A Strategic Guide To Source-To-Pay Solutions
Strategic Sourcing Procurement
The benefits of investing in source-to-pay platforms go far beyond the sheer time-savings to be made from automated processes. Companies that have implemented S2P also find themselves with access to larger pools of suppliers, meaning that more competitive pricing can be negotiated.
Moreover, data availability and transparency has increased, with S2P solutions able to monitor, analyze, audit and report on procurement activity. This gives executives more granular level of insight into their purchasing activities and variable spending, allowing intervention and optimization when necessary.
Additionally, eProcurement allows employeeto make personalized requests, which are then assessed and approved or rejected accordingly. This can dramatically reduce time and paperwork associated with manual procurement methods.
Source-to-Pay in the Longer Term
In the longer term, source-to-pay solutions have the capability to integrate into existing ERP systems and open up possibilities for collaboration between various areas of the company, leading to further cost savings. They can also be used in eCommerce scenarios to improve customerservice and reduce shopping cart abandonment.
Conclusion
Finding S2P solution to suit your business needs can be complex process, with multitude of criteria to consider. Products vary in their capabilities, their customizability, their integrations, and the associated costs. However, finding the right Source-to-Pay solution can be an invaluable insight into the workings of procurement and the associated costs. Get it right and any C-suite executive can look forward to greater visibility, reduced costs, minimal risk and improved team efficiency.
