How to Digitize Your Source-to-Pay Process?

How to Digitize Your Source-to-Pay Process?

The source-to-pay process can get somewhat tedious and daunting at times. From the planning stage in the beginning, then cultivating the appropriate sources, solidifying contracts, acquiring the goods then the final payment all take time and resources. Businesses all over the world have been taking the necessary steps to digitize their S2P processes because it saves them time, resources, and money. As difficult as it may seem to make such a huge change, you might be surprised at how simple it can be. We have written this article in hopes to show you, and other business owners how easy it can be to convert to a digital environment.

Imagine being able to automate over half of your source-to-pay process…

SaaS Solutions

Technology has evolved so far that it now uses artificial intelligence as the backbone of many applications. SaaS, also known as software as a service, is the type of technology that can bring all aspects of a process from each facet of a business into a  centrally located platform where multiple people can log in and work on projects. The idea behind SaaS is to provide specifically designed software that is tailored to fit the unique needs of a particular business. It is within this service that it is possible to digitize the whole source-to-pay process in a simple, easy to use interface.

Make the Decision

The first crucial step in the digital transformation process is to choose to do so. Take a good look at the needs of your organization and where efficiency could be improved. Most likely you will discover that you could improve your overall financial position by over 3%. It may not seem like much, but it’s a big deal. By cutting out the extra steps that you would normally take in the process of your source-to-pay procedure you save time and resources.

Consider Safety

Facilitating the source-to-pay strategy through a centralized software program that anybody can access from anywhere in the world lessons the risk of spreading germs and other pathogens. Due to the COVID19 pandemic businesses, all around the globe have been turning to digital solutions for many administrative tasks from procurement to mailroom solutions. Once your S2P process has been developed and captured into the software, everything else will be set up so that your team can work from anywhere that has an internet connection.

Source-to-Pay Consultant

The best way to get started with your digital transformation is to contact a source-to-pay consultant that can assess your needs then create a plan that is unique to your business. Having an experienced guide that knows how the digital world works will be very helpful during your transformation. Although it may seem like a burdensome addition to your expenses, getting things right the first time saves a lot of money and time in the end. When venturing out into the digital world it is best to have the assistance of a person that knows what they are doing, and exactly how to help you.

Set the Plan Into Action

Once you have taken a look at the things that could be improved and made the decision that digitizing your source-to-pay structure is the right thing to do, the next step is to move forward. You can contact a highly qualified source-to-pay transformation company and ask questions to get the ball rolling. It may take a little time to become adjusted to the new digital platform, but once everything falls into place you will have a streamlined source-to-pay solution that will be flexible enough to move and grow with you through the ups and downs of your ever-changing business needs.

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