Get The Most Out Of Your Source-To-Pay Solution
Procure Management
Considering comprehensive Source-To-Pay (S2P) solution to manage your procurement pipeline? Executive decision-makers in the finance sector are well aware of the advantages that such systems bring to their companies. From maintaining perfect invoice visibility and budget tracking to efficient price comparisons and accurate forecasting, S2P solutions provide strategic control over all of your procurement processes.
In this article, we will give you breakdown on how to maximize the potential of your S2P system by following step-by-step procedure. Going beyond just the instructions for the operation of this solution, we will also share valuable pointers on key areas to consider before and after adoption. Let?s dive deeper.
Step 1: Research the Different Offers
The first step to becoming an S2P expert is to understand the various providers and their offers. Many S2P solutions vary in features and flexibility?look for supplier profiles, spend analytics, purchase order (PO) control, vendor audit logs and SOX compliance. Know exactly what your current organizational needs are so you can tailor your search.
Step 2: Connect the Existing Systems
Modern S2P solutions are designed to easily integrate with existing internal networks, systems and databases to form unified, overarching system of record. It is important to establish that connection correctly. Ensure there is no data loss between this connection and audit, document, and replicate all of the data for smooth, automated synchronization.
Step 3: Track Expenditure Performance
One of the major advantages of investing in an S2P system is that it automatically optimizes expenditure performance. You can access powerful analytics to give insights into where money is being spent, what kind of outputs are being generated, and from which suppliers, contractors, and projects. You can also track goals and changes in due dates to the nearest second.
Step 4: Prioritize Vendor Management
Vendor management should be focused upon with an S2P solution. Use this technology to automate and streamline payment approvals, payment terms, record contacts, and tenders. Review invoices and forecasts on scheduled dates without any manual effort, while taking advantage of discounts, rebates, and special deals depending on PO volume and other objectives.
Step 5: Leverage Regulatory Compliance
Compliance with industry regulations is fundamental aspect many organizations struggle with. Luckily, S2P solution can make you and your vendors SOX compliant, as long as this functionality is integrated into the system. Advanced functionality may also allow you to maintain records for different audit and legal requirements and carry out thorough inspections.
Step 6: Get Everyone On Board
Once you have deployed the S2P solution and there is visible increase in efficiency and compliance, the next step is to get everyone on board. This isn?t just limited to internal employeeand executives, but vendors too. Many S2P solutions offer access to portals that they can use to process orders and invoices. Use this opportunity to lower manual errors and improve relations.
Step 7: Update and Train
Finally, one of the most important parts of using an S2P solution is to always be up to date with its features and capabilities. Updates may include changes in customer preferences, enhanced capabilities, and maybe even legislation changes that affect compliance. Ensure that everyone dealing with the S2P solution is trained on necessary fronts.
Conclusion
Understanding and leveraging the potential benefits of the S2P solution is not just about selecting the best system for your business?it is also about utilizing the capabilities of that platform by making sure that every aspect of your procure-to-pay process can take advantage of it. Following the steps mentioned above, along with any others your specific system may need, you can ensure that you maximize the value from your S2P solution.
