 | | Word of the Day |  | | Daily updates on the latest technology terms | July 16, 2020 | | | procure to pay | | Procure to pay is the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services. It gets its name from the ordered sequence of procurement and financial processes, starting with the first steps of procuring a good or service to the final steps involved in paying for it. Procure to pay is a process, not a technology, although there is software expressly designed to handle the entire procure to pay process or components of it. One of the biggest benefits of integrated procure to pay suites is their ability to consolidate data, and enable a process called intelligent spend management that executives can use to get more control over expenses. Vendors of e-sourcing and procurement software, such as SAP Ariba and Coupa Software, have developed significant procure to pay features. A few niche players, among them Basware, BirchStreet Systems, GEP, Jaggaer, Verian and Zycus, claim to automate the entire process. Continue reading about procure to pay... | |  | "Intelligent spend management is a forward-looking way to think about procurement. It's about using technology that focuses its power on the tasks that can (and should) be automated or eliminated so you can focus on the aspects of business that can (and should) have human expertise." - Chris Haydon
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