Seamless Enterprise Spend Management

Swift and smooth management of enterprise spend is a priority for most finance departments. To ensure both accuracy and cost-effectiveness, organizations of all sizes should consider investing in a Source-to-pay (S2P) solution. This guide explains the process of how to get up and running with an S2P system, from planning and implementation to ongoing management and optimization.

Planning for a successful S2P implementation

The initial stage of S2P implementation requires thoughtful planning. Start by assessing the current spend across the organization and identifying any product categories or suppliers which require management. This will help inform the number of features and vendor resources needed ? such as spend categories, product catalogues, and payment methods ? for the solution.

Updating relevant processes

Organisations must also integration S2P into pre-existing financial processes. Ensure that all people within the organisation ? from suppliers through to requisitioners ? are familiar with the new software. Consider improving the overall purchase process structure by creating characteristically structured forms that update workflow automations whenever changes occur.

Implementing the software

Organizations should select a user-friendly platform, with the ability to scale up or down as needed. Once this provider is selected, companies should provide their S2P vendor with basic information and budgets to help customise their software accordingly. Additionally, depending on the vendor, companies may need to decide on a preferred purchasing platform such as ?Installation? or ?Client-Server?.

Giving users access

The S2P platform must be implemented into existing workflows, such as requisitioning, invoicing, and procurement. Crucially though, is to ensure the system is easy to use. Creating user-friendly dashboards and detailed Requester Guides can help ensure the platform is adopted by everyone.

Integrating with other systems

In order for the S2P solution to operate autonomously and provide real-time data, it needs to be connected to both front and back-end systems. S2P needs to integrate with existing processes, such as accounts payable and accounts receivable automation as well as financial management systems. Automated bank-to-vendor payments are a great way to generate efficiencies early on in the process.

Tracking and analysing data

Once the S2P system is up and running, organisations can leverage the data within the system to optimise spend. Utilise reporting tools within the system to track spend and receive insights on usage habits and vendor performance. Use these insights to improve the internal workflow and identify areas for cost savings.

These tips offer an outline of the major optmisations needed when managing enterprise spend. Utilising an S2P solution can help organisations simplify the process and reap greater rewards, as well as save time and money.