Make Managed Services Easier ? Exploring Source-To-Contract Vs. Procure-To-Pay Solutions
Source-To-Contract Vs Procure To-Pay
When it comes to managing services, organizations need easy access to supplier contracts and consistent way to keep track of its spending. In order to make the process simpler, two types of solutions have become increasingly popular: Source-To-Contract and Procure-To-Pay. Let?s take look at the difference between these two solutions.
Source-To-Contract
Also known as ?Spend Management? or ?S2C?, Source-To-Contract is technology solution which enables efficient and streamlined purchasing processes. This solution is designed to help Procurement departments not only to source new suppliers but also to increase spend visibility, eliminate supplier risk, and reduce lead times. It provides an automated way to capture supplier information, sourcing activities, negotiation and contracts.
This solution uses combination of processes, technology and data to create smooth workflow across the entire supplier lifecycle. It helps streamline the way organizations search, evaluate and manage suppliers across their entire procurement process. With smart contract management and accurate invoice management, organizations can easily have full visibility into their supplier relationships, while providing secure and intuitive interface.
Procure-To-Pay
Also known as ?e-Procurement?, Procure-To-Pay is set of integrated solutions designed to simplify the entire Procurement and Payables process. This system combines the functions of purchasing, requisition, providing, procurement and vendor management into single solution, enabling organizations to manage the whole workflow from single platform.
Using dashboards to provide insight into spending, organizations can easily identify their preferred suppliers and allocate them accordingly. Moreover, with FinTech, such as artificial intelligence, Procure To Pay solutions provide the capability to measure and evaluate supplier performance, identifying areas of potential savings. This helps to ensure compliance with corporate policies and regulations, while reducing the costs associated with manual processes.
Conclusion
Ultimately, choosing the right solution Source-To-Contract and/or Procure-To-Pay for managed services requires deep understanding of existing processes and the ability to pinpoint areas requiring streamlining or automation. By taking advantage of the simplified and automated processes enabled by Source-To-Contract and Procure-To-Pay solutions, organizations can manage services more efficiently and easily control their spending.
