India To Focus Heavily On Procure To Pay Technologies, E-procurement

According to IQPC findings, there is a disconnect between suppliers and the procurement departments in using the latest e-procurement solutions, although the trend is catching up. To popularise e-procurement in India and take procurement to the next level, IQPC will launch Procure to Pay India 2010 Forum.

Due to the global downturn and economic slowdown in India last year, organisations and Indian multi-nationals have begun to focus on the latest procurement technologies to reduce purchasing and production costs. As an increased number of Indian firms are gaining global recognition, there is a greater demand for supply and procurement resulting in complex processes and production cycles.

Taking cue from global companies, industries in India are investing heavily in Procure to Pay solutions popularly known as P2P. Procure-to-Pay systems automate the full purchase to payment process, connecting procurement and invoicing operations through an intertwined business flow that automates the process from identification of a need, planning and budgeting, through to procurement and payment.

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Research shows that paper work and lead time in procurement cycles are significantly reduced and greater visibility in the payment cycles are achieved thereby increasing operational efficiency. The procurement industry growing at a rate of 20% in 2010 is testimony to this fact.