Having a system that meets your unique requirements and industry profile means you’ll be assured a platform that is suited to your business needs. Organizations vary in size, budget, and requirements. more intuitive supplier management (with the help of AI-enabled capabilities).Ĭheck out these top benefits of S2P: Increased flexibility.risk avoidance in terms of contract management.S2P solutions provide other opportunities such as: While S2P solutions can save you money, the headline here is more transformational than that. Furthermore, organizations that deploy a S2P system can get up to 50% more of its spend under management to drive an additional 31% in total savings. McKinsey reports that most organizations waste up to 4 percent of their overall external spend on excessive transaction costs, inefficiency and noncompliance. Source-to-Pay is a more strategic approach to procurement’s core business process because it focuses on behavior – compliance and policy enforcement – promoting more efficient processes and ultimately better spend management.Īs a procurement leader, you are all too aware of the repercussions of inefficient spending. Source to pay includes all of what P2P has to offer, and expands capabilities to include the “sourcing” of products and services. It is the essential link between all purchasing functions and accounts payable within an organization and includes essential functions such as supply management, requisitions, purchase orders, receiving, and invoicing. In the simplest of terms, P2P solutions deliver improved processes as it relates to purchasing. And while both systems include many of the same features, they are distinctly different in terms of the functionality, control and the value they deliver. Procure-to-Pay (P2P) and Source-to-Pay (S2P) are two terms often used within the software industry to describe digital solutions that create efficiencies within procurement.
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