Fine Tuning the Procurement Symphony with Source-to-Pay Automation – Part 2; Savings and more..
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- Standardizing and streamlining the procurement process
More often than not, procurement processes are fragmented. This is eliminated by deploying source-to-pay technology which standardizes and streamlines the entire procurement process. The procurement execs can conveniently get all the required information, be it about a particular supplier’s performance, or the updated contract with the incumbent supplier, or spend in the MRO category.
- Higher savings
With higher visibility and control over different facets of the procurement process, like sourcing activity, supplier evaluation and selection, contract terms compliance, overall spend etc., the organization can easily identify the bottlenecks and take prompt measures to resolve them. This helps in cutting costs and leads to higher savings.
- Reduction of cycle time
Technology helps reduce efforts in terms of time and resources. A well defined and streamlined procurement process is easy to manage and provides output in a shorter time frame.
Stay tuned as we talk about the last 3 reasons in the next blog.
For further reading, click the download button below to access the e-book- “9 Reasons Why Source-to-Pay Automation is Good for your Company”