Driving Operational Benefits Through Source-To-Pay Software
Procure To Pay Sub Process
Organizations are grappling with the need to optimize their procure to pay processes, across global landscape, which can be both complex and inefficient. This growing urgency has catalyzed the market development of comprehensive source-to-pay solutions, which enable business to maximize the performance of the procure to pay sub-processes.
it is no secret that leveraging the operational potency of such solutions requires unified strategy that builds off of the basic principals of global spend management. This necessitates granular approach to mending process-level deficiencies, resulting in efficiencies in managing suppliers, maintaining compliance with regulations and increasing visibility into current budgets. In addition to creating value through cost savings, well-operationalized source-to-pay software also provides scalability for future expansion of business processes.
For the C-suite Executive seeking to assess the value proposition of these types of solutions, there are several key considerations. Chief among these is ascertaining the extensibility and capacity of the targeted solution for handling multiple currencies and different global authorizations, as well as its ability to generate timely and accurate payment instructions. Additionally, the flexibility and power of the data-processing backbone, or analytics engine of the solution, should be seriously examined form ?follow the spend? perspective, so that identification of areas of waste, and inefficiencies can be efficiently dealt with.
The next major component relating to source-to-pay solutions, is the ability to integrate expansive global networks with supplier data sources and ERP systems, in order to unify the numerous sources of information systems, thereby, enabling level-based authorization of access and creation of automated workflows with regard to various requisition, order and invoice processes. Additionally, the ability to remove manual errors and misdirected transactions, by streamlining the pre-validation of the invoices before payment authorizations; is crucial component that offers significant high level of functionality within any well-defined source-to-pay solution.
Finally, comprehensive source-to-pay solution should offer both cost savings, as well as multi-tiered performance improvements, through the combination of functional elements that have the potential to augment the entire procure-to-pay spectrum. It must also be able to provide insight into supplier performance management and analytics capabilities, that not only capture data points about existing processes but has the ability to accommodate for future business process expansion. The scalability parameters then emerge as prime mover for the modernization and automation of source-to-pay systems.
In current day scenarios, vast number of financial executives are recognizing the significance of deploying source-to-pay solutions, which offer comprehensive rapid return on investment, in terms of process automation, increased visibility and reduced manual errors. Thus, it is important to note that the choice of reliable and accurate source-to-pay solution can be game-changer when it comes to optimizing process performance and extracting value from operations.
