Adapting procurement to payment (P2P) with AWS Purchase Order Management
Procurement and Account Payable (AP) teams are critical players in the IT Financial Management process. They ensure the accurate and punctual purchase and payment of technology resources that organizations need. From the “traditional technology consumption” era, when organizations had a more structured approval and procurement cycle to acquire and stand up physical infrastructures, to the “modern ITFM” world, where end users can spin up and terminate resources within minutes. While organizations enjoy the agility and low cost of failure, AP teams, especially those based in organizations that use Purchase Orders to commit and plan resources acquisition, are tasked to evolve their procure-to-pay (P2P) process to meet the dynamic nature of the cloud resources adoption.
Why adapting the process to be cloud-ready?
Adapting traditional ITFM processes to be cloud-ready allows teams to maximize the benefits that cloud technology offers. The accessibility and customization to near real-time reporting provides you the level of traceability and transparency you need to gain cost optimization insights. It also helps you set up the central control and guardrails to reduce risks and align investment with business needs. Customers surveyed in the 451 Research “Small Changes Can Make Big Impacts” saved 56% of their cloud costs by applying Cloud Financial Management practices and the benefit increases over time and reached 60% for those who have used AWS for more than 5 years. The CFM practice also helped reduce business risks (average 63% respondents) and improved profitability (average 64% respondents). Similarly, these benefits grow with maturity of AWS, 69% of respondents reduced business risks and 71% improved profitability, when they’ve had over 5 years of experience on AWS.
Introducing AWS Purchase Order Management
We added a key product to our ITFM portfolio with the launch of AWS Purchase Order Management. By working backward from customer needs, we know you want an easy and self-service solution to manage your AWS purchase orders and meet the “pay-as-you-go” model. The standard 2-way or 3-way matching process helps verify the accuracy of invoice payment against the right POs, yet, typically adds overhead costs and slows down the processing time. Without a central, digitized solution, it is often challenging to reach the level of control and scalability you need over time.
With AWS Purchase Order Management, you can create and manage all of your AWS purchase orders in one place and easily configure and update the settings to associate your POs with invoices, such as billing periods, AWS Seller of Records entities, your purchases from AWS and AWS Marketplace. As proactive as we know you are, within the AWS Purchase Order Management dashboard, you can also track PO balance and expiration, and receive notifications when your POs are about to expire or run out of balance.
Learn more: upcoming webinar
Depending on your learning style, we offer various types of resources that you can learn about AWS Purchase Order Management. You can visit our product website, read our blog and user guide, If you are like me, who prefer learning in a visual and interactive setting, our product management team are delivering a live webinar “Enable your AWS procurement process to be cloud-ready with AWS Purchase Order Management” on Nov.3 that we will share how we can help with your P2P challenges and walk you through how you can get started with AWS Purchase Order management today.