A Guide To Source-To-Pay Automation
Procurement Automation Tool
As an executive in the finance department, identifying and implementing an effective Source-to-Pay solution can be challenging. Expanding your business operations on global scale often requires robust procurement software to automate the important processes involved in both the financial and operational elements of Source-to-Pay. To effectively identify and select this kind of automation tool, one must first clearly understand the workings of such software, and be able to distinguish what is being offered from the various providers
1. Research the Market
The first step to obtaining comprehensive Source-to-Pay automation solution is to do your homework, researching the market for the different providers that are offering their software for this purpose. As several of the automation programs will be customized to suit the size and nature of your business, it is important to compare the various solutions that are available to determine the best solution for your company.
2. Analyze Features Functions
Once you have narrowed your search down to few prospects, it is time to delve into the details of each solution on offer. Assess the features and functions that each provider offers and compare them to the features and processes which your business requires. It is important to ascertain which features are necessary, and if there are any vendor-specific features which could be advantageous to your organization. Furthermore, consider how the system integrates with other systems, how the project will be implemented, and whether adequate training is provided.
3. Examine the Quality of Service
Investigate the reputation of the vendor and the quality of their customerservice. Assessing customer reviews and comparing them to the provider?s track record will give you good indication as to the quality of their service. Speak to the vendor directly and ask for detailed explanation of their service delivery process.
4. Evaluate Cost Performance
Finally, the cost of the chosen solution should always be taken into consideration, as well as an evaluation of the long-term performance once the software has been fully installed and implemented. Make sure that the vendor is willing to provide comprehensive estimation of costs, and also ensure that their procedures are clearly outlined in the contract.
By thoroughly examining the market for procurement automation software, critically analyzing the features and functions, assessing the customerservice, and rigorously evaluating costs and performance, you will be better informed and ultimately more capable of selecting superior Source-to-Pay automation tool which fits the needs of your business.
