Good Practices on Source to Pay Digital Transformation

Source to Pay function is playing a critical role for accelerating recovery. Most enterprises are building on the lessons from the COVID-19 pandemic and reshaping their sourcing and procurement functions to emerge stronger. In this context, the top order of focus of procurement functions are:

  • Enhanced Visibility: Greater visibility into our supply network helps correctly identify risks and capacity constraints. According to a recent global survey, 92% of enterprises are doing what they can to create more visibility within their supply chains, while also focusing on increasing transparency with suppliers and buyers as a top risk mitigation strategy.
  • Better Supplier Relationship: Enhancing supplier relationships is a good way to reduce future problems and minimizing supply chain risk. The same survey found that over the next few years, 42% manufacturers expect to strengthen relationship and increase transparency across their supply chains.
  • Dynamic Customer Demand: Being close to the customers helps understand their changing needs and manage inventory levels accordingly.

Watch this webinar replay on good practices on Source to Pay Digital Transformation.