7 Steps To Implementing A Source-To-Pay Solution
E-Sourcing Platforms
The process of transitioning from manual-based purchasing operations to an integrated source-to-pay solution can seem overwhelming and costly. But, with the right roadmap and preparation, you’ll be able to secure major transformational benefits from such move. CFOs and finance executives considering or embarking on the journey should use this guide to ensure successful transition.
Step 1: Define Your Goals and Objectives
The first step in searching for and implementing source-to-pay solution is to define the desired outcomes of the system and its integration into existing processes. Take step back and consider the intended purpose of such an implementation. Do you want to increase operational efficiency? Reduce maverick buying? Achieve more centralized control of the purchasing process? Having unified set of outcomes in mind will prepare you to launch an appropriate software that meets your requirements.
Step 2: Establish Project Team and Organize Stakeholders
Once you have clear vision of the desired outcomes of an integrated source-to-pay solution, it is important to establish project team and organize stakeholders. Assign specific roles early on in order to keep the process timely and organized. In creating project team, consider who needs to be kept up-to-date throughout the planning and subsequent implementation cycles. Make sure to involve end-users from the get-go for the best results.
Step 3: Screen and Assess Vendors and e-Sourcing Solutions
The market for e-sourcing solutions is vast and varied. CFOs and finance executives should begin by creating an initial list of potential vendor candidates and their respective solutions, having kept in mind the previously established outcome goals. This initial screening can be done by doing online tech vendor research or by attending vendor seminars and conferences. After identifying shortlist of Softwaresolutions, it is time to start conducting rigorous evaluation. Take the time to compare each solution against one another, assessing overall functionality and cost, benefits and limitations, post-implementation technical support and scalability.
Step 4: Get Buy-In From Stakeholders and Decision-Makers
Once the list of potential vendors and solutions have been narrowed down, it is time to come back to the stakeholders. With their buy-in, the best-suited and most cost-efficient solution can be chosen from the shortlist as the definitive winner. it is important to involve stakeholders’ input for successful project launch, so be sure to engage in an open conversation and consider their feedback when making the final decision.
Step 5: Set Up User Requirements
Now that you?ve settled on the winner from the shortlist of vendors and solutions, it is time to start setting up user requirements for the system. Take into account the user interface, the data needed to run the system and the technical requirements for its integration. Making sure there is robust data collection and clearly defined architecture are essential to ensure the system?s ability to meet future demands.
Step 6: Finalize Customization, Test and Train
Once the user requirements have been nailed down, it is time to launch the implementation process. Finalize the necessary customizations, including setting up supplier management, user roles and permissions and workflow structures. After that, testing should be conducted to make sure the system will work properly and provide secure and efficient user experience. The last step before rolling the system out is training, which should include the system?s users, group admin and other key stakeholders.
Step 7: Launch and Monitor
Launch the e-sourcing system and begin monitoring its performance. Does the system meet established goals and objectives? When adjustments need to be made, how do they affect the system?s performance and user experience? Taking the time to measure the system?s success will ensure the intended outcomes are achieved and that expectations have been met.
Conclusion
With this comprehensive 7-step roadmap in place, CFOs and finance executives in search of source-to-pay solution will be well-equipped to embark on the journey. Setting up user requirements, finalizing customizations, testing and training, and monitoring success will ensure the system yields the desired results in an efficient and cost-effective manner.
