A Strategic APproach To Adopting Source-To-Pay Solutions
Procurement Solution Providers
In an ever-shifting world of business, where innovative and powerful technologies are regularly launched, it is imperative for organizations to remain up-to-date and current with procurement solutions to maximize their potential for efficiency and cost-savings. By utilizing Source-to-Pay (S2P) solutions, organizations are able to structure and streamline their purchasing process from beginning to end.
Gone are the days of overly manual and costly procurement processes, with S2P solutions it is now easier and more cost-effective than ever to optimize the procurement process. Companies that deploy S2P solutions can enjoy improved cash flow, better contract visibility, increased supplier compliance and advanced purchasing analytics. This article is intended to provide comprehensive guide on how to begin integrating S2P into your organizational framework, consider these steps your strategic approach as you move toward procurement optimization.
Step One: Create an Evaluation Criteria
Successfully utilizing an S2P solution begins with evaluating and selecting the right one. To do this, create an evaluation criteria that outlines the important elements and features you are looking for. Compile items such as user friendliness, analytics and reporting, onboarding and training, integration with other systems and more. As you evaluate potential solutions, begin to narrow your choices based on your criteria and the functionality each solution offers.
Step Two: Review Prospective Solutions
As you review prospective S2P solutions, pay attention to the type of technology being employed (such as cloud-based, on-premise, mobile-responsive, etc.), the range of service and support options, pricing plans, and the inclusion of advanced analytics and AI-driven technologies. As you compare and contrast potential solutions, consider what type of environment it will need to work within and the key objectives that your organization hopes to reach.
Step Three: Draft Prototype
Before committing to any S2P solution, create prototype to evaluate the functionality and the performance that the chosen solution meets. During the prototype development process, draft comprehensive testing plan and prioritize the specifications you would like to investigate. The testing plan should encompass things like usablity, flexibility, scalability, and efficiency.
Step Four: Obtain Feedback
Before committing to implementation, it is good idea to obtain stakeholder feedback on your prototype. Receive reactions from peers, current customers, and other stakeholders for well-rounded assessment of your S2P solution. As you are informed by their feedback, ensure that the selected system can still meet the specific needs of the organization and is within budget.
Step Five: Fully Implement and Measure Progress
After obtaining stakeholder feedback and shortly after, full implementation of S2P can be executed. During implementation, establish clear objectives and metrics to measure their successful implementation. This will allow you to monitor progress and measure the success of the solution over time.
Conclusion
Investing in an S2P solution can provide organizations with an unprecedented level of control for their sourcing and procurement processes. By following these five steps outlined above, organizations can procure the necessary information, feedback and support from stakeholders to ensure successful implementation and use of the chosen solution. Ultimately, S2P solutions take away much of the time-consuming manual labor from the procurement process, streamlining it and eliminating the possibility of costly mistakes.
