Many senior managers view a source to pay process as merely a mechanism to complete a transaction. They completely miss the point that there are significant opportunities, cost and value improvements, benefits and integration points can be achieved through an effective source to pay process.
Organizations still run many source-to-pay processes on antiquated software spend cubes with add-on third-party software and in some cases even spreadsheets. While these systems are effective managing transactions, they are very limited in offering the vital data and tools to enable sourcing professionals to reduce complexity, ease the purchase burden on stakeholders, and provide the necessary data to aggregate and analyze this expenditure in a meaningful way. While purchasing a source-to-pay solution, the focus should be on the future and details about how reviewing and implementing a good source-to-pay process and system can provide strategic benefits that will improve productivity, efficiency, cost and value.
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It is surprising how many companies have not yet automated the source-to-pay process and have significantly created supply relationship issues, employee issues, extreme complexity, inaccurate financials and failure to effectively manage contracts.
Our latest insight report by industry thought leader, William Michels, FCIPS, CPSM, CPM, CEO Aripart Consulting focuses on a view of the future and details how reviewing and implementing a good source-to-pay process and system can provide strategic benefits that will improve productivity, efficiency, cost and value for the organization.
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