The official business definition of Source-to-Pay (S2P) is a process that enables companies to manage the entire procurement process from the initial sourcing of goods and services to the payment of invoices. It is a comprehensive approach to procurement that includes the automation of key processes such as supplier onboarding, purchase order creation, invoice processing, and payment. By leveraging S2P, companies can streamline their procurement processes, reduce costs, and improve supplier relationships. Additionally, S2P enables companies to gain visibility into their entire supply chain, allowing them to make informed decisions about their suppliers and their supply chain performance. With S2P, companies can also gain insights into their procurement processes, allowing them to identify areas of improvement and optimize their processes for greater efficiency.
