“… process flow from the requisition and purchase through to payment and accounting for purchases.” Relying once again on a definition provided by CIPS, we see that procure-to-pay, also known as purchase-to-pay, is a: Now, looking at procure-to-pay, what is it all about? What is Procure-to-Pay? This unique aspect of the source-to-pay process enables procurement teams to develop a spend management solution that’s even more streamlined and integrated.Īmong some of the goals of the source-to-pay process are the refinement of supply chain efficiencies, improvement of vendor-buyer relationship, and consolidation of internal control measures. strategic sourcing – an aspect that’s not common in the procure-to-pay process. Simply put: one of the major distinguishing features of the source-to-pay process is the additional layer that’s added – i.e. “… an improved version of spend management compared with P2P as it includes solutions for sourcing.” The Chartered Institute of Procurement and Supply (CIPS) defines source-to-pay as: And it is one of the roles of a sourcing specialist on a procurement team to understand them.īut what exactly is S2P and how does it differ from P2P? We’re here to break it down. One such term is source-to-pay (S2P) which has its roots in procure-to-pay. We invite you to read our latest thought leadership piece and join the conversation about the importance of digital resilience in Source to Pay.What is the difference between procure-to-pay vs source-to-pay?Īs procurement systems and processes gradually take on more technological aspects new terms emerge. We believe that in order to stay competitive and thrive in the current climate, organizations must embrace digital transformation and focus on building resilience into their operations. By leveraging technology and data to streamline their Source to Pay processes, these organizations are able to achieve greater efficiency, cost savings, and risk mitigation. We explore successful characteristics of organizations that have adopted a digitally integrated and resilient approach to their procurement and finance operations are better equipped to navigate the challenges of today's rapidly changing business landscape. I am excited to share that our team at Clearsulting has developed a new piece of thought leadership about how digitally resilient organizations in Source to Pay are poised for success in today's macroeconomic climate.
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