Source to pay software S2P
Contents |
[edit] Introduction
Source to pay software (S2P software) manages all procurement activities, from finding a vendor to handling vendor payments.
[edit] Source to pay (S2P) and procure to pay (P2P)
Source to pay software is similar to procure to pay software (P2P software). Both S2P and P2P are designed to automate the entire procurement process all the way through to payment. They can be beneficial in organisations wanting to integrate purchasing departments and financial or accounts payable departments using a centralised software approach.
However, there are some differences between the two software approaches. Source to pay software may include tasks associated with automated vendor selection (AVS), while procure to pay software may not. Automated vendor selection (AVS) is an approach to procurement that uses technology to connect vendor sourcing and selection, and ties together project management and communications functions amongst team members to create a more cohesive process.
Read more about Automated vendor selection.
Depending on how P2P software has been selected and configured, it may deal with aspects of the procurement process such as RFP (request for proposals) creation, contract management, timeline generation, invoice payment and customer satisfaction survey management. In contrast, S2P software tends to deal with the entire process through the management of integrated data and digital networks. This can result in a more unified procurement evaluation strategy.
S2P software can integrate eProcurement software tools that may already be in use within the organisation. There are be cloud-based source to pay software solutions that may be particularly useful for organisations with multiple locations or numerous procurement departments.
[edit] Goals of S2P software
The purpose of source to pay software is to automate the procurement process and facilitate a more strategic, proactive approach by refining internal controls, supply chain efficiency and vendor relationship management.
S2P can be used to:
- Vet potential suppliers.
- Eliminate manual data entry and processing of activities associated with procurement transactions.
- Place and receive orders.
- Verify budgets.
- Administer approvals.
- Manage suppliers.
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