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Automating P2P to Enhance Performance

by Michael Friede, VP Procurement & Trading, Bayer MaterialScience, LLC and Head of Global Procurement Intelligence, Bayer MaterialScience

Automating P2P to Enhance Performance

Many companies, including Bayer MaterialScience (BMS), have invested significant human and financial resources in optimising their cash management and banking activities so that payments are transacted securely, efficiently and cost-effectively. To achieve a truly efficient payment process, however, companies also need to focus on the activities that take place before the release of the payment file to the bank, and ensure that every step in a payment cycle is optimised. At BMS, the procurement department owns the entire purchase-to-pay (P2P) lifecycle, so we had the opportunity to identify where surplus costs or inefficiencies existed, with a view to streamlining and optimising the entire process.