Quadrant Knowledge Solutions Market Insights research provides detailed information about “Strategic Sourcing and P2P vendors focusing on offering an advanced and single source to pay suite”
The procurement and supply chain sectors have consistently worked to improve the end-to-end source-to-pay suite by integrating several stand-alone applications and modules, including supplier sourcing, consolidated spend analytics, invoicing, catalog management, the purchase of goods and services, contract management, and supplier performance management. Businesses are focusing more and more on digitizing S2P capabilities and enhancing user experiences.
The combination of S2C and P2P capabilities will gradually help organizations to manage suppliers and spend through a unified suite of solutions. Organizations can gain comprehensive visibility into the incoming and outgoing stock, and the volume of available stock to eliminate the stock out situations and loss of revenue. The adoption of S2P will enable organizations to assess any potential risk related to the supplier, or product across the supply chain network and mitigate it in time without any delay. As the S2P includes several integrated solutions, it will help organizations to view rich and quality information for making any critical business decisions. The convergence will help organizations to enhance their productivity and optimize end-to-end processes.
According to Akshaysingh Chandel, Analyst at Quadrant Knowledge Solutions, “S2P suite helps procurement leaders to streamline the procurement process by monitoring, mitigating, and maintaining costs. S2P suite is enabling organizations to gain granular visibility across the various procurement processes. The S2P suite will also help an organization to have a real-time assessment of vendors’ performance, unifies financial data, supplier management, daily spending as well as manage and track this spending at the contract level.” Akshaysingh further advises, “ S2P will enhance e-sourcing solutions better than standalone as they will be integrated as part of the complete suite, enabling the organization to digitally create and manage RFx. The supplier can easily take part in the e-auction and bidding process.”
Table of Contents:
Overview of Source-to-Pay Suite
Source-to-Pay Suite helps in Optimizing end-to-end Supply Chain Management Processes
Source to Pay comprises various processes.
Intelligent Technologies are Automating Procurement Processes
Conclusion
This Market Insight is a part of Quadrant’s Strategic Sourcing (S2C), Procure-to-Pay (P2P), and Source-to-Pay (S2P) practices.
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