Source to Pay (S2P)
Purchase is one department invariably handling from 40 – 50% of the revenue of most of the Organizations. Therefore, Purchase function is considered as a vital function and the performance of the function is closely monitored. In order to help the Purchase function, Source to Pay (S2P) comes into existence.
S2P is a structured process enabled with or without technology to speed up the process from point of request to payment. S2P is all about supporting to optimize the processes associated with purchasing and recognising that the process does not end at the purchase order but extends to include accounts payable and payment processes.
It extends its support even in continuous improvement on strategies and technologies. In other words, Source to Pay optimizes the processes, enhances controls and improve efficiency to ensure purchase function delivers savings and compliance to contract.