The “Source-to-Settle” process is often referred to as “supply management” or “spend management.” Each of these terms refers to the buyer-supplier relationship in its entirety, including the sourcing, contracting, procurement, supply management, as well as the accounts payable and B2B payment processes. How well an enterprise manages its spend and suppliers impacts operations, quality, and the bottom line.
Ardent Partners research has shown that enterprises that connect these processes and systems and manage their suppliers in a more holistic fashion generate significantly more value than those that do not. Seamless systems generally deliver more value because better data integrity begets increased compliance and accuracy, better integration begets improved efficiency, and better visibility begets superior decision-making.
A seamless source-to-settle process can capture and retain value efficiently and effectively in a repeatable and scalable way while doing more than simply managing supplier relationships. By linking sub-process areas like spend analysis with sourcing and procure-to-pay, the value created in one area is carried forward and often amplified within the next connected sub-process.
Ardent Partners’ new report discusses the decisions and tradeoffs to be made when taking a solution suite or best-of-breed approach to automating your source-to-settle processes.
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Tagged in: Ardent Partners Research, solution selection, Source-to-Settle, Strategy, Technology
