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Benefits resulting from the use of IT tools in the S2P process

The Source to Pay (S2P) process is one of the most complex processes in the day to day operations of enterprises. It covers the whole life cycle of the purchase transaction – from selecting the supplier to payment for delivery. And despite the growing level of automation, it is still vulnerable to the risk of inefficiencies, human errors and fraud.

One of the best ways to minimize the risks associated with the S2P process and improve the efficiency of companies is to use modern software that allows management and control of the process. What are the benefits of implementing IT tools?

Reducing the risk of errors and fraud

Using modern information system significantly reduces the risk of errors and employee fraud. IT tools enable implementation of the process monitoring system at all its stages, identification of risks and quick counteraction of undesired activities.

Improving data quality

Good quality data are the basis for most business decisions. Managing a full shopping process using one tool means that all data is available in one place. This significantly limits the time needed to perform reports and analyzes. And the use of systems based on machine learning also enables the automation of many decision-making processes.

Data availability is a huge support for both management and employees responsible for business negotiations. Thanks to quick access to even the most comprehensive analyzes it is possible to make decisions and prepare strategies based on hard data, not premonitions or conjectures.

Efficient management of supplier relationships

A technologically advanced IT system greatly facilitates the management of supplier relationships. And it’s not just about instant access to data. It is also about the ability to automate many daily activities.

With this automation, it is possible, in turn, transfer accents for the tasks to increase the effectiveness of relationships with suppliers, ie for example. Negotiation of new contracts, preparation and implementation of development programs suppliers or implementation of solutions to increase innovation in the area of supply.

Improvement in the communication area

Finally, it is worth mentioning one more important benefit resulting from the use of modern IT tools, that is improving communication between different departments of the company and between the company and its suppliers. IT systems not only support communication related to operational activities, but can also be used, for example, in supplier evaluation processes.