A Strategic Primer On Source-To-Pay Software Solutions
S2P Software
As companies increasingly outsource their purchasing operations, the importance of implementing source-to-pay (S2P) Softwaresolution for effective performance control becomes evident. Therefore, an executive in the finance department who is evaluating S2P solutions should consider the following guide to finding suitable one.
Research competitors
In todays business environment, it is highly beneficial to review competitors’ utilization of S2P solutions. Utilizing technology analytics tools can be valuable source of insight into the kind of software they are leveraging, the features they are taking advantage of, and the results they are able to achieve.
Identify objectives
Having an understanding of what competitors are doing should inform companies of their S2P objectives. Do they want to focus on aspects such as: cost reductions, optimizing payment cycles, streamlining data organization, or introducing compliance regulations? This will be critical in narrowing down the range of solutions available.
Determine criteria
What criteria should be taken into account when choosing S2P software? Aside from price, other factors that should be considered include: levels of software complexity, functional capabilities, levels of automation, scalability, level of security, and data access.
Review products and providers
Having evaluated the criteria, executives should then move to critically assess the list of products and providers available. It is here that thorough analysis of relevant performance data, product reviews, and informational webinars will enable comprehensive comparison across the solutions.
Conduct proof of concept
Ultimately, the best way to assess S2P Softwaresolution is to conduct proof of concept. This will enable the most efficient way to measure the solution?s impact, performance, and user acceptance. It also serves to validate expected results prior to full rollout.
Ingestion and implementation
After selecting the Softwaresolution, the next step is to ensure smooth ingestion of the required data and full implementation of the solution. To do this: all relevant system integration, user training, and data migration, will need to be configured in order to ensure successful deployment.
Ongoing maintenance
Altogether, an S2P software package consists of more than just the implementation. Companies should seek providers with customersupport and post-rollout services, such as system monitoring and maintenance, to ensure optimal performance and longevity of the solution.
Conclusion
An executive in the finance department looking for source-to-pay solution must undertake research, define target objectives, select criteria, assess products, perform proof of concept, and focus on post-rollout maintenance. Following this guide is the first step to finding an optimal S2P vendor and Softwaresolution for any business.
