Blog / Purchase to Pay
5 Reasons to Consider a Cloud-Based Purchase-to-Pay (P2P) Solution
According to recent research, 79% of organizations adopted cloud-based Software as a Service (SaaS) applications in 2017. And with the benefits to productivity, security and cost-effectiveness that SaaS can provide, it’s easy to see why.
SaaS can offer the most flexible, secure and scalable option for P2P software, and take automation of administration for the finance and procurement departments to the next level. Whether you’re migrating your existing solution to the cloud or using P2P software for the first time, there are many reasons why SaaS would appeal. Let’s take a look at our top 5 reasons to consider P2P SaaS:
1 – Cloud-based Collaboration
SaaS solutions can enable AP and finance departments to work together wherever they are. Since the software can be accessed from a web browser, spends can be approved while the signatory is working away from the office. This means fewer delays, and can lead to securing early payment discounts. Additionally, cloud based software gives the entire team access to real time data, so everyone is operating with the same single version of the truth.
2 – All functionality, always updated
While P2P software helps the AP department to operate more efficiently, deploying it in the cloud can extend time savings across the organization. With the SaaS model, users avoid costly upgrades of hardware and always have access to the latest updates. This relieves pressure from the IT department, who will no longer need to spend time updating software, upgrading hardware, applying patches and troubleshooting.
3 – Superior Security
When moving to a P2P SaaS solution, you transfer operations and maintenance to a dedicated, outsourced team. This brings with it a number of security benefits. Firstly, updates and patching are managed automatically. Many of the most high-profile and damaging cyber security breaches in recent years have happened due to delayed patches. WannaCry, for example, could have been prevented in many cases with timely patching. Ensuring these are taken care of results in a
far more secure environment.Additionally, many P2P SaaS options are hosted on platforms such as Microsoft Azure, which guarantees world-class security.
4 – Flexible Functionality
SaaS solutions offer a great deal of flexibility. If your needs change, your solution can change with you, as it will often allow you to adjust transaction volumes and database usage according to your current requirements. It is often possible to integrate your SaaS solution with other, business critical applications. Equally if your business grows, you can scale up your solution accordingly with no need for additional hardware investment.
5 – Cost-effectiveness
Since P2P SaaS solutions require no upfront cost or initial investment in hardware, they present an affordable option for businesses of all sizes. Their scalability means that businesses can not only modify their solution to their needs, but also to their budgets, receiving a bespoke set of modules to suit them.
These are just a few reasons why organizations may want to adopt a SaaS solution for their P2P automation software. Each of these benefits are offered by Palette’s latest delivery model PaletteOnline. To find out more, read the press release here.
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