Procure-to-Pay refers to the process of sourcing, ordering, receiving and making payment for materials or goods that an organization requires to operate. Because it usually involves several organizations (buyer and vendors), departments (purchasing, operations, logistics, accounts payable etc.), applications (ERP, CRM, Accounting, BPM etc.) and workflows, the Procure-to-Pay process can be considerably complex, especially in large organizations.
The process flow diagram below describes key steps in a typical Procure-to-Pay process, which usually begins with identifying the right vendors for required parts prior to the commencement of manufacturing of a new product. Thereafter, vendor information may periodically need to be updated in the ERP system.
In its steady state, the process involves monitoring inventory levels and reordering parts based on demand and production forecasts. The process then flows through the steps of receiving quotes, creating purchase orders, receiving parts and goods receipts, reconciling vendor invoices with purchase orders and goods receipts to ensure accurate delivery and issuing payments against verified invoices.
Figure 1: Typical steps in a Procure-to-Pay process
Each of these steps involves querying and updating one or more systems, and a human-intensive Procure-to-Pay process can create inordinate delays, resulting in delayed shipments, diminished revenue and declining market share.
Most leading enterprises are therefore deploying Robotic Process Automation (RPA) solutions like Automation Anywhere Enterprise to automate their processes, reduce human error and enhance productivity.
Business velocity is a key driver for automation, and now enterprises can accelerate their automation initiatives with the Automation Anywhere Bot Store, shrinking deployment times by up to 70%!
The Bot Store has more than 15 (see graphic below) pre-built, plug and play bots that automate various steps in the Procure-to-Pay process.
Figure 2: Bots in the Bot Store for Procure-to-Pay process automation
Some specific examples include –
- Updating vendor information
- Monitoring part inventory levels
- Creating a sales order from a purchase requisition
- Updating the material master record on receipt of delivery
- Review outstanding purchase orders for payments coming due, and
- Allocating payments against outstanding invoices
Figure 3: Specific examples of Procure-to-Pay bots in the Automation Anywhere Bot Store
Our customers are beginning to realize significant value from these pre-built, customizable process automations delivered by our partners, who have deep domain and process expertise, through the Bot Store. The modularity of these automation building-blocks helps our customers pick and choose the specific bots they need, rather than large, monolithic building blocks tailored for a very specific implementation of a process, to automate processes for their unique needs and environments.
We’re adding new process, technology, cognitive and utility bots to the Bot Store every week, sourced from our diverse and experienced partner ecosystem to help you accelerate your automation initiatives.
Visit the Automation Anywhere Bot Store at botstore.automationanywhere.com and do write to us at firstname.lastname@example.org to share your bot requests and feedback. We look forward to hearing from you!