SOURCE-TO-PAY BEST PRACTICES GUIDE

TIPS FOR ENERGY COMPANIES TO IMPROVE PROCESS EFFICIENCY AND COST CONTROL

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WHY DOES SOURCE-TO-PAY AUTOMATION MATTER?

 

Source-to-Pay (S2P) is a complete end-to-end process that begins with sourcing products or services and ends with completing payment. Automating your source-to-pay process makes your organization more productive. It offers the energy industry an opportunity to automate low-value tasks to improve efficiency and reduce costs.

 

Manual procurement processes are hamstrung by human errors, zero spend visibility, manual approvals, duplicate payments, and siloed processes that lead to inefficiencies, high risk and maverick purchasing. The primary aim of automating the S2P cycle is to build value by creating an efficient supply chain.

 

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

 

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

DIGITALIZE SOURCE-TO-PAY TO OPTIMIZE THE SUPPLY CHAIN

DATA-DRIVEN COST MANAGEMENT »

Digitalization captures valuable spend data that, when attributed and categorized properly, enables detailed spend analysis for strategic sourcing, vendor rationalization, and performance benchmarking against market prices for targeted price optimization.

FASTER, COLLABORATIVE WORKFLOWS »

Digitalization enables faster, more collaborative workflows between accounting, finance, operations, and supply chain teams within a company, and external suppliers, increasing operating efficiency. Examples include faster invoice cycles, improved visibility into operations and spend and the ability to do more work in less time or with limited resources.

INTRODUCING ENVERUS SOURCE-TO-PAY

 

Enverus Source-To-Pay provides a complete end-to-end solution from sourcing to payment on a single platform, connected to the largest network of buyers and suppliers in the industry.

 

Transacting on a connected platform allows for collaboration between supply chain, operations and accounting and finance, provides access to valuable spend insights and reporting for strategic sourcing and improved cost management, increases process speed and efficiency with automation and reduces G&A and IT maintenance costs.

Want to learn more?

Are you ready to increase your capital efficiency to turbo-boost your savings and fuel your growth strategy? Request a meeting with our digital transformation experts today!
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