The Source To Settle Process (S2S) is an official business definition used to describe the entire process of procuring goods and services from external suppliers. It encompasses the entire lifecycle of a procurement, from the initial sourcing of goods and services, to the final payment of the supplier. The process includes activities such as creating purchase orders, receiving goods and services, verifying invoices, and making payments. The goal of the S2S process is to ensure that the right goods and services are procured at the right price, in the right quantity, and in the right time frame. It also helps to ensure that the supplier is paid on time and in full. The S2S process is an important part of a company’s overall procurement strategy, as it helps to reduce costs, improve efficiency, and ensure compliance with regulations. By implementing an effective S2S process, companies can ensure that their procurement activities are conducted in a timely and cost-effective manner.
