Benefiting From Source-To-Pay Software: The Risks Of Not Using
Buy-To-Pay
Organizations that bypass the use of source-to-pay software to manage their entire procurement process risk missing out on the revenue-boosting potential of the technology. From the C-suite perspective, not utilizing the complete range of features from supplier onboarding and qualification, to bidding and negotiation, to invoicing and payments can seriously dampen the bottom line with unexpected costs and lost opportunities.
Source-to-pay Softwareseeks to deliver coordinated system for input and output to maximize the financial efficiency of buy-to-pay administration and operations. Taking comprehensive approach to the process prevents errors, overpayments, contract breaches and payment delays that can degrade return-on-investment (ROI).
Even organizations that already employ best-of-breed solutions are likely to find that some of the most promising benefits are unattainable without the ability to collect and analyze enterprise-level data and apply insights into the planning and forecasting process. By bringing together all company procurement activities into one system, source-to-pay software enables executives to gain full visibility into all aspects of their spend, giving them snapshot of labor and material costs at every stage of production.
These tools arm finance executives with access to spending insights they may have lacked in manual approach; they can monitor supplier contracts, adjust forecasted cost-savings based on the latest terms and conditions, and ensure that the full potential of the supplier contract is being realized. This visibility affords them the opportunity to more easily identify instances in which company goals may not be in-line with actual spending and craft strategies to optimize operations accordingly.
The built-in automation capability of source-to-pay software also allows users to automate manual processes and reduce overhead costs associated with labor and data-entry. What?s more, organizations can further reduce labor costs by reducing errors that may result in overpayments, contract violations and schedule delays.
With source-to-pay software, finance executives can be sure their organization is benefitting from the maximum cost savings and purchase efficiency possible. By implementing this comprehensive approach to buy-to-pay, organizations can ensure that the maximum potential of their investments are realized, leading to more accurate forecasts, more reliable operations and improved ROI.
