Harnessing The Power Of E Procurement Through Source-To-Pay Solutions
E Procurement Meaning
Whether an organizationseeks to reduce maverick spending by its employee ensure compliance with the latest industry regulations, or trim its end-of-year budget through streamlining supplier management, an increasingly attractive method to achieve their goals is through implementing an Procurement system and Source-to-Pay (S2P) solutions. S2P replaces manually-operated procurement processes with automated processes and procedures.
What is Source-to-Pay?Source-to-Pay, or S2P, is comprehensive, digitally-powered suite of procurement tools and systems. The suite includes Procurement and accounts payable automation products. This offered set of features enables companies to have unified workflow for their complex hierarchies and the employee allowing for user-friendly, yet powerful strategy, to manage their spending patterns.
Exploring the Benefits of Source-to-PaySource-to-Pay solutions provide several benefits to business. Improved efficiency and visibility are major advantages; with S2P, all team members can easily access needed data and resources, in addition to teams being able to track progress and action items in real-time.
In addition to data visibility, S2P systems provide an easy to use, secure procurement solution that helps ensure compliance with policies and procedures. Categories, credit limits, and organizationwide guidelines are configured and enforced through the system, providing guardrails to keep the organization compliant.
Adopting Source-to-Pay Solutionse Procurement and Source-to-Pay solutions are the most cost-effective way to reduce maverick procurement activity and manual effort associated with workflow. To reap these benefits, organizations must first decide on the particular S2P solution that best meets their requirements.
When on-boarding new provider, it is critical to ensure that access is securely granted to all stakeholders. The supplier onboarding process must also be considered. When selecting S2P provider, the onboarding process should be well-defined, from supplier discovery, to the final agreement and accreditation phases.
Finally, management must define the parameters for purchasing. Automated accounts payable workflows should be modeled and incorporated into the system, ensuring all members of the supply chain have access to the supplier’s invoice management system and that corporate compliance standards are regularly monitored.
ConclusionSource-to-Pay solutions provide comprehensive, digitally powered procurement suite of tools that can elevate business financial performance through increased efficiency, workflow visibility, and streamlined supplier management. By automating and securely managing accounts payable workflows, organizations can reduce maverick procurement activity, ensure compliance with regulations, and ultimately reduce cost.
