Insights for Procure-to-Pay and Finance Leaders

5 steps to rocking your P2P business case

Congratulations! You’ve identified that your current procure-to-pay (P2P) process isn’t up to par. Whether it’s staggering inefficiency, an outdated user interface that leaves much to be desired in terms of functionality, supplier onboarding rates that would make your grandmother cry, or legacy software that seems to watch innovation pass itself by, you’re looking to make a change.

Making a business case for a new P2P solution doesn’t have to be an arduous process, but getting it right on the first try is key. Being able to quickly convey the potential value of a new solution, through a clean, concise, and actionable report will boost your chances for success. What’s more- it will make you look like a rockstar in front of your whole team. We’ve created an interactive, simple tool that will help you evaluate the potential value your company can derive, take a look at it here:

Check out the Tradeshift Value Estimator!

 

Want to make a killer business case? We’ve outlined the five key ways to make your P2P business case worth its weight in gold. You ready to dive in?

1. Use killer data

Making informed, data-driven decisions is a critical requirement when creating organizational changes. Hypothetical scenarios might help paint a picture, but at the end of the day, accurately modeling scenarios with your raw data will help put stakeholders at ease. By taking a few simple data inputs about your P2P organization and combining them with industry benchmarks and our unique value levers, we’ll help you get on your way to a more modern and effective P2P process.

2. Use graphics to prove your point

If you’re used to looking at spreadsheets all day, you’re probably comfortable with seeing raw data. But the same cannot always be said for every stakeholder on your team. Data visualization is a key part of showing results over time and incremental changes brought forth from a new solution. 

3. Model different “what-if” scenarios

What if you had fewer AP staff? What if your indirect spend decreased by fifteen percent? What if you expanded the scope of suppliers? These are all valid questions that a good business case should be capable of answering. When modeling this sort of data, it’s important to account for potential fluctuations. The best way to do that is by building out different “what-if” scenarios. By offering this flexibility you can help prove the impact, big or small, given foreseeable scenarios.

4. Understand value generated over time

Within procure-to-pay solutions (or any solutions really), we know that there is a ramp up period while employees, business units, regions, and suppliers adopt the solution. Our tool shows you the value generated over 5 years, this is especially critical given the scope of the transformation you’re proposing. Your key stakeholders are going to want to see how this “solution” is driving value in the years to come. By extrapolating your data, and comparing ROI to other solutions, you will paint a better picture for your team.

5. Have a suggested solution in mind

Few things are worse than pointing out all of the flaws of the status quo without offering a replacement solution. Of course, having a replacement solution in mind before delving into the business case process will help you compare different supplier onboarding rates, and will factor in payback period.

This process might sound lengthy, and if you had to do all of it manually, it probably would be. This is why we chose to make our Value Estimator tool available to you today. Simply enter your data into the fields, and get a custom P2P business case delivered right to your inbox, beautiful charts included. It’s completely free and takes less than five minutes to fill out. Feel to try it, and rock your business case!

Get started today and generate your free P2P business case with the Tradeshift Value Estimator!

 

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