For today's leading procurement organizations, a transformation strategy cannot be complete without looking across the entire source-to-pay process.
According to The Hackett Group, too many initiatives still only focus on short-term process efficiencies, and as a result, they rank low on the list of corporate priorities. In contrast, strategic and high-value initiatives, which are automated less often, can add significant value to the business.
Applying automation to sourcing, spend analysis, contract management, and supplier risk management makes them more efficient. More importantly, automation provides the basis for broader, longer-term improvements to effectiveness, decision-making, and user experience. Ultimately, this generates more value throughout the complete source-to-pay cycle.
Read this thought-provoking report to understand how your organization can benefit in the long-term from a more strategic approach to source-to-pay initiatives.