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:
More effectively manage supply risk through greater visibility and agility
Avoid costs and maintain close collaborative relationships throughout the full lifecycle of contracts
Optimise supply chains by using responsive, interoperable and scalable systems
Deliver significant bottom line savings by reducing back office processing costs
Manage of spend better through greater insights into their supplier landscape
Respond effectively to the ever present threat of financial fraud
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