Best Practices for Implementing Source-To-Pay
- devenrandalldevenr
- Aug 2, 2022
- 1 min read
While it may seem like a simple process, source-to-pay is actually a complex, closed-loop process that combines accounts payable and strategic sourcing functions. When implemented correctly, source-to-pay allows procurement teams to manage acquisitions holistically and ensure that payments are made on time. Best practices are essential for achieving source-to-pay excellence and this paper will outline some industry best practices for implementation. This paper also highlights some common challenges that procurement teams face when adopting source-to-pay.
Creating a strategic sourcing process, such as source-to-pay, is an effective way to reduce costs and streamline the flow of work throughout the business. In addition to reducing costs, source-to-pay also improves internal controls, streamlines vendor relationships, and enables organizations to control procurement processes. Source-to-pay automation software can help businesses automate key business processes and save money by streamlining their source-to-pay process. Cflow, a cloud-based process automation solution, can automate the workflow of source-to-pay and other critical functions.
The first step of the source-to-pay life cycle is extensive market research and identification of potential suppliers. Requests for information may be followed by requests for quotes and proposals. E-sourcing solutions such as Simfoni's RFX templates make collecting vendor data simple. Source-to-pay also takes proactive optimization into account, including vendor onboarding and contract management. A good source-to-pay process can increase a company's competitive edge and lead to greater savings.
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