Seamless Source To Pay Solutions: Offered Through Managed Services
SOURCE TO PAY TECHNOLOGY
Having vast, cost-efficient and independent solution for Source to Pay is essential for the growth and optimization of company from financial perspective. Large funded projects and operations bring the challenge of financial accountability and the need for systematic source-to-pay system. An executive in the finance department should be aware of managed services that provide solutions that allow for more secure and seamless source-to-pay process.
Managed services are beneficial in providing secure solutions that protect confidential and sensitive information with intricate protocols like authentication and authorization. Source-to-pay managed services handle the entire process from the purchase of goods, to the payment of invoices; guaranteeing compliance, visibility and financial optimization. This article will explain the basics of managed services and the process of implementing secure source-to-pay managed service provider.
What is Managed Service?
Managed services are external organizations that manage companies internal processes. These services provide cost-effective way for company to outsource specific information-based tasks in order to decrease responsibility for the company and improve the quality of the service. Managed services can help streamline companies policies and procedures, by providing personalized audit, offering expertise in compliance and optimizing the software being accessed.
When selecting source-to-pay managed service provider, scalability is an essential factor. It is important for the provider to be able to adjust with the companies growth, to provide the same level of service with diminished labor costs associated with the management and oversight of the business.
The Benefits of Source-to-Pay Solutions
A secure source-to-pay managed services provider can provide invaluable insight and support. Through managed service, more visibility is provided throughout the entire process. Operators also have access to metrics to reinforce and strengthen the process, metrics that are based on the financial information and invoices that are being processed. This visibility also enables controllers to accurately track all of the payments whether they are done through paper or electronically, significantly minimizing the possibility of errors.
Certain managed services provide an AI-based bot that works through the order process, this helps the company eliminate the need to manually input invoices and other necessary information. The bot not only speeds up the process, but also reduces the cost associated with companies internal human resources, who could otherwise be managing the source-to-pay process.
Furthermore, various methods for payment can be facilitated through the managed services provider (for instance, ACH transfers and wire transfers). Enabled payment and delivery methods may differ in various countries, but the managed service provider can assure that the compliance requirements for that particular country are met.
The Process of Implementing Source-to-Pay Solutions
If the companies executive has decided to pursue secure source-to-pay managed service provider, there are few basic steps that should be implemented in order to ensure successful process.
The first step is to identify and evaluate the objectives that the managed services provider should provide in relation to the companies goals. Secondly, generate an RFP (Request for Proposal), in order to meet the particular demands of the company. Thirdly, negotiate the terms with the provider. Lastly, sign the agreement and approve it.
Once the provider is chosen, the companieshould evaluate the entire process with the provider, confirming that the processes will align with the companies individual needs and objectives. Following the insertion of all the relevant metrics, the companieshould be given testing environment in order to assess both the software and the service. When all the metrics are approved, and the implementation is complete, the managed services provider will provide secure source-to-pay system for the company.
Conclusion
An executive in the finance department looking for managed services, should consider the secure source-to-pay managed services that are available. These services offer secure protocols that guarantee compliance, visibility, and financial optimization. Furthermore, automated systems can be implemented, enabling the company to reduce its labor costs associated with real-time management of the processes. The best way to ensure seamless and successful solution is to identify and evaluate its objectives, generate an RFP, negotiate the terms and conditions, and once the proper environment is in place, implement the software to begin reaping the full benefits of the managed service provider.
