Source-to-Pay Strategy

When it comes to the procure-to-pay way of life, there is an already set agenda that does not need to be planned out or facilitated any differently than the way it has already been established. The difference between source-to-pay and procure-to-pay is that the procure-to-pay strategy is one that has already been established and has sources to purchase from. A source-to-pay process, on the other hand, has yet to be sourced and needs to have vendors established.

The best, and most modern, way to handle any procurement operation is to get the help of specially designed software that uses artificial intelligence to help manage and regulate the entire process from start to finish.

Understand that you do not need an entire procurement department to handle the buying and paying for company necessities if you have the help of a smart system that can do it better.

Source Management

In order to get the very most out of every penny that the company spends it is important to invest in sources that are going to be reliable and provide quality products and services. How does the procurement department find the right sources?

• Google?
• Bing?
• Craig’s List?
• Freind?

Maybe there are professionals in the department that have solid connections that are always available. Maybe not. In any event, no human being can compete with the speed of the artificial intelligence that is behind many of the powerful procurement software applications available on the market today.

Source-to-pay technology can quickly scour databases located around the world for sources that match the needs of the company and even have the highest potential to be a high return on investment.Continue reading→