The essence of procurement functions in any global organization lies in their capacity to manage costs efficiently, enabling the acquisition of goods and services that contribute to or enhance the overall value of the business.
A business reliant on revenues and profits for economic sustainability and market growth relies on a diverse array of goods and services to establish and sustain a competitive edge in its industry. The complexities surrounding the costs and efforts associated with procuring external goods and services are substantial, posing inherent challenges and risks that, if not carefully managed, could potentially hinder the business’s growth pursuits.
In order to navigate the unforeseen risks and intricate challenges, the implementation of a mandatory, robust, and stable system for managing the procurement process becomes imperative. Despite the availability of diverse products in the current marketplace addressing these challenges, the realization of a unified, globally inclusive, and flexible system that caters to various industries and domains remains an aspirational goal yet to be achieved.
ELIT P2P serves as an initiative that, in a sense, works to bridge that gap. Its flexible platform integrates both standard and non-standard industry best practices, making ELIT P2P a distinctive, scalable, and versatile procure-to-pay application. Notably, it is truly industry and domain-agnostic, capable of effortlessly tracking, streamlining, and optimizing the entire procure-to-pay lifecycle.
What is ELIT P2P?
The ELIT P2P Cloud application stands as a comprehensive solution, streamlining, simplifying, and automating the end-to-end procure-to-pay lifecycle within supply chain processes.
In essence, ELIT P2P empowers organizations to mitigate procurement risks, streamline supplier onboarding and management, automate purchase requisitions and orders, facilitate supplier collaboration and sourcing processes, and efficiently handle invoices and internal approvals through flexible workflows.
ELIT P2P delivers benefits to a spectrum of stakeholders including procurement leaders, buyers, sourcing specialists, purchasing executives, accounts payable managers, and vendor managers. The functionalities catered to by these specific roles facilitate seamless and streamlined day-to-day procurement operations for any organization, emphasizing both cost efficiency and quality.
Hence, having a robust, scalable, and flexible system becomes highly imperative to align with both common and ad-hoc goals and objectives, unifying processes for the seamless and productive functioning of a procurement organization.
ELIT’s RPA-driven supplier collaborations and AP invoice automation, coupled with single-page quote comparison and supplier evaluation strategies, alongside robust tracking of audit and regulatory policies throughout the entire lifecycle, equip procurement functions in every organization to significantly benefit. This capability enables the efficient handling of complex challenges and processes, concurrently reducing efforts and time invested.
At present, ELIT is industry-agnostic, signifying that the system is genuinely flexible and not confined or tailored to address procurement challenges within any specific industry.
In its inception, ELIT P2P was crafted to tackle challenges unique to the transportation industry, with a specific focus on vehicle aggregators. This development took place over two years ago, around 2021. Subsequently, ELIT has evolved from an industry-focused customizable solution into a feature-independent, customizable platform capable of aligning and transforming procurement processes across various industries, tailored to meet the specific needs of organizations.
Similarly, the ELIT P2P Cloud application is ERP-agnostic, signifying its ability to seamlessly integrate with any existing ERP systems. It can also function independently, providing the same benefits in a standalone capacity. Equipped with built-in APIs that accommodate the majority of enterprise ERPs and the flexibility to develop integrations with third-party systems, ELIT is technologically versatile and capable of operating as a layered application or standalone solution.
Furthermore, the advantages of using ELIT encompass real-time shipment tracking, automated OCR for invoices with bulk upload capabilities, real-time internal and external team chats and collaborations, and AI-powered FAQs for common troubleshooting and general information.
In conclusion, the ELIT P2P Cloud application stands as a comprehensive one-stop solution adaptable to any organization, effectively streamlining and automating the end-to-end procurement lifecycle. It minimizes the time and effort invested in routine and repetitive tasks within supply chain processes, ultimately resulting in cost savings.
An impactful benefit achievable through the use of ELIT is potential cost savings of up to 30%. By redirecting time and efforts towards more productive activities instead of repetitive tasks, organizations and procurement leaders can realize significant cost-saving advantages within procurement functions, directly contributing to improved bottom lines.
With its robust built-in Spend Analytics, ELIT can further aid in identifying potential gaps and inconsistencies in budgets and expenditures, enhancing the streamlining and strengthening of costs associated with procuring goods and services.
For more detailed information on how ELIT can specifically benefit your business, please visit elit.ai/ or reach out via email to info@eit.ai, and a representative will promptly get in touch with you.
You can also download the ELIT brochure here
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