How To Extract Maximum Value Out Of S2P Solution?

How To Extract Maximum Value Out Of S2P Solution?
Photo by Yan Krukov from Pexels

Your S2P solution is an integrated suite of applications that can take care of every procurement process for you. For example, a typical source-to-pay software can effectively manage all purchasing activities from e-auctions, sourcing events, invoices to vendor relations. And a well-implemented solution can significantly improve your company's procurement functions to get great ROI.

So, in layman’s words, it is responsible for making your organization’s life easy. But, although that is how it should be, it isn't so simple to get maximum value out of it. Instead, you need to do a lot of thinking and consideration before investing resources in getting such a software system.

So, how can you obtain maximum benefits from your source-to-pay solution software? Let’s check out:

Purchasing

The first step to start with will be your procurement process. Here it means requisitioning and creating an easy, intuitive procedure to connect your employees with content and preferred catalogs. And it will encompass guiding the end-users to get access to the strategic and preferred vendors.

People are already using accessible online storefronts for regular purchases. So, when you are defining one, you need to be careful about:

  • Adding too many approval stages that can make the entire process tiring and boring for users
  • Comparison of total spends with preferred vendors
  • Placement of correct catalogs
  • Challenges for end-users who do not follow the processes or guidelines, and whether it is legitimate or not

Streamlining Invoice Printing For Accounts Payable

Next on your list should be the concern related to gaining the maximum out of your tools used for automating the invoice process. The primary goal here is to allow the flow of maximum invoices through the system seamlessly.

Sometimes, the process might end right there if the system cannot process the invoices as per the pre-defined guidelines. However, if you want to hassle-free the entire process, you need to set up the system with thoughtful exceptions. Such integrations do not limit the system from printing invoices that might fall out of the guidelines.

Managing Your Business Contracts

The third point to consider will be more about organizing your business contracts. It can include electronic repository creation while detecting the electronic flags like contact owners’ details, expiration dates, etc.

You can even extend these features to contract authoring, rebate discount terms, and contract templates to develop your contract management system. Finally, you can directly attached the invoices and purchase orders to your established contracts to avoid any inaccuracy in pricing.

Tactical Sourcing

Once all these are done, it is time to think about streamlining the RFP processes with e-RFx tools. Unfortunately, the tools you get from your S2P software do not offer you detailed and lengthy processes to automate the invoices. But to get that benefit, you need to experiment with some of the auction techniques too. Also, some questions to ask for:

  • Is your staff appropriately trained about using the sourcing tool and its features?
  • Is your staff utilizing every aspect of these tools for automation?
  • How many events are you planning to conduct per month or quarter, or year?
  • Have you thought about tracking the results of these events?
  • Have you provided appropriate information to your suppliers about the new process?
  • How are your vendors responding to these new processes?

Final Thoughts

These four areas need special attention as you need to integrate them properly through your S2P platform. Remember that it is a toolset that offers you smart ways to automate the entire procurement lifecycle. So, make your journey easy, efficient, and speedy with the proper selection of S2P software systems.



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