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