What is Source to Pay?

Source to Pay

Source to Pay (S2P) describes the procurement process from sourcing through to settlement or payment.

S2P covers a wide range of critical business processes from the identification of suppliers, negotiation and contracting, management of the life of the contract (Contract Lifecycle Management or CLM) purchasing and fulfilment as well as payment including all of the important financial processes of settlement and accounting.

To operate effectively, businesses deploy S2P tools and technology and use cloud infrastructure and business networks to capitalise on an increasingly mature digital ecosystem that can support seamless and frictionless trading relationships. Leaders in business use source to pay to:

Supply Chain Visibility

More effectively manage supply risk through greater visibility and agility

Collaboration

Avoid costs and maintain close collaborative relationships throughout the full lifecycle of contracts

Interoperability

Optimise supply chains by using responsive, interoperable and scalable systems

Cost Saving

Deliver significant bottom line savings by reducing back office processing costs

Insight

Manage of spend better through greater insights into their supplier landscape

Combat Fraud

Respond effectively to the ever present threat of financial fraud

Source to Pay

Source to pay processes provide the insight and agility to manage rapidly evolving supply chains. S2P has proved invaluable to many businesses during the 2020 pandemic allowing them to adapt sourcing strategies in record time.

Source to pay software automates the financial supply chain integrating finance and accounts payable with sourcing and procurement supporting an end to procure to pay process.

Source to Pay

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