Fine Tuning the Procurement Symphony with Source-to-Pay Automation – Part 3; Data Security, Compliance & more..
In the last part of the series, let’s have a look at three more reasons justifying source-to-pay automation.
- Enhanced data security
Fragmented data is vulnerable. Automating the procurement process ensures data security through user-based access defined at different levels of the process and can protect certain documents/folders containing sensitive information.
- Improved compliance
A process that is easy and well defined has a higher compliance rate than a process that is scattered and unclear. As mentioned earlier, automation helps streamline the procurement process and thus improves the compliance rate.
- Risk Management
If the contracts are not well tracked, it adds to the organization’s risk if legal regulations are not met. If supplier background is not thoroughly checked, it adds to the organization’s risk. If the overall spend is not analyzed, it adds to the organization’s risk, and if a paper- based invoice is misplaced, it adds to the organization’s risk.
When all these facets of the procurement process are closely tracked, the risk factor plummets.
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”