Digitization strategy for procurement: Business in discussion - Britannia

Abstract

Purchasing is a measure, comprising exercises such as reducing supply-demand mismatch, by understanding market and category, and choosing suppliers, arranging terms, and following up to guarantee supplier execution. The strategic and tactical responsibilities of purchasing process are featured in the following figure: Procure-to-Pay (P2P) Process: Procure-to-pay is the method involved with coordinating buying and records payable frameworks to make more prominent efficiencies. It exists inside the bigger obtainment the board interaction and includes four key stages: choosing labor and products; upholding consistence and request; getting and compromise; invoicing and installment. The term Procure-to-pay (P2P) incorporates the entirety of the means needed, starting from analyzing the demand and customer requirements to, to devising the sourcing strategy of the item, including steps such as GRN for goods receipt, making payment to the vendor or the supplier after the materials are received:'