What is Source-to-Settle?- Definition
Source-to-settle is an integration of sourcing and purchasing processes. The different stages involved in a source-to-settle cycle include: requisitioning, sourcing, RFx, auctions, generation of purchase orders, receipt, and payment of invoices along with every process in between.
Many large global organizations have long, inefficient source-to-settle cycles and significant amounts of capital blocked in their accounts payable. By streamlining and automating their source-to-settle activities, enterprises can boost process efficiency, unlock cash held up in accounts payable and achieve bottom-line cost savings.
Move all activities connected to your business purchases — requisition, sourcing, RFx, auctions, generation of purchase orders, receipt and payment of invoices — to an electronic, source-to-settle platform. Increase buyer adoption with easy-to-use source-to-settle technology. Improve spend visibility and compliance.
- Eliminate errors and save time and effort spent on manual data entry and paperwork by using intuitive and efficient source-to-settle tools.
- Seamlessly flow in data from multiple sources to generate and process all documents related to sourcing, purchasing, invoicing, payment and settlement.
- Automatic workflow approvals speed up the entire source-to-settle process.
- Gain efficiency and free up resources to focus on activities that drive more value.
Streamlining your Source-to-Settle Processes
- Increased Spend Visibility – Consolidate all your spend data from multiple sources for real-time visibility and analysis
- Enhanced Purchasing Experience – Source products or services from across the globe with a consumer style purchasing experience using intuitive, source-to-pay tools
- Process Automation – Streamline and automate all the downstream activities, reducing cycle time, eliminating paperwork and errors
- Advanced Sourcing Capabilities – Manage RFx, Auctions and other sourcing events on an online collaborative platform
- Contract Management — Reduce the time, effort and paper used to create, manage and monitor contracts
Why Source-to-Settle Processes
- Boost Efficiency – Automated generation and processing of documents such as purchase orders, receipts and invoices enhances process efficiency
- Unlock Capital in Accounts Payable — Fast processing of invoices and settlement of payments releases valuable cash from the accounts payable process
- More Savings — Drive higher savings across the source-to-settle cycle by reducing the cost of transactions and processing payments
- Increase Adoption — Ease of use boosts adoption and improves compliance as more spend is routed through a centralized purchasing platform
Explore Additional Resources to Know More
Automate Sourcing Using RFx on ServiceNow
How sourcing, procurement and vendor management leaders can rapidly and effectively collect vendor responses using RFPflow – a native app built for ServiceNow?
On-demand WebinarContract Lifecycle on ServiceNow Using AI and Digital Workflow
Why should you bring CLM solution on ServiceNow? How to gain real-time visibility of enterprise-wide contracts, using Aavenir ObligationFlow?