Choosing A Supplier Information Management System For Source-To-Pay Solutions
Supplier Information Management System
C-suite executives in the financial sector need to consider wide array of factors when choosing supplier information management system (SIMS). source-to-pay software offering such capabilities should not only encompass flexibility, scalability, and technology, but also be tailored to the needs of the users.
The following comprehensive review road-map stresses the importance of thorough research, analysis, comparison of feature sets and considerations to be aware of before committing to SIMS provider.
Step One: Establishing Requirements
Before proceeding, it is important to determine the specific requirements of the organization in terms of type of supplier information set to be managed, workflow, scalability, customization and implementation timeline. This will allow for the narrowing down of suitable product options before initiating search.
Step Two: Identifying SIMS Options
Source-to-Pay providers should be identified and thoroughly researched. It is important to compare the features of each potential platform considering the companies individual requirements. It is also worthwhile studying the providers? credentials, reviews and case studies before proceeding.
Step Three: Inviting Quotes
After researching and narrowing down the potential SIMS providers, it is time to invite vendors to provide quote. This should include the pricing structure as well as details pertaining to timeline, technology stack and other service aspects.
Step Four: Making Decision
When making decision on which SIMS platform to select, considerations should include the benefit-to-cost ratio. Has scalable platform been chosen that also aligns with the companies price point? What insights will be available through the product? Are there integrations that offer extra value? Will the provider allow for customization in the service package?
Step Five: Testing the Platform
It is advisable to test the SIMS platform before implementation to evaluate the suitability and technical capabilities. Additionally, stakeholders should review the terms and conditions and intellectual property agreement.
Step Six: Implementation
Once the decision is made and the testing period is passed, implementation of the SIMS platform should begin. Training should be provided for all users during this step as well as necessary changes being made to reflect the needs of the organizations workflows.
Conclusion
When choosing SIMS for Source-to-Pay solutions, comprehensive review road-map should be implemented. This should involve establishing requirements and pinpointing suitable options. Compromising factors, such as benefits-to-costs, should be taken into account in making the decision. The whole process should be concluded with an internal evaluation phase before finally implementing the chosen system.
