Source-to-pay (S2P) solutions are huge performance drivers for those who are involved in procurement. It makes procurement streamlined, efficient, and faster than you ever thought possible. This type of platform touches every point of the procurement process, from spend management to how you handle your vendors. It addresses accounts payable, strategic sourcing options and outright purchasing.
More and more large companies are using source-to-pay technology. Compared to piece-meal systems or using make-shift solutions, source-to-pay platforms provide a single solution for procurement that is more efficient, has higher visibility, and often has an overall positive impact on many companies' bottom line.If you are considering implementing a source-to-pay platform, you need to look for a solution that has the following attributes:
1. Provides an overall view of the entire process
Visibility is a huge concern in indirect spend, and the only way you can control maverick or rogue spend is by seeing it. If you want to implement a source-to-pay solution, you need to be able to see expenses at every level in your business.
Only then will you be able to spot problem areas, discover meaningful ways to cut down on rogue spend, and take advantage of cost savings at every point in the overall procurement process.
2. Data analytics
While you can certainly do your own manual spend analysis, having a platform that provides this information for you is a huge advantage. It saves time and money and is often much more accurate. The most useful analytics will be able to show you patterns and opportunities that you may have otherwise missed.
Having a centralized platform allows you to keep all vendors, invoices, and orders in one location. With this centralization and visibility, you will gain a more holistic view of the data. That information provides a means to do a complete analysis instead of having to piece information together from various programs.
3. Technology integration
A good source-to-pay platform can be easily integrated with other in-house technologies or existing technologies already used in your processes. For example, the right tool for your company will enhance the creation of a punchout catalog by allowing easy integration with vendors' systems, both online and offline.
4. Easy to use
Your team will only enjoy using a new source-to-pay platform if it is user-friendly and easy to learn. Having a tool that utilizes an intuitive UX and easy-to-use UI will decrease the time it takes your team to learn their system. They can spend their valuable time actually taking advantage of the benefits and capabilities of the system right away instead of spending hours just learning to navigate it.
5. Configurable to meet current business goals and structure
There is no "one size fits all" procurement platform. Instead, your source-to-pay platform needs to fit your business's needs. It should be flexible enough to be customized to meet the requirements of your business.
If you cannot customize your platform, a source-to-pay tool may be more of a headache than a solution. Your system should be adaptable to changing business needs.
6. Multiple features in one software
Having the ability to do several functions in one platform is vital for a comprehensive source-to-pay software. For example, you should be able to have just one invoice for all of your orders and utilize strategic sourcing. Budget requests and approvals can all be located within one platform. Features like these lead to savings that you may have never thought possible with your piece-meal software.
Without this type of multifaceted solution, your software is not truly "source-to-pay."
7. Visible to different layers of the business
Communication among various departments of your company can be challenging for any business. However, having a comprehensive source-to-pay platform enhances communication across every level of your company. Even multilocation companies can benefit from source-to-pay software that centralizes the spend of all of their offices into a single platform. This feature provides real-time visibility across all offices, even if they are around the world.
You share a great deal of proprietary information in a procurement software and in how you spend. As a result, it is essential that the platform be secure. You should always be able to see who can access your data and restrict access when necessary. Platforms that use data encryption ensure that your information is protected from outside threats and competitors.
9. Collaborative and connected
Ultimately, a good source-to-pay solution will offer a way for your team to act as a cohesive unit when it comes to procurement and managing spend. Streamlining the procurement process and controlling spend can be a team effort with the right source-to-pay solution for your employees.
Good visibility allows everyone to understand the importance of controlling spend to the overall success of your business.
Whether your company is using an in-house procurement system, a legacy procurement system, or no system at all, you can implement the solutions offered by Negotiatus quickly and easily. It is a comprehensive source-to-pay platform that will significantly increase spend efficiency and visibility.
Negotiatus streamlines the purchasing process in a way that helps your company to centralize and manage all of your orders, vendors, invoices, and departments in one place. Its analytics provide real-time spend visibility and insights you can act on immediately. If you are ready to learn more, contact us.