As with all large scale enterprise software investments, it is important to calculate a healthy ROI on your source-to-pay software investment. Implementing a market-leading source-to-pay solution can help enterprises transform their procurement processes, which can help drive cost savings within months of deployment. Additionally, having a professional source-to-pay consulting firm can help with ensuring you get a proper ROI on this investment.
Think about it…
If you knew ahead of time that for every hundred dollar bill that you put into an investment you would get back a thousand wouldn’t it be great? Although there are no guarantees in life quite as remarkable as a 9,000% return there are some great ways to get a better scope of the market and see which way is the best route to get the most money back from what you put in.
A source-to-pay platform can help to:
- Identify top suppliers
- See ROI opportunities
- Speed up the purchasing process
- Facilitate a streamlined process from start to finish
Scan and Compare the Market
If you could lay down every available source for your needs and be able to map out the ones that would be most beneficial to you, would you do it? Depending on the size of your needs it could literally take months, or even years to research each and every viable option that is out there. Thanks to the advancement of technology there is a way to determine the best vendors and service providers that are most likely going to bring back a bigger return, as well as make potential vendors compete for your business.
Saving Time and Money is a Valuable Asset
The entire source-to-pay procedure can be extremely time-consuming and daunting, especially if you are just starting out. Every extra hour that is spent in the process is equivalent to money leaking out of a hole. On top of time, each dollar that is paid out that could have been fifty cents is another loss. When you are able to leverage both your time and money into an ideal environment, your savings become an addition to your return. If an inefficient procuring strategy is costing you $5,000 per month, you end up gaining that same money back, on top of the higher return that you are already establishing. One of the greatest things about having a professional consultant bring you all of the answers is that you have more time to spend on doing what you do as a business, while the experts handle your procurement.
Consultants are Experts
When you look at this topic from the view of a professional, you can’t deny that every successful company is built of teams that are experts at what they do. In the instance of a manufacturing company that builds and assembles paintbrushes on a large scale; each department has a team of individuals that have their own responsibilities. One person may be in charge of the department that attaches the bristles to the brush handles. The next person might be in charge of all the finished brushes that get shipped out to the customers. The key part is each person is trained and educated about what they do.
When it comes to source-to-pay strategies, a consultant will know exactly where to begin, what to do, and how to make the process come together in a way that is most beneficial to the client. When you allow an expert to take care of the things that you might not be an expert at, you invite excellence into your game plan.
The Bottom Line
At the end of the day, what matters most is that everybody involved feels like they have accomplished something great. An S2P consultant has the knowledge and ability to make the most out of every penny spent, and bring prosperity to everyone that is part of the process. The question now is, what is stopping you from seeking out a great S2P solution?