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Use state-of-the-art Source-to-Pay (S2P) to identify new potential vendors to meet demand for new products
Rather than existing as a separate process distinct from Procure-to-Pay (P2P), S2P can be a prelude to it. It benefits from the use of the 8MSaaS SRM that supports supply chain management and vendor relationship management.
S2P can provide the insights based on the data it collects and analyzes . Procurement teams can leverage the information to perform vendor evaluation and on-boarding, contract management, and strategic sourcing. S2P processes are summarized as follows:
Over time, the entire supply chain can be integrated based on S2P Kanban, with every vendor, and every transaction, part of the automated workflows and real-time data management that drives continuous improvement.