Linking Source-to-Contract & Procure-to-Pay

An array of procurement processes concerned with sourcing of products or services are referred as “source to pay”. It’s a continuous process starting right from requisition of products & services, sourcing, contracting, managing suppliers & payment for the goods/services rendered by the suppliers. While source to contract covers the strategic sourcing process and is critical for organizations to gain visibility into their spend, sourcing and contracting processes, procure-to-pay is more transactional in nature and plays a critical role in ensuring compliant buying and streamlined processes within the organization. These two solutions however cannot be viewed in silos, with clear advantages of having the two integrated with each other. An integrated solution will help organizations to have;

• Better compliance to contracts
• Faster sourcing cycle times
• Enhanced control and visibility into procurement processes
• Higher Savings

So what should an organization look for while deciding on buying an integrated solution? Some of the key points include;

• Are the solutions developed grounds up or through acquisitions?
• How modern and flexible is the platform
• Future technology road map

Most importantly a good integrated solution should focus on — optimization and ease of use.