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Source-To-Pay Process

oboloo Glossary

Source-To-Pay Process

The Source-To-Pay Process is an official business definition that refers to the end-to-end process of procuring goods and services. It includes the activities of identifying, selecting, and engaging suppliers, negotiating contracts, ordering goods and services, receiving and approving invoices, and paying suppliers. This process is used to optimize the efficiency of the procurement process, reduce costs, and ensure compliance with legal and regulatory requirements. The Source-To-Pay Process is a critical component of an organization’s supply chain management strategy and is essential for the success of any business. By streamlining the process, organizations can reduce costs, improve supplier relationships, and ensure compliance with regulations. Additionally, the Source-To-Pay Process can help organizations identify and address potential risks associated with their supply chain. By implementing a Source-To-Pay Process, organizations can ensure that their procurement activities are conducted in a timely and cost-effective manner.

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