You may not believe this, but alligators in the sewers, mythical beasts, and cloud-based procure-to-pay have something in common.
“I heard from a friend who heard from a friend…” is how most urban myths get started and perpetuated. In the same way, a number of procurement myths — corporate urban legends if you will — have cropped up regarding cloud procure-to-pay (P2P). That’s not to say that moving your purchasing process and transactions to the cloud isn’t a big step, but it’s not as scary as “they” make it sound. When you stop to consider the ways on-premise or standalone software restricts your ability to automate, accelerate and leverage your purchasing and spend data, not moving to a cloud-based procurement solution is the scarier choice.
Truth be told, by moving to the cloud, you benefit from the latest version updates, stricter security protocols, ease of accessibility and configurability, and enterprise-wide scale, no matter how many locations you have.
So, allow us to take you through a few pervasive misconceptions and see if we can’t debunk some of the most common myths surrounding cloud P2P.