Accelerating Operational Performance With Source-To-Pay Software
Procurement Workflow Software
As any finance executive is well aware, operational performance is an important metric of success. Organizations are continuously striving to improve operational processes, such as procurement workflow. One actionable approach to improving operational performance with regards to procurement workflow is through the implementation of source-to-pay software.
Source-to-pay software is cloud-based solution which manages end-to-end procure-to-pay processes. It offers platform for areas such as procurement, risk management, analytics, finance, and compliance. Automation capabilities such as point-and-click processing, custom processes, and approval hierarchies promote successful implementation and reduce the time-frame and associated costs.
The foremost benefit of source-to-pay software is scalability and the agility to custom build the solution for specific organizational needs. This streamlines ways for direct vendor loading and system-wide collaboration, simplifying the process of expanding business partnerships. Additionally, by reducing the need for manual intervention, risk of errors can also be minimized.
From the C-suite perspective, source-to-pay’s reporting features can provide clearer insight into the intricate procurement processes. Transparency is gained with regards to visibility into key roles within the process, such as buyers, suppliers, contracts, and requisitions to better understand the information cycle. Furthermore, through comprehensive system monitoring, corrective action can be quickly taken upon discovery of any discrepancies.
Given the impressive benefits, executives may look to source-to-pay software when looking to improve operational performance. Automated workflows, systems consolidation, and scalability can increase efficiency and regulatory. Satisfaction can be maximized as the loose ends of purchasing and payment will be securely and effectively dealt with.
