Onboarding Your New Source-To-Pay Software: A Guide To Spend Analytics
Spend Analytics Solution
The ubiquity of online shopping and rapid expansion of consumer choice has made it no secret that the modern consumer has high expectations with regards to speed and efficiency of procurement. For this reason, many organizations have made the decision to upgrade their source-to-pay (S2P) technology systems. When considering purchase of such software, however, one of the primary benefits is the prospect of greater visibility and control of the enterprise’s spend. To properly maximize these features, the organization will need to correctly execute an onboarding of the new S2P software.
In this article, we walk though an explanation of spend analytics, offer tips on onboarding the new S2P software, and end with best practices for long-term success. By the conclusion of this article, executive decision-makers should be equipped with the knowledge and context necessary to realize robust return on their S2P software investment.
So, what exactly is spend analytics and how does it benefit the enterprise? Put simply, spend analytics is the analysis of an entity?s entire purchasing cycle, from the initial budgeting and procurement process to the final invoicing. Ideally, the end goal of such analysis is to improve visibility and accuracy of how much is being spent and where money is going. This information enables the executive team to gain better understating of where their enterprise is overspending, as well as identify areas of potential investment opportunities.
Knowing the utility of spend analytics, let’s now examine the onboarding of the new software. After verifying the features of the program, it is time to deploy the S2P software and integrate it into existing management systems. During this process, management and software development should take respective steps to ensure successful and smooth implementation.
From the management perspective, focus should be given to engaging the enterprise’s users. This could include scheduling mandatory S2P training sessions, or reassuring users that the right support is available in case of any issues. As part of the onboarding process, the management team should actively check to ensure that the intended tasks can truly be achieved by the software.
On the software development side, the team should perform several tasks. First and foremost, they need to configure the S2P software to ensure the highest level of security, privacy, and compatibility in accordance with the organizations requirements and specifications. Additionally, they should attempt to maximize the Softwares potential by customizing the interface to the enterprise’s specific business process and budgeting requirements.
Once the software is integrated, all parties should perform ?test-run? to make any necessary fixes or corrections. Finally, management needs to consider what metrics can be used to extract and measure the KPI?s from spend analytics. By doing this, management will have better understanding of which areas need attention, thereby enabling them to monitor the performance of the enterprise?s finances.
When maintaining spend analytics, the process is simple but requires dedication and discipline. S2P software must be updated regularly to ensure accuracy and the highest level of performance and processes. Furthermore, it is important for the executive team to remain in contact with the users as their feedback and insights can greatly aid management in sculpting the organizations budgeting process.
With the help of the outlined steps, your organizationshould be able to maximize the return on its S2P software investment and realize the promised benefits. Spend analytics is powerful tool and when done correctly, has the potential to significantly improve the health of the enterprise?s finances.
