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6 OPPORTUNITIES TO AUTOMATE THE Source-To-Pay Process

Learn six areas of opportunity for energy companies to create a more cost-efficient supply chain and increase process efficiency with source-to-pay process automation. 
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Enable data-driven supplier management


Problem

Manually gathering spend data for analysis at the category and attribute level for goods and services can take months. It's hard to know if you are locking in the best pricing with the right suppliers.

Solution

A single S2P platform allows supply chain teams to complete tasks faster, avoiding unplanned buying from unvetted suppliers. It also consolidates your spend data on one platform for easy access and analysis to make better sourcing decisions and reduce supply chain risk.

Implement smart contracting


Problem

Documenting, reviewing and finalizing contracts and ongoing maintanance is a highly manual, time-consuming process which delays invoicing and makes price compliance difficult to sustain.

Solution

Use an e-contracting solution that provides a legally enforceable negotiation tool with workflows made for category managers and suppliers. This allows price maintenance from both sides, surfaces commercial opportunities and streamlines compliance.

Streamline the ordering process


Problem

Purchase orders are tracked using email or spreadsheets so managing documents needed for receiving and invoicing is tough. Too much time is spent matching purchase orders or job orders to receipts and invoices, delaying payment.

Solution

Ordering, receiving and invoicing on one platform keeps all your documents in one place and allows you to automate a three-way match and approval.

Centralize dispatch


Problem

Scattered dispatch activities make it difficult to see who is buying what.

Solution

By dispatching orders on a single platform, you centralize your dispatch allowing teams to manage matching and dispatch together.

Instantly validate tickets


Problem

Using paper tickets or a digital ticket system that’s not connected to your S2P workflow hinders access to valuable operations data, exposes you to overbilling risk and prevents faster visibility into LOE spend.

Solution

Allow suppliers to submit field tickets with mobile technology that uses GPS tracking and geofence confirmation to instantly validate tickets, even at unmanned locations, saving your field team significant time on approvals.

Automate invoice approvals


Problem

Processing a high volume of invoices makes it tough to properly reconcile invoices to price contracts before approval, increasing risk of overpayment.

Solution

Automating invoice reconciliation and approvals shortens the labor-intensive AP process and avoids over or under charging. A S2P solution that integrates with your finance or ERP system means users can confirm receipts and approve payments faster.

Automate Payment


Problem

Payment with checks creates manual work to print, approve, sign and mail, makes reconciliation challenging and increases fraud risk.

Solution

Integrating digital payment capabilities saves time and money by eliminating manual processes, provides detailed remittance information and is more secure.

ENABLE DATA-DRIVEN SUPPLIER MANAGEMENT

PROBLEM Manually gathering spend data at the catgory and attribute level for good and services can take months. It's hard to know if you are locking in the best pricing with the right suppliers.

 

SOLUTION A single S2P platform allows supply chain teams to complete tasks faster, avoiding unplanned buying from unvetted suppliers. It also consolidates your spend data on one platform for easy access and analysis to make better sourcing decisions and reduce supply chain risk.

LEARN MORE >

IMPLEMENT SMART CONTRACTING

PROBLEM Documenting, reviewing and finalizing contracts and ongoing maintanance is a highly manual, time-consuming process which delays invoicing and makes price compliance difficult to sustain.

 

SOLUTION Use an e-contracting solution that provides a legally enforceable negotiation tool with workflows made for category managers and suppliers. This allows price maintenance from both sides, surfaces commercial opportunities and streamlines compliance.

STREAMLINE THE ORDERING PROCESS

PROBLEM Purchase orders are tracked using email or spreadsheets so managing documents needed for receiving and invoicing is tough. Too much time is spent matching purchase orders or job orders to receipts and invoices, delaying payment.

 

SOLUTION Ordering, receiving and invoicing on one platform keeps all your documents in one place and allows you to automate a three-way match and approval.

CENTRALIZE DISPATCH

PROBLEM Scattered dispatch activities make it difficult to see who is buying what.

 

SOLUTION By dispatching orders on a single platform, you centralize your dispatch allowing teams to manage matching and dispatch together.

INSTANTLY VALIDATE TICKETS

PROBLEM Using paper tickets or a digital ticket system that’s not connected to your S2P workflow hinders access to valuable operations data, exposes you to overbilling risk and prevents faster visibility into LOE spend.

 

SOLUTION Allow suppliers to submit field tickets with mobile technology that uses GPS tracking and geofence confirmation to instantly validate tickets, even at unmanned locations, saving your field team significant time on approvals.

AUTOMATE INVOICE APPROVALS

PROBLEM Manually gathering spend data at the catgory and attribute level for good and services can take months. Its hard to know if you are locking in the best pricing with the right suppliers.


SOLUTION A single S2P platform allows supply chain teams to complete tasks faster, avoiding unplanned buying from unvetted suppliers. It also consolidates your spend data on one for easy access and analysis to make better sourcing decisions and reduce supply chain risk.

AUTOMATE PAYMENT

PROBLEM Payment with checks creates manual work to print, approve, sign and mail, makes reconciliation challenging and increases fraud risk.

 

SOLUTION Integrating digital payment capabilities saves time and money by eliminating manual processes, provides detailed remittance information and is more secure.

LEARN HOW ENVERUS AUTOMATES

THE SOURCE-TO-PAY PROCESS

VIEW OUR SOURCE-TO-PAY BEST PRACTICES GUIDE

Energy investors demand operators generate more free cash flow internally to finance their growth strategies. Correctly leveraging best practices to improve cost control and operating efficiency is a realistic way to free up funds to invest back into a company.

Read the guide for detailed step-by-step best practices to digitalize your entire source-to-pay process and reap the benefits of improved operating efficiency and cost savings in your supply chain.

WANT TO LEARN MORE? CONTACT US!

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