What is Source-to-Pay?
Source-to-Pay (S2P) is the process by which businesses and organizations find or “source” suppliers, and then negotiate and execute contracts to receive goods or services. This process is completed by paying for these goods and services.
Businesses streamline this S2P process by utilizing an end-to-end automation solution for managing and optimizing all of the components of this cycle.
Corcentric has created an innovative solution for source-to-pay that helps businesses save money, increase efficiency, reduce risk, and improve working capital to drive measurable, sustainable results.
The Source-to-Pay process at a glance
As you can see, our software streamlines all of these micro-processes to create a cohesive continuum across strategic sourcing, supplier management, contract management, procurement, invoice management, financing, and payments.
The end goal is the optimization of these essential business functions to not only create cost savings, but also improve the functionality of teams. Our single platform solution also provides real-time data that allows your sourcing and procurement teams to improve forecasting, category management, decision making, spend analysis and more.
Delivering value and bottom-line impact for some of the world’s leading organizations
Establishing the best procurement strategies starts with insightful analytics. Whether you’re looking for user-friendly dashboards and reports across source-to-pay or require deeper insights into spend, Corcentric Analytics lets you turn your data into an insight-fueled strategic driver for your business.
Being strategic and proactive in your sourcing activities is key to expediting time-to-market. As a practitioner-based sourcing solution built for and used by Sourcing professionals, Corcentric Sourcing provides a collaborative, simple yet powerful solution to meet any sourcing needs
Ensuring success is a two-way street with your suppliers. By consolidating supplier information and using the proper tools to manage performance and risk, Corcentric Supplier Management helps turn supplier relationships into a source of innovation and competitive advantage.
Contract Lifecycle Management
Contracts are the heart of every business relationship. From requests to approvals to amendments, best-in-class organizations leverage Corcentric Contract Lifecycle Management to monetize contract assets around a single source of contract data truth.
Happy buyers equals procurement success. Corcentric e-procurement management drives process efficiency to achieve savings, compliance, and risk management goals through consumer-like catalogs and best-in-class requisition and PO workflow management.
Harmony between Procurement processes and Accounts Payable starts with state-of-the-art invoice management and invoice processing. Reduce costs and increase cash flow while boosting compliance and team efficiency.
Whether they be OPEX or CAPEX, aligning budget management and cost allocation efforts with spend management is always best practice. Corcentric Financial Management ensures spend compliance, collaboration, and control to create financial harmony when closing the books.
Payments + Financing
Digitizing payments is at the heart of digital transformation and essential for improving working capital insights. Corcentric Payments makes the last mile in your payments process seamless with zero downtime or cost.
The one thing that really sets us apart is our Core Framework– the brain and heart of the Corcentric Platform. It’s the smartest and most powerful tool on the market to manage the complexity of enterprise business processes, as opposed to department-level functions.