For some companies, the S2P process can be both challenging and daunting. For many businesses, the process that is already in place is causing an excessive amount of money and time to flow away from the company into expensive suppliers and other issues. Hiring a great source-to-pay consultant has the potential to turn wasted money and time into extra revenue and revitalized business sources.
Why Hire a Consultant?
Source-to-pay may sound like a simple endeavor, but it can be very complicated. Within the many steps and phases of the S2P process, a lot of things can go wrong. One of the most damaging issues that can result from a poorly planned source-to-pay process is that you can be overspending for your supplies, and not even know it. For example, if you are paying $10 for an item that is available for $5 from another source that is more reliable than your more expensive one, you can lose a substantial amount of money. If you have the resources at your fingertips to seek out and compare sources that are going to be the most beneficial to you, profit is inevitable.
The Critical Steps of S2P
There are four basic, yet critical, steps in the process of source-to-pay. From the planning phase through the paying phase it is crucial to make the most out of each phase in the process. When you have an expert that understands the whole picture to guide you through each step, it can open your eyes to problems that you didn’t realize existed. These four steps are:
The planning stage is probably the most important part of the process because it gives you a chance to map every step out in front of you and see where you have room to improve, and where things are already going great. With a consultant, you can correct problems before they even start.
Finding a Great Consultant
The first step in finding a qualified S2P consultant is to contact a high-quality source-to-pay transformation company. Give them a call and schedule an appointment so you can ask the questions that are going to the most beneficial for your company:
- What is your experience?
- What have you done for other businesses?
- How can you increase my investments?
- What can you do for my business?
- What methods do you practice?
Of course, you want to see that the company that you are dealing with has a proven track record for success and the experience that it takes to facilitate an exceptional solution. Asking questions like the ones above can give you a good idea about the quality of the company, and the consultant you are interviewing.
Digitized S2P Transformation
One of the most important factors to consider in the process of finding a qualified S2P consultant is whether or not they can assist with creating a digital platform to transform your source-to-pay procedure from manual to digital. As the technological world continues to evolve at an astounding rate, businesses all over the world are turning to digital solutions in order to keep up with the demands of the market. The benefits of transforming to a digital platform are:
- Comprehensive source comparisons
- Simplified contract acquisition
- Robust buying platform
- Lightning-fast invoice payment
- Hands-free, touchless platform to prevent germs
Because of the pandemic and the threat of spreading the COVID19 virus, millions of companies across the country have converted to digital offices and SaaS (software as a service) platforms to enable their employees to work from home. This same kind of technology is also the core of source-to-pay software. Artificial intelligence and revolutionary software applications that allow precise calculations and robust management platforms are what make digitized source-to-pay so effective.
Finding the right consultant does not have to be a difficult task. Do your research and shop around a little to discover the right fit for you and your business. In the end, what really counts is that you get the most out of every penny you spend, and every minute that you invest into your procurement strategy. Having a great source-to-pay consultant on your team will make it very possible to gain high returns without wasting time and resources.