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The Procure to Pay process is one of the most complex business processes and often remains an area prone to non-compliance, money leakage, and inefficiencies. Since it's one of the most critical business processes involving huge cash flows and a very complicated life-cycle of transactions, starting with supplier selection to final invoice generation and payments with adjustments becomes a challenge for the business.
The complexity of the Procure to Pay process led a Multinational company, leader in the electric power transmission, telecommunications cables and systems industry, to use myInvenio to analyze its Procure to Pay process. The goal of the project was to identify a clearer view of the expenses and inefficiencies of the process using process mining.
With myInvenio the company found out that a significant part of the total Purchase Order costs were affected by Maverick Buyings and only a small rate of Purchase Order was “on time”. It also identified the month of the year with the highest percentage of late payments.
Read the Procure to Pay case study to find out how our solution supports companies to achieve better performance in the procurement process by eliminating inefficiencies.