B2P - Blockchain Solution for Procure to Pay Powered by Digital Ventures

B2P – Blockchain Solution for Procure to Pay Powered by Digital Ventures

a procure-to-pay process is a vital part of any business it requires a tremendous amount of manpower time and other resources it also involves a lot of paper and manual verification process that may lead to human errors and thus increasing the cost of doing business a conventional procure-to-pay process comprises a buyer a supplier and the bank step one the buyer issues a purchase order or Pio to the supplier via an enterprise resource planning system once the supplier has successfully delivered the goods the buyer will create a goods receipt or gr in the ERP system the supplier will then submit a paper invoice to the buyer step two the buyer will then manually validate whether the information on the invoice matches PEO and gr and then create a pay of a record for approval in ERP after the payable record has been approved the buyer will ask the bank to issue a check to the supplier step three the bank with an issue a check to the supplier and inform the supply to collect the check according to thanks schedule then the supplier will deposit that check at their preferred bank this conventional procure-to-pay process requires a lot of resources time and effort fortunately the way we do procure to pay is about to change our blockchain solution for procure-to-pay or b2p platform can transform the entire process b2p platform enables better data sharing and process automation the technology will greatly improve efficiency and minimize the use of resources this is how the new process works step 1 when the buyer orders the goods the PIO is sent from ERP to the b2p platform and is promptly visible to the supplier after goods delivery the gr information from ERP is also sent to the platform instead of a paper invoice the supplier submits an electronic invoice via B to P platform during invoice admission the supplier can also request invoice financing service from the bank to improve their business liquidity step two during invoice verification b2p platform will automatically validate the invoice information against p o and gr this is called an automated three-way matching process step 3 after the invoice has been verified and approved it will be visible to the supplier and the bank the bank will then process the payment on the due date the bank will transfer the specified amount into the suppliers account no more collecting checks or submitting billing notes this new BGP platform will benefit everyone involved with a blockchain platform it brings greater value to all related parties this is the digitalization of the procure-to-pay process a transformation made possible by blockchain technology

About the author


  1. Fx Ai Robot Arbitrage Trading
    ปัญญาประดิษฐ์ บริหารการลงทุน
    👍ไม่ต้องเฝ้าหน้าจอ ถอนเงินได้ทุกวัน
    👨🏻‍🎓กับ Ai หุ่นยนต์อัจฉรียะ
    💰Arbitrage trading💰
    ทำกำไร 1-2.5% ต่อวัน
    📚ง่ายแสนง่าย ไม่ต้อง
    😆เฝ้าหน้าจอ ให้ปวดตา!!
    🔜ฟรี ด่วนก่อนหมดเขต📌




    [Ai Fxtrading Crypto] ] คุณได้รับเชิญให้เข้าร่วมสแควร์ของ LINE
    Blockchain&Ai ช่องทางรับข้อมูลไลแอด >>>

Leave a Reply

Your email address will not be published. Required fields are marked *