Oftentimes, in the software procurement sector, the terms Source-to-Pay (S2P) and Procure-to-Pay (P2P) are interchanged. The difference between the two is that S2P extends the P2P process into strategic sourcing. Both of these solutions aid in the integration of big data, market trend analysis, historical spending, process management, spend management, supplier management, invoice management, and other crucial tasks. In short, they provide greater visibility to the procurement process for the growth and development of the enterprises.
These solutions bring procurement procedures together on a single platform, resulting in a stronger ecosystem that supports regulatory and contractual compliance. These solutions also improve the collaborative capability during sourcing with other brands. Lastly, with all the complexities inherited in this type of implementation, timings can often force organizations into developing very tightly coupled solutions or end-to-end implementations of integration. Hence, this ultimately creates an urgent need for vendors to look within both the S2P and P2P solutions.
Coupa: Coupa’s source-to-pay (S2P) solution begins with supplier vetting and onboarding and seamlessly integrates sourcing, contracts, purchasing, invoice validation, and supplier payments into one simple system. Coupa’s Source to Pay solutions automate manual procedures to eliminate low-value labor, allowing you to save time and get more out of your employees. To realize the value, you’ve negotiated with Coupa source-to-pay automation, it also integrates sourcing with contracting, purchasing, invoicing, and risk.
Basware: Basware’s ecosystem strategy is based on a data-driven core that centralizes operations and expenditure visibility while utilizing the Basware procure-to-pay solutions like business network, electronic procurement, AP automation, and analytics. Using their open API and easy integration capabilities, this centralized core grows into and complements all S2P phases. Customers can use their preferred partners or a suitable, alternative partner nominated by the customer to expand their P2P processes to broader S2P functionality through value-added services like contract lifecycle management, strategic sourcing, and supplier risk management through the ecosystem approach. Their integration skills enable this growth by ensuring that the process is fluid, that the many modules are intertwined, and that all data is centralized and visible.
NimbleS2P: Medium-to-large enterprises, that need a rapid start and a transformational digital revolution for the suppliers, NimbleS2P is one of the best choices! Built on the world’s leading and trusted CSP platform – Laserfiche, it is a robust, flexible, and easy-to-adapt SaaS solution for functions like procure to pay, contract management, and supplier portal. It enables seamless integration with Indian GSP providers and empowers the organizations with ready-to-use features for procurement. It makes Supplier communications and transactions less complex through a user-friendly interface, multichannel collaboration, and smarter integrations.
SAP Ariba: SAP Ariba is the world’s largest business commerce network. In the digital economy, it helps businesses buy smarter, sell faster, and handle cash better. They enable businesses to identify and collaborate with a worldwide network of partners by combining industry-leading cloud-based technologies with the world’s largest Internet-based trade community. They provide various solutions and S2P is one of them which help in strategic sourcing, procurement, and financial supply chain.
Ivalua: Ivalua’s Source-to-Pay package is used by over 300 prominent corporations across the world to manage over $500 billion in direct and indirect spending. The platform’s mix of simplicity of use, depth, breadth, and flexibility assures high employee and supplier engagement, quick speed, value, and the capacity to satisfy unique or developing requirements, as proven by the industry’s highest retention rate of 98 percent and higher. Ivalua uses a number of processes to turn your source-to-pay cycle into a value-creating cycle for both customers and suppliers.