Which components are part of the streamlined Procure to Pay process?

The Procure to Pay (P2P) process encompasses various stages of procurement and accounts payable activities, ensuring a seamless flow from purchasing goods and services to vendor payment. Invoice and Payable Management is a crucial component of this process as it focuses on the activities involved in processing vendor invoices and managing the payment process. This includes verifying the accuracy of invoices against purchase orders and ensuring timely payments to maintain good relationships with suppliers. This function is essential for controlling cash flow and managing the financial aspects of procurement, which directly ties into the P2P cycle.

In contrast, the other options relate to different aspects of supply chain management and financial processes but do not directly fit within the core steps of the P2P cycle. Strategic Procurement focuses on the overall procurement strategy and planning, Material Ledger Management deals with inventory valuation and material accounting, and Inventory Tracking ensures proper management of stock levels. While these areas may interact with P2P, they are not inherently part of the streamlined process that culminates in invoice and payment management.