Procurement Technology

10 Key Take Aways: Transforming the Source-to-Pay Process

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.

Learn More: Source-to-Pay-Process;

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.

S2P Digitization Tool

Source-to-Pay Digitization Diagnostic

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.

Learn More: Source-to-Pay-Digitization;

Download this whitepaper to gain insights on:

  • Mega trends for 2020 – A look to the future
  • What you should do if you are weak in the source-to-pay process
  • Way forward for competitive advantage and survival in the digital world
Download Now
Bhavesh Shah

Bhavesh is a Marketing & Communications Executive at Zycus, a leading provider of Source-To-Pay Solutions.

Share
Published by
Bhavesh Shah

Recent Posts

Supplier Relationship Management: A Comprehensive Guide 2023

As businesses strive to remain competitive in times of economic uncertainty, there is an increased…

3 days ago

Put Incremental Improvements on Hold and Modernize Your Accounts Payable Process in 2023

Are you struggling with manual invoice processing? Does book closures during the end of month,…

4 days ago

5 Big Ideas for CPOs in Europe to Develop Procurement Strategies for 2023

Shortages in raw materials, energy, shipping, and labor required that CPOs performed at the top…

1 week ago

Paperless Accounts Payable Best Practices

Paperless accounts payable systems are modern solutions that can help enterprises streamline their accounts payable…

2 weeks ago

Top 4 Business Drivers for Investment in Procurement Transformation 2023

Procurement plays a critical role in the success of an organization and requires the right…

2 weeks ago

Streamline Your Procurement Processes with Integrated Source to Pay Platforms and Autonomous Quick Sourcing Technologies

Don’t we all love the buying experience on Amazon and other eCommerce websites which is…

3 weeks ago