The Benefits Of Implementing An Automated Source-To-Pay Solution
PROCUREMENT SOLUTION
Enterprises depend on efficient and cost effective procurement processes to succeed. businesses with an effective source-to-pay solution reduce their risk of issues, wasted resources, and an inability to prioritize their budget. Implementing source-to-pay solution simplifies and streamlines the procurement process for ultimate savings and efficiency.
Before initiating any purchase, the source-to-pay solution allows for proper planning, budgeting and organization, helping executives access important information when deciding on whether or not to proceed with particular transactions. Once the executive approves the purchase, the solution allows the entire purchasing process to be managed in central, organized platform.
A source-to-pay solution streamlines each step of the procurement process, beginning with sourcing through paying. Here is an overview of the benefits:
Sourcing: source-to-pay solution allows organizations to quickly, flawlessly, and cost-effectively identify suppliers. Whether it be local vendors, internet bidding, or online catalogs, the solution allows companies to reach out to vendors quickly, maintain database of existing vendors, and optimize the search process by categorizing, rating and filtering searches. The solution allows for analytics to be gathered throughout the purchasing process, allowing organizations to prioritize cost savings.
Negotiating/Approving: The data, as supplied by the source-to-pay solution, is used for negotiations and contract preparation. The executive can easily visualize the vendor?s contract and determine the financial feasibility of the supplier. The solution takes into consideration the total project cost, account holdings and more.
Ordering: Once the executive approves the purchase and order, the source-to-pay solution simplifies the rest of the order management process. The ordered items are dispatched to associated parties via email, ensuring the order is fulfilled in timely and effective manner. The solution automatically validates contracts, purchase information, shipping details, and related policies. The order is then placed and tracked until its delivery.
Invoicing: The source-to-pay solution keeps close tab on the payments and the associated services, ensuring they coincide with the associated agreements. It ensures billing accuracy, consolidates invoices, ensures payment accuracy and consistency, and maintains financial overview of the organization.
Analytics: The source-to-pay solution provides valuable data that can be used to identify trends and enabling decision makers to prioritize their budget. Executives can identify areas for improvement and cost savings.
By implementing an automated source-to-pay solution, corporations benefit from streamlined, organized, cost effective process that is both transparent and automated. An executive?s decision is organized and offers gateway to data insights that ultimately help businesses save money while also staying accountable and organized.
