Scaling Transactions With Source-To-Pay Solutions
COMPANY SOURCING
As companies of all sizes become more reliant on technology, they increasingly search for ways to streamline their processes from sourcing to payments. For executives in the finance department, it can be daunting to determine how to get started with source-to-pay (S2P) solution. This article provides comprehensive step-by-step guide for Companies considering using S2P software to source materials and streamline their payment processes.
Step 1: Understand Your Requirement
Before selecting S2P solution, it is important to understand the companies business needs. This encompasses not only the immediate needs but also any long-term goals or functions that the company may require. It is helpful to evaluate the current sourcing and payments process and identify any gaps that exist that could be mitigated by the use of S2P software. At this stage, it is also good idea to uncover any potential integrations that need to be taken into account, such as linkages with accounts payable (AP) systems, enterprise resource planning (ERP) systems, data warehouse systems, or any merchant partners that the company does business with.
Step 2: Research S2P Solutions
Once the requirements are understood, the next step is to begin researching and benchmarking different S2P solutions. Most sources list the features and capabilities of different solutions, as well as compare them to one another. In evaluating the solutions, it is important to take into consideration each of the requirements identified in the previous step. Additionally, scalability and resources available to manage the system should be considered. Furthermore, ask the suppliers questions regarding their customer support and service.
Step 3: Execute Proof of Concept
To validate the system?s integrations, configurations and performance, the next step is to execute proof of concept. The proof of concept allows companies to simulate their own usage and see firsthand how their existing and any new processes work in this S2P solution. Testing within proof of concept environment also enables companies to experience the system?s features and determine if the S2P solution is the best option for their business needs.
Step 4: Execute Fact-Finding Pilot Program
After completing the proof of concept, fact-finding pilot can be conducted to determine if the S2P solution suits all of the companies requirements. The pilot should be conducted on smaller subset of the supply chain network, so that the usage and performance impacts can be isolated and measured. Completion of fact-finding pilot should provide the executive team with enough information to make an informed decision.
Step 5: Finalize the Order Process
Once the decision is made to move forward, the next step is to finalize any details of the order process. This will include, but will not be limited to, pricing and installation options and plans, system maintenance and support services, user training, and access to any related resources. It is also important to consider any licensing or subscription fees that may be associated with the S2P solution.
Step 6: Integrate and Implement
The integration and implementation process is the last step before companies can begin to reap the benefits of S2P solution. This includes connecting the solution to necessary third-party sources and integrating any other software packages and systems necessary to operate the S2P software. Once complete, companies should outline plan for ongoing maintenance, monitoring and support services.
Conclusion
Selecting and implementing S2P solution can be daunting task for companies. The steps outlined above should provide roadmap for successful implementation. By understanding their business needs and researching potential solutions companies will be able to determine the S2P solution that best suits the specific needs of the business. This, along with the implementation and integration processes, will position companies to take advantage of the benefits of S2P software.
