Final answer:
The first step in the purchase-to-pay process is requirements determination, where a company identifies its needs in terms of inventory, future demands, and specifications for goods or services.
Step-by-step explanation:
The first step in the purchase-to-pay process is C. requirements determination. Before any purchasing activity can take place, a company must first identify its needs. This involves scrutinizing the current inventory levels, forecasting future needs, and understanding the specifications for the goods or services that are needed. Once the requirements are clearly defined, the company can move forward with the subsequent steps in the purchase-to-pay cycle such as issuing a purchase order, receiving the goods, and processing the payment.