e-AuctionsĪfter receiving information from the various vendors, procurement teams move onto the next step which involves inviting suppliers to an e-auction. Thanks to ProcurePort, procurement teams can engage a host of vendors through e-sourcing RFX templates and receive answers via a centralized portal. In order to obtain answers to these queries, they issue out Requests For Information (RFIs), Requests for Proposals (RFPs), and Requests for Quotes (RFQs). Which suppliers will you engage? Which vendors have the best rates? Who can deliver on time? These are just some of the questions that procurement teams need to be answered. This is the very first step in the source-to-pay process. Let us explore in greater depth each of these steps. The process can be subdivided into five major steps: Source to pay is a comprehensive procurement process that includes strategic sourcing, purchasing, supplier management, performance management, spend management, and accounts payable.
The Chartered Institute of Procurement & Supply ( CIPS) has provided us with a clear definition.
When it comes to defining the meaning of what is s2p we don’t have to look far. Understanding the S2P life cycle is vitally important as it will assist you in devising a strong procurement strategy, improve operational efficiency, spend analysis, mitigate costs, and streamline operations. Source to pay is one of the core processes alongside procure-to-pay that procurement teams rely on to ensure raw materials and required services are available as and when needed.
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