OPERATIONS
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ource-to-pay ( S2P ) encompasses all activities related to the procurement of goods and services .
Essentially , it can be regarded as the end-to-end journey , from strategic sourcing and managing supplier relationships to negotiating contracts , making purchases and handling payments .
Such processes are designed to streamline and optimise procurement activities , ensuring organisations receive the goods and services required in a timely and cost-effective manner while maintaining positive supplier relationships .
However , each stage of the S2P journey needs competent , well-functioning software behind it – which is where a host of specialist solutions providers come in .
Synertrade : Evolving alongside procurement teams Take Synertrade , a full S2P SaaS solution enabling businesses to use insight from supplier data to deliver best-in-class procurement outcomes .
Its platform , Accelerate , enables the effective management of supplier relationships and uncovers new opportunities to operate more efficiently through the digitalisation of various procurement processes . This includes evaluating new suppliers , contracting and onboarding , catalogue management and spend analysis .
Synertrade operates on a modular approach , offering coverage across the entire S2P function – incorporating supplier relationship management ( SRM ), supply chain management ( SCM ) and procure-to-pay ( P2P ).
“ Synertrade Accelerate evolves alongside a partner ’ s procurement department to continuously improve data management ,” explains Olivier Berrouiguet , CEO at Synertrade .
“ By integrating data from various sources , Accelerate simplifies procurement , boosts productivity and ensures users have an easy -to-use , single-source-of-truth platform . This approach enhances efficiency while creating a user -friendly environment that encourages collaboration .”
Aavenir enables connected S2P experience Elsewhere , Texas-based Aavenir offers S2P applications specifically on the ServiceNow platform .
Its AI-powered products enable RFP management , vendor onboarding , contract lifecycle management ( CLM ), contract obligation management and AP automation processes through a connected experience .
Aavenir ’ s flagship product , Contractflow , not only automates and accelerates the CLM process , but reduces contract risk and vendor obligation performance risk using AI .
186 October 2024