Maximising Operational Performance Through Source-To-Pay Software
Addressable Spend Procurement
The challenge of addressable spend procurement is an enduring one for the modern business leader, but efficient and effective solutions can be found in the implementation of source-to-pay software. Such software, when tailored to the needs of the organisation and its operations, offers number of benefits with regards to both costs and capabilities; finance executives should therefore take advantage of this technology to drive operational performance.
Source-to-pay software is comprised of suite of applications and services that can be used to optimise purchasing for business. Automated supplier cost and availability assessments give finance executives clearer oversight of procurement, whilst secure data and analytics provide the necessary insight to identify cost-saving opportunities and adjust accordingly. The use of this software also offers improved runtime efficacy, due to the system?s automation of labour-intensive processes.
The advantages possessed by source-to-pay software are numerous, but effective implementation entails meticulous selection of the most appropriate product or suite to meet an organisation?s individual needs. Finance executives must also ensure that their team are properly trained and kept up-to-date on applicable tools and toolsets in order to capitalise upon the potential cost efficiencies, strategic insight and risk management benefits of such solutions.
In addition to automated capabilities and improved financial visibility, source-to-pay software also affords improved efficiency in managing the contract lifecycle. Complementary tools such as contract authoring and e-signature facilitate the timely and effective creation of compliant contracts and documents. Separate Contract Management software further streamlines the process and allows finance executives to track both the cost, terms and performance of each contract, as well as stay abreast of any renewal dates that could impact key cost components.
The benefits of source-to-pay software are clear, but successful implementation and leveraging of the available capabilities requires organisations to focus their efforts properly. By selecting the most appropriate and suitable suite of software and investing in employee training, finance executives can capitalise upon the cost saving and operational performance improvements that come with such enhanced procurement strategies.
