How To Efficiently Source And Pay With Source-To-Pay Solutions
Purchase Sourcing Software
As advancements in technology continue to revolutionize commerce, executive decision-makers require effective source-to-pay solutions in order to efficiently source vendors and process payments. Evaluating an innovative source-to-pay solution offers streamlined and automated approach to ensure procurement decisions are both economical and conform to legal, contractual and regulatory guidelines.
For successful procurement process, having the appropriate data from the sourcing process is paramount. Furthermore, using centralized, cloud-based platform for procurement and payment processes will streamline manual tasks, increase overall productivity and maximize savings. Here are the steps for making the most out of source-to-pay solutions.
1. Initiate the Sourcing Process
Identify your current spend profile, project-based spend categories and benchmark data to set the strategy for each procurement program. Automated workflows guide the sourcing process. This eliminates manual documentation for vendors, mitigating compliance risks and saving time.
2. Streamline Communication
Invite vendors to participate in bid invitations, negotiated buyouts and source-to-contract purchases with automated messaging. This reduces the turnaround time by 11 days by enabling user-friendly and convenient interface that gets feedback in real time.
3. Create Contracts
Develop and store standardized contracts that show pricing, descriptions and other vendor information. The involvement of internal legal experts will ensure all legal policies are included in the contracts. Additionally, there are options to create custom contracts.
4. Analyze Data
Track the performance of existing contracts by gathering crucial metrics to provide easy access to important data. Besides being able to compare bids and awards, analytics such as cost savings calculation and evaluation can be included.
5. Manage Sourcing Events
Create and collaborate on RFx activities such as instant quick quotes and auction services. Leverage collaboration tools such as forums, chat and downloadable RFP answers to ensure visibility and to optimize the sourcing event.
6. Manage Payments
Using the same Softwaresuite, have the complete payment lifecycle integrated, including invoicing. Automate the payment process by easily setting payment thresholds and other parameters, including compliance governance.
In addition to the steps outlined above, procurement processes can be optimized further with advanced capabilities such as sourcing integrations, compliance analytics and predictive technologies. As technology continues to lead the way in driving successful commerce, having reliable source-to-pay solution is surefire way to maximize investments and make procurement decisions that are secure, agile, and efficient.
