The Prince George’s County Office of Central Services is changing the County’s electronic procurement system known as SPEED. The County will expand the SPEED system, becoming SPEED Procure-To-Pay or SPEED P2P. The updated SPEED system will establish an efficient mechanism for doing business with Prince George’s County from the point of order right through to ready-to-pay.
According to a County press release: SPEED P2P will integrate purchasing and accounts payable, thus allowing for a wider procurement management process within a single system consisting of:
* Requisitioning
* Sourcing
* Contracting
* Purchase Order Management
* Direct Catalogue Ordering from Selected Suppliers
* Creation/Submission and Tracking of Invoices from Suppliers
* Receipt/Validation of Invoices
* Invoice Payment Processing
Prince George’s SPEED System
SPEED is an SAP Ariba product that offers online strategic sourcing and contracting capabilities to enhance the procurement process. This cloud-based platform offers a digitized and simplified end-to-end procurement workflow in an integrated solution to drive consistency and efficiency. SPEED identifies qualified suppliers through the integrated Ariba platform to improve bid competitiveness.
Electronic procurement, commonly known as eProcurement, is the automation and management of the procurement process. It involves creating a shopping environment that is intuitive and enhances the overall procurement experience.
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