Source To Pay Systems (S2P) is a term used to describe the process of procuring goods and services from suppliers, through to the payment of those suppliers. It is an integrated system that covers the entire process from sourcing, procurement, and payment. It is a business process that is used to streamline the entire purchasing process, from the identification of the supplier to the payment of the invoice. The goal of S2P is to reduce costs, increase efficiency, and ensure compliance with regulations. It is a key component of the overall supply chain process and is used to ensure that all aspects of the purchasing process are managed in an efficient and cost-effective manner. S2P systems can be used to manage a variety of different types of purchases, including raw materials, services, and capital equipment. By using S2P systems, companies can reduce the amount of time and money spent on the procurement process, while ensuring that all purchases are compliant with the company’s policies and procedures. Additionally, S2P systems can help to reduce the risk of fraud and errors, as well as improve supplier relationships.
