Source-to-Pay Suite for Single Source of Truth
Analysts say,’We should learn from the ants!!’ Studies suggest that ants can take tough choices best, when in groups or colonies. This holds true for S2P. It is more beneficial for companies to maximize efficiency, savings and spend compliance throughout the entire procurement life-cycle if they use an integrated solution suite.
Even though isolated solutions offer more features, better usability and performance, an integrated solution can make lives of the procurement teams easier and improve their efficiency.
Each day fortune 1000 companies have to process thousands of invoices, purchase requisition, supplier data, contracts, etc. which takes a lot of time, and to tackle this an integrated solution is a must for easy and efficient management of activities like spend analysis, contract management, supplier management, financial savings management, etc.
Rather than buying isolated modules which cannot communicate with each other, some of the benefits a holistic solution suite can offer are:
- Reduces procurement process cost as all the solutions for the entire procurement cycle are centralized in a single data base. It provides a smooth and flawless comprehensive purchasing process from maximizing efficiency, savings, sourcing and spend visibility throughout the procurement cycle.
- Increases efficiency of procurement team. Separate modules can increase errors and reduce efficiency of fulfilling the employee’s duties. Activities like invoicing, order processing, expense approval, etc. can take a lot more time than usual.
- Easy usability for employees as the interface of the modules from single vendor will be similar, thus reducing the training time for employees. This ensures better compliance to the process and improved ROI.
- Better supplier management as there is a joined up view of the entire activity from inviting tender till matching of in-voice.
- Improved visibility as data can be accessed from anywhere without wasting time and resources, thus reducing cost and wastage. This way the employees are better informed and can make accurate decisions faster.
- It helps collaborate activities across the company and eliminates bottlenecks.
- It also reduces maintenance costs as new versions are to be purchased from different vendors.
To know more come join Zachary Bolt, Director – Solutions Consulting, Zycus Inc. for a live product demonstration to learn how a seamlessly integrated Source-To-Pay Suite significantly improves the efficiency of your procurement teams along with enhanced user adoption and increased savings.