Sometimes it is hard to see the real value of hiring a p2p consulting company. As important as the everyday events that take place in a business that allows it to run smoothly and at full capacity are, it is crucial to have a finely-tuned procure-to-pay structure in place. If you or any of your employees are not experts in the procurement realm, it may be a good time to look for a consultant. In many cases, just the right adjustments here and there can make a world of difference. Sometimes that difference can be in the thousands of dollars or more.
There are many reasons why it could be very beneficial to hire a professional p2p consultant, but here are some of the most important ones:
1 Planning for Maximum Efficiency
When it comes to making the most out of every transaction that happens throughout the procurement process planning is the key element that will either make or break an entire strategy. Before any part of the process takes place, the first stage should always be the planning stage. This way you can put your whole process out in front of you and the team them pick it apart to find where it could be improved, and where it can be augmented with other strategies…or places that just do not work at all.
2 Pinpointing Existing Issues
Sometimes there are hidden issues behind the scenes that are not obvious to the everyday eye that looks for them. For example, if there is a recurring payment schedule for something that you already have in place and are paying for in another area, you might not notice it right away. A consultant can help to expose hidden problems that are wasting money and resources.
3 Adjusting the Issues
In many cases, if you find the issues, you might not have a backup plan to replace whatever the problem is. For example, if you are unknowingly paying $20 extra per piece of a good or service that you could actually be getting for much less money, the consultant can show you how to find the best solution and solidify the deal with the next source.
4 Discovering the Best Sources
Finding the best sources for a business is a critical element in the source-to-pay process. Although you may believe you only have a procure-to-pay issue, most times you have to revamp the entire structure of a plan and rebuild from the source. The sources of your goods and services have to be as strong and solid as your company needs them to be because some of these goods and services are things that your business will depend on to stay afloat.
A seasoned consultant will be able to show you how to find the best sources for your company. They will also be familiar with software platforms that use artificial intelligence to seek out and compare the best possible matches for your company’s success, then compare them side by side so that you can have the choice of acquiring excellent, reliable sources that will not only save you money but help you flourish.
5 Enforcing the Contracts
When your sourcing phase is over and you have acquired the best sources for your business, in most cases you will have agreed to contracts here and there that will determine certain pricing for certain items. Sometimes these prices will not be the default prices when it comes time to order your goods and services. Not that the vendor would intentionally try to break the contract, but that sometimes ordering goods will only get the default pricing on a website or an app.
An experienced consultant will be able to show you how to stay on top of your contracts and make sure that you get the prices that you agreed to without having to over-extend yourself and use a ton of resources.
As we mentioned above, there are many more reasons why you need a procure-to-pay consultant. You never know how much money you could end up saving until you get a professional point of view. Whether it is source-to-pay needs or any other procurement strategies, it is always best to get help.