Streamline Your Source-To-Pay Processes With Process Discovery
PTP PROCESS DISCOVERY
For the Executive in the finance department, the right source-to-pay solution can reduce financial risk, improve the auditability of supplier processes, and ensure accuracy and completeness of financial data.If you are looking for robust Source-to-Pay (S2P) software, process discovery (PD) can be an invaluable tool in identifying cost savings, and ensuring compliance, both from an internal and external perspective.
PD and S2P solutions offer both tangible and intangible benefits that make organizations more agile, efficient and, ultimately, more financially successful.As an executive team member, it is important to understand the steps necessary for efficient and effective process discovery within Source-to-Pay system. The following guide helps you better understand the value and actionable steps that S2P systems with process discovery offer.
Step 1: Identify the Process You Need to Analyze
Before leveraging the power of PD system, you must first identify the process in question.This means recognizing the various tasks, resources, and stakeholders that help complete the process.Keep in mind that the process may involve manual or automated activities, or combination of both.
Step 2: Decide on the Best Data Sources
Once you have identified the process, the next step is to decide on the best data source(s) to leverage.Start by considering the different sets of data that you have access to based on past activity, current suppliers, and potential future vendors.
Step 3: Auto-Extract Data from Each Source
Once you have decided on the best data sources, use Source-to-Pay system to automatically extract the required data.This will ensure accuracy, completeness, and consistency of the data.
Step 4: Analyze the Data
After the PD system has collected and auto-extracted the required data, analyze the information gathered to uncover discrepancies, cost savings opportunities, and potential process improvements.
Step 5: Next Steps Implementing Improvements
Finally, it is time to assess the discovered discrepancies and opportunities. After taking note of the suggested improvements and cost savings, you can decide whether to implement any of the recommendations. The best part is that you can use the same PD setup to assess the effectiveness of any implemented changes.
Conclusion
Process Discovery and Source-to-Pay solutions enable finance organizations to streamline their processes while making sure they comply with internal and external regulations.This guide has provided you with step-by-step guide on how to leverage process discovery within Source-to-Pay system and the tangible benefits it can bring to your organization.
