Maximizing Procurement Savings With Source-To-Pay Software
Procurement Savings Tracking Software
Recovering procurement and purchase costs can be daunting undertaking for financial executives. Optimizing operating costs has become the new norm in light of economic downturn, and remaining competitive requires shrewd approach to tracking and controlling spending. Enter Source-to-Pay Software: an all-in-one solution for procurement savings tracking.
With comprehensive S2P program, CFOs benefit from greatly improved visibility, transparency and accountability in their supply chain. Automated control and validation of vendor invoices helps to reduce process costs, and alerts of non-conformance mitigate supplier risk. Delays in payments can be avoided and cash-flow smoothed with improved payment term management, while VAT compliance is strengthened. Advanced analytics and reporting tools are at the disposal of finance teams, providing ongoing insight into procurement performance.
Key integrations benefit both buyer and seller. Buyers can configure user access and track movements within the system, while suppliers benefit from vendor portals that seamlessly integrate with accounts receivable and provide order visibility. The tight integration of S2P accounting and procurement software helps to drastically cut payment times, resulting in improved relationships with vendors.
When looking for S2P solution, financial executives should target features that enable greater automation, assist in compliance, and monitor KPIs to ensure objectives are achieved. Advanced security features ensure rigorous user authentication, while decentralized changes to operations documentation protect against fraud. It is important to also assess how the S2P solution can be integrated into existing ERP/procurement systems, as many organizations still rely on legacy software.
Crucially, Source-to-Pay Softwaresolution should place the financial executive in the driving seat to facilitate effortless control and constant improvement. Automated workflows and requisition approvals should be facilitated with user-friendly dashboards and real-time training tools. History tracking and audit trails provide uninterrupted traceability, assisting the CFO to answer any spending questions that may arise.
Source-to-Pay Software not only helps to reduce operating costs, but also reveals untapped savings, realigning the focus of organizations on more profitable activities. In light of current economic circumstances, it is clear that well-implemented S2P program can significantly lower procurement losses and deliver improved business value to the finance executive.
