Top 6 Reasons to Automate Source to Pay for Public SectorSource to Pay (S2P)
The Public Sector is gearing for greater fiscal spending under the new Trump Administration. Along with expected tax cuts, there could be severely strained budgets. Public Procurement and Finance officials are keen to curb wasteful spending and automate processes to shorten cycle times, increase efficiency and transparency.
Public procurement officials at the Federal, State and City level rely on suppliers to provide portions of their services to secure facilities, find and provide talent, and supply needed goods. Many suppliers and their staff have access to internal systems which may contain critical and confidential information about citizens and national security.
Public organizations and public agencies are required to meet higher governance standards by complying with federal directives and operational mandates. They must adhere to policies and regulations while effectively managing risks. The public sector is obligated by law to have a procurement process that is open to its diverse citizens, is digital or e-enabled, enables budgetary restraint, and is fully auditable, accountable and accessible to people with disabilities.
In the current climate of political uncertainty, expected increases in fiscal spending, and lower tax revenues, public service agencies need to focus on curbing wasteful spending or face major budget deficits in the future. Successful sourcing events are a critical first step in achieving cost savings. Automating and managing those sourcing events helps you achieve significant process efficiencies and ultimately significant cost savings.
The successful automation of source-to-pay processes can help the public sector to reduce costs, achieve regulatory compliance, enhance performance, and surpass strategic initiatives.
A comprehensive and easy to use source-to-pay tool set makes it easier for the public sector to achieve strategic objectives:
- Reduce costs
- Improve control
- Increase efficiency
- Lower risk
- Accelerate innovation
- Enable growth
Dive into this in more detail: see how Ivalua helps Public Sector Find Value Beyond Savings