9 Must-Have Source-to-Pay Platform Features

Posted by Negotiatus on December 26, 2018 at 12:51 PM

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.

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Topics: invoicing, source-to-pay, procurement

The Source-to-Pay Process in the Era of Digitalization

Posted by Negotiatus on December 12, 2018 at 2:35 PM

Source-to-pay encompasses activities that obtain goods and services from other companies. The process covers parts of procure-to-pay steps up until vendor management. However, it goes a step beyond conventional purchase-to-pay steps because source-to-pay heavily improves upon the transactional processes associated with procurement.

According to the McKinsey Global Institute, procurement activities that account for 46 percent of U.S. employees' time could be automated using already-established technologies that have proven results. Using automation greatly alleviates many of the burdensome steps that take place during the course of the procurement process. Here's everything you need to know.

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Topics: source-to-pay, procurement