Procurement strategies can be improved by automating procure-to-pay and source-to-contract processes
LONDON, Nov. 20, 2019 /PRNewswire/ — Writing in Business Reporter, Richard Waugh, vice president of procurement solution provider Zycus, warns that procurement “is a complex, multi-step process.” It is also essential to the success of any business. But, according to Waugh, the automation of procurement could be the solution to existing challenges.
Shifting P2P (procure-to-pay) from manual to automated processes has already proved effective. However, source-to-contract (S2C) lags behind. The two should go hand in hand.
As Waugh puts it: “Investing in P2P automation and not applying robotic process automation, AI and machine-learning technologies to high-value sourcing S2C workflows is a bit like investing in a mine but forgetting to buy the tools you need to extract ore from the rock.
“Upstream needs to flow naturally into downstream and ensuring that the same supplier record is used by both systems, and not only empowers data analytics but also improves the user experience considerably.”
But what are the benefits of introducing automation over manual processes? The article outlines several, including:
- Accelerating the data classification process
- Streamlining spend analysis
- Overcoming language barriers
- Giving professionals more leverage with decision makers and budget owners
Ultimately, automation, says Waugh, “Allows for greater proactivity in compliance and sustainability.” Achieving excellence in supplier experience through automation is more important than ever and using automated tools for procurement is the best way forward.
To learn more about automating procurement, read the full article here.
About Business Reporter
Business Reporter is distributed with The Daily Telegraph, The Sunday Telegraph and City AM, with each publication reaching an average of 1.5 million people.
Content is also published through the Business Reporter and teiss websites, which include video debates, online articles and digital magazines, delivering news and analysis on the issues affecting businesses to a global audience.
Business Reporter also hosts conferences, breakfast meetings and exclusive summits, events which bring together some of the most influential decision makers and innovators in modern business. These exclusive events for business leaders give Business Reporter direct contact with readers and help to inform the content and direction of its editorial projects.
Business Reporter is committed to the UN Sustainable Development Goals and was the first UK member of the UN SDG Media Compact. We have launched a website dedicated to showcasing the work of companies towards these goals at 17globalgoals.com.
Business Reporter is committed to providing meaningful analysis to everyone in business. Whether you’re running a small business, the head of a local company or an executive in a multinational corporation, there’s something for you at Business Reporter.
About Zycus
Zycus is a leading global provider of end-to-end Source-to-Pay suite, and has been cited as a ‘Leader‘ for the 4th time in a row in Gartner’s 2018 Magic Quadrant for Strategic Sourcing Application Suites.
The comprehensive product portfolio for Zycus includes applications for both operational and strategic aspects of procurement.
Zycus work with a range of different clients. These include: manufacturing, automotives, banking and finance, oil and gas, food processing, electronics, telecommunications, chemicals, health and pharma, education and more.
Related Links
http://www.business-reporter.co.uk
SOURCE Business Reporter
