Procurement is an integral part of many businesses. In some cases, it is the backbone and the foundation that the company stands on in order to remain successful. Whether a business is just starting out or has been around for a long time, source-to-pay consulting can be the catalyst that will push the business above and beyond any imagined expectations. Whether the business is struggling or doing well, a consultant can bring it to a whole other level.
What is Source-to-Pay consulting?
Source-to-pay is basically the same as procure-to-pay, except for a few extra steps. Businesses need goods and services in order to help them conduct their business on a daily basis. Procuring the goods is when you acquire the goods. Sourcing the goods, on the other hand, is when you find and obtain the sources necessary for the goods before you procure them. There are a few basic steps that happen during the process: Plan, source, buy, and pay. Every business will have different demands and its own unique circumstances, but all businesses need the same basic steps in order to facilitate a successful source-to-pay operation.
Why Consultants Are Important
In most companies, the expertise lies within what the company has to offer. For example, an SEO company will have expertise in the SEO realm because that is what they do. Search engine optimization companies can help to get websites high in the search engine results, but when it comes to procurement, they have no idea. Bringing in an expert that specializes in the way that businesses source and fulfill their commitments can be a huge game-changer when it comes to maximizing efficiency and gaining substantial returns from investments.
- Provide expertise
- Acquire high-quality sources
- Instruct methodologies
- Train and consult
- Uncover losses
One of the greatest benefits of bringing a consultant on board is that they will be able to uncover hidden areas that waste money and resources. Some of these hidden costs can be hefty amounts of money that can stay in the bank where it belongs.
Source-to-Pay Software Platforms
Technology has come a long way in the past decade. Many businesses are turning to digital transformation tactics in order to remain in business and keep up with the technological changes. A source-to-pay consultant will be able to guide a business through the steps that it takes in order to facilitate a digital platform that can transform outdated manual processes into new automated and precise processes. For example, the sourcing phase of the process can be extremely tedious and difficult. Source-to-pay software can use technology in order to locate the best sources that will be most beneficial to the business, then compare them side by side to other great candidates. Using advanced technology as a means to get the most out of your every purchase and payment can make a generous difference in cost savings.
When we talk about the source-to-pay process and how critical it is for a business to remain operative, it is important to understand that a consultant will have the experience to see things that most business owners won’t. A consultant can show a business the way to use a collaborative approach that allows for the company to embrace an opportunity for change and growth. From the beginning planning phase through all of the crucial steps of the process, a consultant can show you the best way to receive the maximum benefits that are possible in each step. Although it may be easy to assume that you already know all that you need to know when it comes to your business, you might be surprised at what you can learn from an expert in the field.