LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the successful strategies to improve the efficiency of your source to pay process.
Improving the source to pay process is no more an option for companies. It has become vital for companies to enhance their process efficiency and improve spend management to get the desired ROI. However, most companies find it difficult to improve the process as it is shared by Procurement and Accounts Payables process. Finance claims ownership for the process but usually the ownership for tactical procurement is often distributed among strong stakeholders.
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At SpendEdge, we understand the importance of the source to pay process. Therefore, we have highlighted the key strategies to improve your source to pay process.
Strategies to Improve the Source to Pay Process
Improve the shared process
Mostly discrepancies in targets for procurement and accounts payables is the major reason for inefficiency in the source to pay process. Procurement targets include identifying savings, managing categories, and identifying supply risks whereas improving invoice management is the key objective of the account payables process. Understanding and aligning the objectives of the shared process can help companies to improve cash flow.
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Manage strategic and tactical spend
In the procurement process, spend can either be strategic or tactical. Strategic spend constitutes three-fourth of the spend and is important from the procurement perspective. Tactical spend refers to spend in indirect materials and is important as the volume is usually high. Companies need to manage both strategic and tactical spend to improve the efficiency of the source to pay process.
Managing strategic and tactical spend is crucial for companies to improve the source to pay process. Request a demo to access our web-based procurement platform for FREE.
Manage Invoices
Managing invoices is crucial for organizations to improve cash flow. Establishing a common invoice management process can help companies to capture the invoice data and provide the end-users with pre-populated fields and accounting information. Also, it can reduce the dependency on the Accounts Payables.
To know in detail about the strategies to improve the source to pay process, request more information from our experts now!
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- Spend Management Strategies Helped a Mining Company Identify Savings of 35% – A SpendEdge Success Story
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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