![]() ![]() Steps in the source-to-pay processĪ streamlined source-to-pay process follows a predictable pattern. Automating your source-to-pay process drastically reduces the exception rate in your purchases and invoice processing. When teams shoulder the burden of manual processing, errors naturally follow. This results in better direct and indirect savings and higher cash efficiency.įewer errors: Manual source-to-pay processes require significant work from your AP teams. This reduces the time to close on new purchases and takes the workload for closing deals off the plate of busy accounts payable professionals.īetter cash efficiency: Source-to-pay automation allows companies to find the best deals for the items they need and process purchases with less human intervention. ![]() ![]() Reduced cycle times: A streamlined process makes everything from approvals to payments go faster. Using automation to enhance the process further extends its value. S2P further helps you discover and evaluate new potential vendors to work with.Įstablishing a source-to-pay process improves the efficiency and cost-effectiveness of your procurement function. While P2P deals only with the purchase and payment of goods or services, S2P encompasses the entire procurement process, from vendor selection to payment remittance.Ī P2P platform helps you input existing vendor information to manage the purchase and payment workflow. The source-to-pay process differs in scope from procure to pay (also called purchase-to-pay). How is source to pay (S2P) different from procure to pay (P2P)? The first step is having clear insight into the emerging technologies that assist with all facets of procurement, such as supply chain management, sourcing, and contract management. Businesses that neglect budgetary control and spend management risk losing their competitive advantage. The importance of source-to-pay automation cannot be understated. The source-to-pay procurement process is the workflow companies use to find suppliers, purchase goods, track procurement metrics, and manage procurement spending. How do different technologies improve source to pay?.What are the steps in automating the sourcing-to-pay process?.What are the benefits of source-to-pay automation?.In this article, we will break down key concepts regarding digitizing your source-to-pay process: Automation unlocks cost savings while freeing up time for your procurement team to hunt down new sources of value for your business. The potential upsides to automating your source-to-pay process are astonishing. To maintain a competitive advantage, your procurement team must be at the forefront of these emerging technologies. In fact, with the right strategy, your business could automate nearly half of the procurement process tasks currently bogging your team down. As technology advances, it is easier for businesses to see real-time pricing data and, as a result, gain more control over their spend management. Automation and digital administration of the procurement process is advancing quickly. ![]()
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