How To Use A Source-To-Pay Platform To Transform Procurement
Eprocurement Platforms
Procurement is adjusting to longer and more complex supply chains in todays market, with heightened emphasis on swiftly connecting buyers and suppliers while controlling costs, visibility and efficiency. Technology presents an enabling solution to these challenges. It is essential for success in todays market that business take advantage of e-procurement platforms because they offer deep, intelligent business insights, as well as immediate cost savings, streamlined processes and improved service.
E-procurement provides companies with suite of tools that allow them to effectively and efficiently manage spending, quickly onboard new suppliers and improve visibility over the entire sourcing-purchasing process. E-procurement also offers access to data that can be used to create strategic sourcing strategies.
Due to the increased levels of functioning in the market, there is ever mounting pressure on the finance department for business to anticipate and react to changes quickly. This makes the case for investing in Source-to-Pay solution even more compelling. Source-to-Pay (S2P) solution is comprehensive suite of digital procurement that offers access to range of contactless technologies, such as procurement cards, request-for-quotation (RFQ), auctioning, and artificial-intelligence driven e-procurement platforms. it istreamlines existing processes by automating and consolidating global processes, allowing users to build technology-enabled relationships with strategic suppliers, while quickly onboarding new ones.
In this guide, we will go through the steps to getting your Source-to-Pay Software up and running in no time.
Step 1: Select Source-to-Pay software: Selecting the right S2P solution will depend on your specific business needs. Depending on the number of suppliers, spend averaged over the company, expected viewership and scalability, you will want to make sure the solution you select meets each of these requirements. Evaluating the soundness of multiple offerings from different vendors is key, and making sure that the vendors you are closely looking at have relevant industry expertise to meet the specific needs of your business is the most important factor.
Step 2: Streamline Procurement Process: good Source-to-Pay system will provide functionality to streamline current processes, from submitting requests for quotations to setting up pricing catalogs and contract negotiations. Modelling existing processes, building out custom forms and incorporating automation into the existing process will give you the capability to move to digital space as quickly and efficiently as possible.
Step 3: Establish integrated digital networks: Establishing integrated digital networks with new and existing suppliers not only helps you to strengthen retention but also allows for quicker and more efficient collaboration, reduces lead times and increases overall satisfaction. With vendors, the updated communication links will create opportunities to enhance supplier collaboration and be better prepared to respond to the market trends.
Step 4: Intensify Spend Analysis: Leveraging spend analysis tools is one of the major components of S2P solutions. You will be able to employ this to enhance data collections and gain comprehensive insights into the spend patterns of your organisation, to help determine trends, monitor risk and drill down into details, as well as identify opportunities to lower costs.
Step 5: Become more mobile friendly: Investing in mobile friendly platform, one that offers apps for your buyers to do their job from virtually anywhere, will further increase the speed of purchasing and make it easier to accomplish tasks on the go, when time is critical factor.
Step 6: Implement and Train End Users: Once your technology is configured and ready, the last stage is getting comfortable with the available tools by proper training of the end users. This is key to the successful implementation, adoption and implementation of the S2P solution, as proper training is essential for the long-term success and sustainability. Techniques, such as video tutorials and audio recordings, can be effective for both visual and auditory learners.
By investing in Source-to-Pay system, business are not just embracing better way to do business changes but also rapidly changing the way they procure. By utilizing the features of the S2P system, business can quickly react to the ever-changing market trends and have competitive advantage to resourcing their products faster, without relying on traditional methods. The outcome is an organization that is better prepared for the future, reducing costs and increasing efficiency.
