Find The Right Source-To-Pay Solution For Your Organisation
Strategic Sourcing Software
In todays ever-evolving digital landscape, organisations must strive to stay ahead of the curve with regards to their sourcing, procurement and financial supplier lifecycle management. To achieve this, implementing an end-to-end Source-to-Pay (S2P) platform can provide the visibility, control and cost savings needed to ensure professional excellence and long-term success.
The definition of Source-to-Pay, or S2P, is broad and encompasses the Front, Middle and Back Office processes known as Strategic Sourcing, Procurement, and Accounts Payable respectively. The purpose of Source-to-Pay platform is to automate and or optimise the end-to-end lifecycle, enabling multi-tier suppliers to collaborate with buyers securely, streamline financial operations and reduce procurement costs as much as possible.
For those interested in investing in an S2P solution for their business, below are few steps to consider when making the transition:
Step 1: Establish Your S2P Requirements
Before selecting an S2P platform, you will need to understand and assess the level of automation for each associated process. This assessment should include understanding your organisation?s current requirements and future plans. This can be done through interviews with stakeholders, review of existing systems and processes, as well as collection of market insights from industry experts. After establishing your requirements, you can begin conducting research on the different S2P vendors, the features of their products and if the platform meets the needs of your organisation.
Step 2: Assess Your Current Technology
Once you have good understanding of S2P technology, you want to review your organisation?s current information systems, technology, and resources. Having grasp on these will help you better understand which S2P platform offers the most efficient and effective solution that meets the needs of your organisation. It is also necessary to identify any legacy systems, in order to determine how the S2P platform can help improve and upgrade existing infrastructure.
Step 3: Select an Appropriate S2P Solution
Now that you understand your business? needs from an S2P platform, and you have assessed your prior technology, it is time to select the best Source-to-Pay solution for your business. To do this, it is recommended to write detailed request for quote (RFQ), which should include specific details on the type of technology, features, and services needed. After all potential vendors have responded, review these bids in accordance to the requirements and budget.
Step 4: Implement an Appropriate Change Management Plan
It is important to note that an effective implementation of the S2P platform requires the appropriate change management plan, which must be communicated and implemented throughout the process. This plan includes proper training and education to ensure successful adoption of the Source-to-Pay platform. In addition, it is important to review the materials thoroughly and plan the transition accordingly by outlining specific milestones.
Step 5: Monitor and Maintain Your S2P Solution
The final step is to monitor and maintain the S2P solution going forward. This includes understanding and analysing the outcomes and results, as well as continuing to review and adjust processes and workflow. When integrated, the right metrics and KPIs will help ensure the S2P solution continues to remain an effective solution for your organisation?s needs.
Therefore, S2P technology provides more than just an efficient and cost-effective solution and entails an international, unified strategy from start to finish. With the right S2P Solution, organisations can realise significant cost reduction and improved performance, while leveraging economies of scale. However, before making the transition, it is important to understand closely your organisation?s needs and what type of S2P solution is best suited for your business. By following the steps outlined above, you can be sure to ensure seamless transition to an impactful Source-to-Pay solution.
