Source-to-Pay (S2P) represents the comprehensive end-to-end process that encompasses all interactions between an organization and its suppliers. This strategic workflow begins by identifying optimal suppliers to meet specific needs, followed by initiating a sourcing event, negotiating terms, and formalizing contracts to acquire goods and/or services. The S2P process extends to efficiently managing the entire procurement lifecycle, including processing invoices from suppliers and executing timely payments.
Embracing Source-to-Pay solutions is instrumental for organizations seeking a unified and streamlined approach to procurement. By integrating activities from sourcing to payment within a unified platform, businesses can enhance efficiency, ensure compliance, and foster productive relationships with their suppliers.
Learn more about Ivalua's Source-to-Pay Software Solutions.