Collaboration is more than important in the modern marketplace. It’s downright essential to reaching top-performing status as a company. Collaboration in the procure-to-pay (P2P) process is no different, as it’s only through a strong collaboration initiative that companies can reach new heights of profitability. We expand on this in the new Ardent Partners report, “Collaboration and the Speed of Change: The New P2P Dynamic,”available for free (registration required) from Tradeshift.
In terms of the technology marketplace for P2P, such as ePayables and eProcurement solutions, it has also gone through much innovation in the last few years. This has resulted in solutions that create ripe situations for agility, collaboration, and innovation while also supporting better and faster business decisions.
These enabling technologies are:
- Business networks—Defined as a web-based platform that allows interconnected buyers and sellers to trade, communicate, and collaborate via a shared infrastructure, business networks serve as ideal platforms to drive the kind of business success the modern enterprise requires.
- Cloud technology—Up until a few years ago, business software had to be installed on a corporate server inside the four walls of the enterprise. Cloud solutions, which recently gained the confidence of CIOs, have the potential to cause a titanic shift in P2P. This is especially true because ERP software has yet to evolve beyond the installed/client-server paradigm.
- Social business—It’s likely that business professionals use social networking tools in their personal lives, so it’s no surprise that social tools have spilled over into the professional realm. Many such capabilities have begun to emerge in a P2P context in new solutions and business networks.
- Mobile capabilities—Imagine retaining access to P2P tools no matter the location. That’s the power and promise of new mobile capabilities; when companies inevitably move to a new platform from laptops, mobility will play a major role.
P2P collaboration is improved when new technologies for communication come onboard. Whatever the future holds, whether it’s some new software or a brand-new business process, high-performing companies will always make use of technology to keep the P2P process humming along.
Interested to read more? Download the new Ardent Partners report, “Collaboration and the Speed of Change: The New P2P Dynamic,” available for free (registration required) via report sponsor Tradeshift.
Update (9/12/14)
Vishal Patel of Tradeshift interviewed me recently about the key findings on our recent report, “ePayables 2014: The Quest.” We’ve begun to see a slowly building momentum when it comes to ePayables adoption, which will continue in at an evolutionary instead of revolutionary pace, but an impressive pace nonetheless. Watch the video below for more.
