The way that the business world is becoming more and more technologically connected it is no wonder that the concept of source-to-pay is becoming extremely popular. In fact, there are a plethora of highly skilled s2p consulting companies out there that guide businesses from their once faulty procurement practices to new and exciting solutions that actually bring in more revenue, and save money. You might be wondering what it’s all about and how it works. Keep reading and we will explain.

The Source-to-Pay Science

The source-to-pay process is the backbone of many companies. In order to obtain the goods and services that the business needs in order to thrive, there has to be an itemized process that facilitates the whole endevor. Source-to-pay is the whole process that a business implements in order to get goods and services from the source of the goods through the next steps of being and paying for the goods. The science of source-to-pay is the way that each step in the process is implemented in order to obtain the highest possible yield out of every transaction.

The Science of The Consultant

A well-educated source-to-pay consultant will be able to take a deep look into the needs and specifications of each business that they work with. As we mentioned above, each step in the process of the operation has room for improvements and adjustments that could ultimately save the company a considerable amount of money and resources. As many famous scientists took a look at the universe on a quantum level, so will a great consultant look at the operations of a business at its smallest details.

The Science of Planning

The first step of any source-to-pay endeavor should always be the plan. The planning phase will enable the team that is responsible for the procurement needs to take a close look at what the entire process looks like from a mapped-out perspective. When planning, a consultant will be able to unpack the steps of the process and point out ideas that can use some improvements, or areas that need to be cut away completely. When you take the time to lay out your steps and look at them one at a time before you even take one, you can get an idea of everything that needs to be done in order to facilitate a successful source-to-pay operation.

The Science of Sourcing

Strategic sourcing for a business can put the company in a position where each source has the ability to save money and even bring more money into the business in a roundabout way. Most of the time finding the appropriate sources is not an easy task. With the help of a seasoned consultant, the art of discovering and acquiring high-quality sources becomes possible and even easy. 

Technology has advanced to a stage where everybody that is willing to use it can benefit from its strength. Artificial intelligence can aid in the process of finding sources that are most suitable for a particular business by filtering through data that tells it who the best sources are, what the best prices are, and the best match for a company’s needs. Another perk is that the software that runs the AI has the ability to match and compare different sources that have the best probability of bringing a great return for the company. Because this technology is rather new, the best way to learn how to use it is with the help of a knowledgeable source-to-pay consultant.

Conclusion

Not every company is ready to hire a qualified consultant to help them with their procurement needs. However, every company that has a procurement process can benefit from hiring a professional to show them the way. Although companies may argue that hiring a consultant is just another expense, in reality, it is more like an investment that has the potential to bring back a hefty return that keeps returning again and again with every procurement cycle.