The Source To Pay Process is an official business definition that refers to the end-to-end process of acquiring goods and services from external suppliers. This process includes all activities from the identification of a need, through the selection of suppliers, negotiation of contracts, ordering of goods and services, payment of invoices, and finally, supplier performance evaluation. It is an integrated approach to the management of the entire procurement cycle, and is designed to optimize the efficiency and effectiveness of the procurement process. The Source To Pay Process also helps to ensure that organizations are getting the best value for their money by ensuring that the right suppliers are selected, that contracts are negotiated in a fair and transparent manner, and that suppliers are held accountable for their performance. By streamlining the procurement process, organizations can save time and money, while ensuring that they are getting the best quality goods and services at the best possible price.
