When a business is healthy and thriving the way that it was intended to be, somebody is doing something right. In most cases, the whole procurement process is like the heartbeat of the company. If the source-to-pay system is in good shape, the company will be in good shape as well. However, if the procurement department is lacking, so will the whole business. This is where the help of an s2p consulting company can come in handy. In fact, every company out there that depends on a procurement system to keep their business healthy should take a moment to have an expert consult them about where to improve and where to cut things out. Doubt it? Keep reading and you will see the point.
Table of Contents
Plan with an Expert Eye
The fundamentally most important step in the process of source-to-pay is the planning stage. The planning stage is where you can lay out your whole plan from start to finish and map out the best directions to go with each step along the way. Every company will have its own unique needs and demands based on whatever variables that dictate the company. While the planning stage is underway, an expert that has experience spotting and fixing issues before they even start will know where to look for potential improvements. In the planning stage your consultant can dissect the basic steps:
- Sourcing
- Ordering
- Purchasing
Finding the best sources, then being able to streamline the ordering and purchasing steps afterward to get the most out of each phase is crucial for saving money, time, and resources.
Maximize Sourcing and Paying
The whole source-to-pay process has a series of steps and practices that can make things more efficient, or less efficient. As simple as it sounds to imagine a process that all there is to do is find a source then pay for it, there is much more that goes into an effective strategy. The source of the goods, services, or whatever needs that are being me has to be solid and dependable. This means that each source has to be carefully considered for the best attributes that the company can benefit from. A skilled consultant will be able to show you how to compare the best sources side by side and help you to choose the best one based on the highest probability of profit through the source.
The Importance of a Consultant
Although many business owners believe that they know what is best for their company and that they have the whole thing under control. However, sometimes it is better to get the opinion of a person that has knowledge and experience in the specific realm of source-to-pay solutions. Excess money, resources, and time can be at risk behind the scenes where a business owner might not even be aware of it. In many cases, a consultant can come into the picture and uncover a plethora of issues that contribute to profit loss and wasted resources. If there is a chance that an expert can come in and uncover a $15,000 per year issue, wouldn’t it be worth taking a look?
Conclusion
Hiring a consulting company to give professional direction and advice does not have to be an ordeal. In many cases, a consultant will have the necessary answers and recommendations after a quick analysis of your procedures. If anything a consultant will be able to provide answers to critical questions and give direction in times of difficulty. The question is, if you could save yourself thousands of dollars by hiring a consultant, why not give it a try?