Procurement functions in any organization world-wide is defined by the ability to conserve costs to purchase or procure goods and services that add or drive value for the business.
Any business that depends on revenues and profits for economic and market sustenance and growth will depend on multiple different goods and services to drive their competitive edge in their respective industry. By large, these costs and efforts associated with procuring external goods and services tend to be complex in their inherent value and nature and might even bring risks and challenges for the business that might prove counter-productive or detrimental in their growth pursuits.
To balance the unforeseen risks and complex challenges, a robust, stable and productive system to manage procurement process is mandatory. While there are various products in the current marketplace that cater to these challenges, a unified or global all-inclusive and flexible system that can be both industry and domain agnostic is still a dream yet to be achieved.
ELIT P2P is an endeavor that, in a way, helps bridge that gap. With its flexible platform that can amalgamate standard as well non-standard industry best practices, ELIT P2P application is a unique, scalable and flexible procure-to-pay application that is truly industry and domain agnostic and is capable of tracking, streamlining and optimizing entire procure-to-pay lifecycle with minimal effort.
What is ELIT P2P?
ELIT P2P Cloud application is a comprehensive solution that streamlines, simplifies and automates end-to-end procure-to-pay lifecycle in the supply chain processes.
Simply put, with ELIT P2P organizations can help address procurement risks, simplify supplier onboarding and management, automate purchase requisitions and orders, ease supplier collaboration and sourcing processes, manage invoices and internal approvals with flexible workflows.
ELIT P2P benefits procurement leaders, buyers, sourcing specialists, purchasing executives, accounts payable managers and vendor managers. These specific functions would enable smooth and streamlined procurement functions on a day-to-day basis for any organization with focus on costs and quality.
Therefore, it is highly important to have a robust, scalable and flexible system that would help align with common and ad-hoc goals and objectives and unify the processes to facilitate a smooth and productive procurement organization.
With ELIT’s RPA-driven supplier collaborations and AP invoice automation, single-page quote comparison and supplier evaluation strategies and robust tracking of audit and regulatory policies throughout the entire lifecycle, procurement functions at every organization will greatly benefit with its ability to handle complex challenges and processes whilst reducing efforts and time.
Today, ELIT is industry-agnostic; meaning the system is truly flexible and not constrained or focused at addressing procurement challenges within any specific industry.
Initially, ELIT P2P was designed to address challenges specific to transportation industry, specifically for vehicle aggregators. That was more than two years back, in and around 2021. Since then, ELIT has transformed from an industry-focused customizable solution to a feature-independent customizable platform that can align and transform procurement processes across multiple industries tailored to organizations.
Likewise, ELIT P2P Cloud application is ERP-agnostic; meaning, it can integrate with any existing ERP systems seamlessly. It can also work standalone and provide the same benefits, in the same way. With inbuilt APIs that cater to the majority of enterprise ERPs to flexibility to develop integrations with third-party systems, ELIT is technologically pure within its capability to work as layered application or standalone.
In addition, benefits with using ELIT also include real-time shipment tracking, automated OCR for invoices with bulk upload, real-time internal and external team chats and collaborations and AI-powered FAQs for common troubleshooting and general information.
In conclusion, ELIT P2P cloud application is truly a one-stop solution that aligns to any organization helping to streamline and automate end-to-end procurement lifecycle and helps minimize time and effort spent on routine and repetitive tasks and activities in the supply chain processes while saving costs.
One of the potential benefit to be realized with using ELIT is cost savings upto 30%. With the amount of time and efforts spent on productive activities instead of repetitive tasks, organizations and procurement leaders can claim a cost-savings benefits within procurement functions that directly benefit bottom-lines.
With a robust Spend Analytics built-in within the system, ELIT can further help identify possible gaps and inconsistencies in budgets and spends to streamline and strengthen expenditures incurred to procure goods and services.
To know more on how specifically ELIT can benefit your business, logon to https://elit.ai or email info@eit.ai for a representative to get in touch with you.
You can also download ELIT brochure here
