Procurement Services
Procure-to-Pay (P2P)
P2P = Powerful Opportunities
‘Procure-to-pay’ has a ring to it, doesn't it? That’s because implementing this strategy provides control and visibility over the entire life-cycle of a transaction. This not only provides insight into cash flow and financial commitments, it can also eliminate inefficiencies and reduce mountains of paperwork.
The Procure-to-Pay (P2P) goal is to recognize and enhance the integration between buying and paying activities across the UC system in an effort to:
- improve processes
- increase incentive revenues and discount generation
- provide common guidance regarding new solutions and systems, and
- improve consistency of operations between the 10 campuses.
Most recently, we have developed a new Payment Strategy document to provide guidance to campus procurement and payables teams on our preferred payment methods and how to best implement these methods with our suppliers.
In addition, we have consolidated payment data across the system to build a ‘Top 100’ report. By highlighting how each campus is paying the same suppliers, this report identifies opportunities at select campuses to maximize their payment methods and achieve more incentives.
Lastly, the P2P project has been diving into evaluating the pros and cons of PaymodeX, a new alternative electronic fund transfer solution provided by BNY Mellon bank. This new method has the potential to greatly reduce the risk of automated clearing house (ACH) account fraud and help streamline maintenance of bank account information.
By Michael Kuhner - Director of Business and Financial Services, Supply Chain Management, UC Davis