An organization naturally always wants to work with the right suppliers. Things like making purchases on the most favorable terms are not an unnecessary luxury. Also have insight into the process from sourcing to contract management and also from purchasing to invoicing. You can arrange this by digitizing your Source to Pay process. This way you get a better grip on expenses, keep your working capital free and you also improve cash flow. You will find everything about digitizing your purchase to invoice process (Source to Pay) in this article.
What is S2P (source to pay)?
Source to Pay is a process approach when it comes to cooperation between purchasing department and finance department. In many companies, these two departments act completely independently, while actions in the purchasing department have a direct effect on finance and vice versa. With Source to Pay you therefore no longer see purchasing and finance as two separate, but look at how the two departments can reinforce each other. Here you look at the process from ‘end to end’. Source to Pay offers a solution to digitize the entire purchase to invoice process. So that you can organize this more efficiently, tactically and strategically.
What are the benefits of source to pay (S2P)?
• Less paper and manual work.
• Uniform purchasing process, grip on maverick buying.
• Better communication with suppliers.
• Prepare and monitor supplier performance.
• Quickly anticipate a predictable process.
• Reduction of the supplier base by up to 80%.
• Optimization of working capital and liquidity.
Also interesting: invoice management
How does source to pay actually work?
With Source to Pay you set up processes in a smarter way all the time and then digitize them. A Source to Pay platform can support you in a professional way. One end-to-end platform to digitize, standardize and automate your entire purchase to invoice process: from strategic sourcing to the payment of invoices.
More about Source to pay at Corlido Group
Want to know more about source-to-pay? Take a look at the Corlido website.