Leading A Source-To-Pay Transformation With Software Solutions
E Sourcing Solution
Corporate finance executives must find the right balance between cost control and operational efficiency when considering sourcing to facilitate their Source-to-Pay (S2P) process. Switching to an S2P software program carries the potential to bring operations within company into single system where budgeting, purchasing, and payment decisions can be monitored in real time. This can make strategic sourcing increasingly impactful and enhance financial performance.
When choosing Softwaresolution, the object ought to be obtaining an expansive suite that houses both financial and supply chain management. Advanced S2P software applications provide industry-specific data that allows finance executives to better understand the entire process from end-to-end. Intelligent recommendations for competitive pricing, efficient supply chains and optimal payment terms can help achieve target savings, working capital management, cash planning, and supplier analysis.
Organizations should consider automation as one of the main pillars of their S2P program. For successful automation program, S2P Softwareshould be able to handle the toolset for the entire process. Automating the entire Source-to-Pay process brings visibility and efficiency to the process, allowing for faster turnarounds, improved accuracy and decreased compliance risks. Robust requisition, purchase order, invoice and payment processing with built-in automated approval and workflow capabilities are essential components in the automation program.
Finance executives should also look for software that originates core sourcing documents, such as requests for quotations and bids, as well as coordination with suppliers through e-auctions. Comprehensive S2P software applications provide analytics and metrics to drive negotiated savings and track and audit the history of the purchases and supplier relationships. Comprehensive risk monitoring and analytics support is key to ensure control of the process and provide additional policies, procedures and guidelines.
When selecting and implementing an S2P Softwaresolution, comprehensive technical support and user training should be obtained from the supplier. Having dedicated implementation manager who understands the companies business processes and team of IT professionals familiar with the S2P software will facilitate the entire process and help ensure better results.
S2P Softwaresolutions offer finance executives variety of features and options for improving operational performance. Through tailored options, solutions can be bought and implemented that meet the unique challenges of individual organizations. Comprehensive S2P Softwaresolutions provide finance executives tool for elevating their source-to-pay process and allowing their organizations to compete in global market, and increase their bottom line.
