Detailed explanation of P2P and S2P

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Accepted Answer

P2P stands for Procure-to-Pay and S2P stands for Source-to-Pay.

P2P involves the entire process from requisition to payment for goods or services.
S2P involves the entire process from sourcing suppliers to making payments.
P2P focuses on the transactional aspect of procurement, while S2P focuses on the strategic aspect.
P2P includes steps like requisition, purchase order creation, goods receipt, invoice processing, and payment.
S2P includes steps like supplier identification, negotiation, contract management, purchase order creation, goods receipt, invoice processing, and payment.

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