The official business definition of the Source-to-Pay (S2P) process is a comprehensive approach to managing the entire procure-to-pay process from the sourcing of goods and services to the payment of suppliers. It is a holistic approach to managing the procurement process, from the identification of potential suppliers, to the negotiation of terms and conditions, to the payment of invoices. The S2P process enables organizations to optimize their procurement operations by streamlining the entire process and reducing costs. It also helps organizations to ensure compliance with regulations and to reduce the risk of fraud and other financial losses. By leveraging technology and automation, organizations can gain greater visibility into their procurement operations and make more informed decisions. Ultimately, the S2P process helps organizations to increase efficiency, reduce costs, and improve their bottom line.
