Source to Pay: An Actionable Roadmap

Source to Pay is a complex initiative that can make or break your bottom line, depending on how you approach it. Why automate your procurement process? The answer is as simple as it sounds — it makes things simpler. Of course, any kind of change can be difficult. But the first step to implementing a positive change in your company is to identify an issue or problem that needs to be solved.

While the concept of fully automating your business processes may seem like a lofty and futuristic objective, as a leader in your industry, you know better than anyone that such concepts are achievable. Furthermore, it’s important to recognize how source-to-pay automation is within reach for nearly every organization today. The benefits are well worth the effort, and your business will start seeing those results once you begin down the road to source-to-pay automation.

The challenges are real and the stakes could not be higher with procurement, accounts payable (A/P), and finance all depending on accurate, on-time payments. Let’s discuss what some of the challenges are and how you can begin to address them today so your organization is on a path to automating Source to Pay in your own unique way.

How to start source-to-pay automation from where you are right now

It’s not a daunting task to get started on source-to-pay automation. It starts with the first step — identifying where your resources are and where you want them to be in the future. For the most part, answering the question of where your resources are will give you a good idea of where you need to start. However, it might not always be as easy as it sounds. This is especially true if you’re unfamiliar with how technology works in your organization, or if there’s been significant change within your organization over time that has led to the current system being in place. It can also be difficult if the people who put them there in the first place are long gone and no one knows what they were thinking when they made those decisions.

The goal here is to figure out where your resources are and then determine how much additional resource allocation is needed to achieve what you want in terms of efficiency. You may also find yourself needing some assistance with identifying which key performance indicators (KPIs) need improvement based on this analysis.

Make a list of processes and gaps in your current workflow

The second step is… Read the rest at https://www.zycus.com/blog/source-to-pay/how-source-to-pay-automation-works.html