A Better Way To Source-To-Pay: Leveraging Automation And Streamlining Your Financial Regulation
What Is S2P
The activity and labor of managing complex procurement processes can have major impact on the productivity of any finance department. With the right solution, executives can reduce their workload and create more streamlined and efficient process for their organization. S2P, or Source-to-Pay, is software that facilitates the complete source-to-pay process for organizations, and offers benefits like automating financial regulation and leveraging procurement decisions.
In addition to finances, S2P also helps to regulate compliance and risk management by providing much-needed organizational consistency. This allows executives to manage the standardization of processes as well as ensuring that all operations remain compliant with any regulations within the company. Utilizing S2P can bring unparalleled value to companies by providing enhanced visibility, control and compliance over the source-to-pay process.
How to Implement S2P for your Business
1. Analyze the financial workflow within your organization: To effectively leverage S2P, the finance team must first gain comprehensive understanding of the current financial workflow in place. This includes understanding invoice flow, monitoring procurement activity and collecting real-time data.
2. Identify areas of improvement within the process: After analyzing the current workflow, executives should identify areas within the process that could use improvement. These could include manual data entry processes, manual approving/authorizing/verifying of invoices and overall lack of visibility within the process.
3. Choose the right S2P solution: After identifying areas of improvement, the team should begin researching what types of S2P solutions are available and the features that best fit the needs of the organization. When researching, the team should consider features such as automation, invoicing, purchase orders, order tracking and document storage and management.
4. Deploy your S2P solution: Once your team has chosen the best solution for their organization, the next step is to deploy it across your organization. It is important for executives to ensure technicians and staff members are adequately trained on how to use the software to its fullest potential. Executives should also plan for future maintenance and upgrades, as needed.
5. Monitor processes: Lastly, executives should put in place an effective system to monitor processes and ensure the S2P solution is running smoothly. This includes using dashboards, customizable reports and other metric-tracking tools to monitor your team’s performance.
By taking these five steps and leveraging S2P software, executives can streamline the source-to-pay process and unlock unprecedented control and visibility within their organization. Automating the financial regulations and leveraging procurement decisions can help executives focus on what is important and maximize the full potential of their organization.
