- July 29, 2014
- Member: FREE
In any organization, procurement and accounts payable activities are inextricably linked. Becoming efficient in and improving the communication between both processes can result in lower costs, fewer personnel, and improved cycle times. Organizations should think about the procure-to-pay process as a step-by-step, integrated system; in doing so, they can ultimately reduce process cost and improve cash flow.
This article lays out steps and KPIs, compiled from APQC's Process Classification Framework (PCF) and Open Standards Benchmarking database, that set the foundation for an effective procure-to-pay process.