Digital technology is disrupting every industry and business function. Maturing technologies such as machine learning and the Internet of Things, and emerging technologies such as blockchain and virtual reality, are changing consumer experience and business operating model.
An organization needs to adopt digital technology and application to drive business innovation and competitiveness. Similarly, surviving in digital reality requires procurement function to move beyond bottom-line efficiency. This article discusses the Source-to-Pay (S2P) technology and explains how it further enhances the procurement processes, that bring the best value for businesses.
The impact of S2P Technology
Source-to-Pay (S2P) covers the full spectrum of the procurement value stream. It encompasses category management, strategic sourcing, contract management, Procure-to-Pay (P2P) and supplier management. S2P technology consists of Robotic Process Automation (RPA), Artificial Intelligence (AI), Big Data Analytics and Internet of Thing (IoT), which natively build into a cloud system.
S2P technology does not only incorporate what P2P technology can offer, but it also includes a couple of advanced capabilities. These capabilities include automating sourcing activities, a solution to risk avoidance, action enabled data analytics and an improved intuitive supplier management module. Procurement that adopts this end-to-end technology will be empowered to streamline the effective procurement practices within S2P.