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Benefits of a Modern Source to Pay Solution

Many organisations still use outdated platforms that slow down the entire procurement process. These platforms usually run on third-party software and tend to be quite limited.

While these outdated platforms may be good at managing transactions, they can also be very restricted as well as complicated to use. Additionally, they don’t offer data and spend analysis that provides insight on what purchases save you money.

An industry leading source to pay solution should come with benefits important to your procurement needs. These include increased productivity and efficiency, supplier value management, spend analysis and cost reduction.

Modern Source to Pay Solutions Make Everything Happen in One Place

Modern source to pay solutions connect stakeholders and suppliers on one platform. Many large organisations can be late on payments due to the high volume of information they deal with.

Visible transactions, enabled by modern source to pay solutions, makes it easier for you to figure out what invoices are already paid. Paying on time puts companies in better negotiating positions and will save money in the future.

The purchasing process becomes automated and starts to resemble online shopping. The procurement platform tracks every step of the purchasing process. This lowers your odds of uninformed or rogue spending.

You also gain access to a network of approved suppliers and online catalogues allow you to choose items at a cost-effective price. You can also manage, track, and send information on how much money you saved by using one platform.

Additionally, modern source to pay solutions end the need for paper invoices.

Modern Source to Pay Solutions Focus on Supplier Value

Having a four-year relationship with a supplier is a good thing. But, you can do this while also taking advantage of today’s competitive market.

What if you could use a procurement solution that rates suppliers based on value? What if you can have plenty of suppliers to choose from, some with better offers than available to you in the past?

On one platform, you can drag and drop clauses, close transactions, and keep track of your saving goals.

Now you can have thousands of suppliers bidding for your business. You can compare prices and save time, no matter where you are.

Once you find the suppliers you need, source to pay platforms help you to collaborate. Building successful, long-term supplier relationships.

Wrapping Up

Switching to a modern source to pay software saves your organisation money, sure. But it also makes the entire procurement process easier.

The modern interface is user-friendly. The process is as simple as shopping online.

Click here to read our Six-Step Quick Guide to Getting Started with Source-to-Pay.

Is Source to Pay an Option for Your Procurement Organisation?

In the past, finding good suppliers, while keeping costs at minimum, was difficult because of the lack of information which made procurement negotiations between organisations and suppliers one-sided.

A lack of access to a large market of suppliers also contributed to the issue. Source to Pay platforms changed the game. They gave organisations access to a large market of suppliers that bid for their attention at competitive prices. As a result, negotiating and purchasing became a much easier process.

Source to Pay platforms also allow businesses to do everything in a digital format. This means no more papers or hassle for you.

Managing costs

Source to Pay platforms bring all of your data into one place, making it easier to classify and track spending within the organisation.

Analysing this data helps your organisation identify weak points and money-saving opportunities. Therefore, costs become easier to manage, and the details become clearer.

Source to Pay e-procurement solutions and easier contract management

What if you could manage all your contracts online? Source to Pay solutions reduce organisational risk by helping you manage all your contracts on one online platform.

You have a consolidated view to contracts and you can find out more about your suppliers by checking how they interact with others. This will also improve your relationships with your suppliers.

The purchasing system is now simplified

What if your purchasing decisions can be as easy as shopping on Amazon?

Now you can configure and monitor every step of the purchasing process which prevents irresponsible purchasing decisions.

With Source to Pay, you gain access to a large marketplace where suppliers bid at competitive prices. Having access to competitive pricing enables you to evaluate your relationship with your current supplier.

Digital invoices and saving goals

Another feature of a Source to Pay platform is digital invoices, ending the need for paper invoices and replace them with digital ones. Now you don’t have to worry about losing your invoices anymore!

By having access to a large market of suppliers, your chances of saving money increase and at the same time a Source to Pay platform can help your organisation keep track of your savings.

Click here to read our Six-Step Quick Guide to Getting Started with Source-to-Pay


Finding Hidden In-Year Savings

Most procurement plans establish targets to be delivered over a number of years, and indeed most of the effort in the current year will not achieve maximum returns until future years Procurement. But there is still a target to deliver this year, and due to unforeseen circumstances you many need find benefits that will count towards this year’s targets.

Agfa Gevaert N.V.

Agfa-Gevaert NV is a Belgian multinational corporation that develops, manufactures and distributes a wide range of analogue and digital imaging products, systems and IT solutions.

In 2011, the CEO and Executive Management announced a company-wide improvement programme, which identified ‘Efficiency in Purchasing’ as one of the key work streams. In 2012, Agfa Purchasing as a Global Shared Service (GSS) was created. Then, in 2013, Agfa Purchasing and its internal stakeholders embarked on a transformation journey aimed at boosting the financial value brought by suppliers to Agfa’s business groups, and the company as a whole. The resulting programme was aimed at being a main contributor to Agfa’s target to bring Recurring Ebitda to 10% of revenue.

“I’m delighted to say that, even though it was an ambitious target to double our financial contribution in two years, not only did we achieve it, we exceeded it. The ability within the system to record the savings was instrumental, none of the smaller savings get lost, the system is detailed enough to capture all savings, but simple enough that everything gets entered.”

Led by CPO Emmanuel Bernoux and Head of GSS Purchasing Process Office, Wouter Machiels, a global transformation business case was presented to the Board, with the ambition to deliver a net cost reduction of Euro 105 million in supplier related efficiencies over two years. This was a mammoth pledge, effectively doubling Purchasing’s value to the business. The undertaking, Wouter Machiels anticipated, would require the success of a cross-functional, global change programme (aptly named ACE105 – Accelerated Cost Effectiveness – €105 million), with collaboration from all stakeholders, an elaborate governance setup, and underpinned by a single, fully integrated source-to-pay system.

With a strong background in enterprise software implementation and project management, and having experience both from a customer and supplier perspective, Wouter had a clear vision of the type of software and relationship they would need.

“As well as the right functionality, and of course the right pricing, what we were really looking for was the right fit with a solution provider,” he explained. “We understood how vitally important that partnership would be to our success, so we looked for a provider with whom we would ‘click.’ We didn’t want a slick sales process, followed by the appointment of a junior team to work with us. We wanted maturity, experience and honesty. And we found that in BravoSolution – people who know what they are talking about, and are not afraid to be brutally honest with us to get the job done. Along with a system that met our needs, BravoSolution gave us senior and experienced people, and this contributed largely to the success of our savings and efficiency programme.”

Download the full case study to discover how Agfa Gevaert N.V. are using BravoAdvantage  to double purchasing’s financial contribution to the business.


The Digital Procurement Era

As organisations move to an environment characterized by cloud computing, the Internet of things, distributed computing, and mobile applications, it will be important to understand where and how these technologies can create value and support procurement decision-making.