Why it’s time for banks to digitize their p2p workflow?
Banks are always under constant pressure to control their costs and time savings. As the competition intensifies, banks must adapt and be agile enough to evolve constantly. Often this demands strategic decision making as the business leaders must check all the financial processes and recommendations based on the latest trends and data. Interestingly most of the banks are looking to modernize their procure-to-pay (P2P) processes.
Modernizing the P2P process does not imply that a full ERP replacement is required. It just leverages technology to streamline the process of a bank for offering its services. Bank connectivity is essential for addressing traditional workflow silos of procure-to-pay processes. Still, optimization of accounts payable processes cannot be achieved without SMBs and their technology providers also addressing friction on the supplier side.