Procurement teams across enterprises are under continuous pressure to source products and services at a faster pace. This task can only be achieved with rapid access to accurate information and by automating a slew of tasks involved in the S2P (Source-to-Pay) process. Adopting Source-to-Pay automation at scale will result in a significant reduction in operational costs and boost the overall productivity.
Often this means asking IT to buy or build Source-to-Pay applications. If IT adds your request to a queue that may include other critical requests and security upgrades, can you and the business wait for your request to come to the top? When IT can’t meet their demands, many procurement and contract management leaders start using inefficient or insecure tools to acquire data and manage workflows, relying on spreadsheets, emails, and other manual solutions. Or they might dabble in “shadow IT,” adopting point cloud-based collaboration solutions or simply fall back to old legacy approaches.
