems
- No change needed: our eP2P solution adapts to your technology and business needs.
Depending on your requirements, we offer several plug-and-play features to choose from.
Spend analytics and visibility become crucial as procurement professionals play a much more active role in business decisions.
P2P digitalisation is now a must-have and no longer a nice-to-have.
- Paper-based & Manual Processes
- Multiple tools – System Fragmentation
- Poor Spend Analytics & Visibility
- Rigid Governance & Compliance
- Duplication & Redundancy
The Scottish Government:
Twenty years of making P2P more efficient Elcom has been running the Scottish Government’s PECOS P2P system since 2002, processing over £6.5bn of Scottish Public Sector spending yearly.
Lynn Wisener, Former Deputy Director, stated:
“…now we got hundred and eighteen public bodies in Scotland using PECOS. PECOS not only does bring efficiencies and effectiveness to the P2P process but allows our customers to help one another and share learnings and best practice. This collaborative environment they have created amongst themselves has been critical to the success of rolling out PECOS.”
PECOS P2P is part of the Scottish Government eCommerce Shared Service. The solution has been available since 2002 to all Scottish public sector bodies, including central and local government, NHS Boards, universities, and colleges.
In 2021, Elcom was recognised as a Technology Leader in Quadrant Knowledge Solutions’ (QKS) SPARK MatrixTM for Procure-to-Pay (P2P). QKS named Elcom’s P2P solution the most versatile and integration-friendly solution in the SPARK Matrix analysis of the global eProcurement market. The study includes a detailed analysis of global market dynamics and major trends – you can download it here.