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Source to Pay

Source to Pay or S2P in procurement is defined as a process that streamlines finding, evaluating, negotiating, and contracting with suppliers to efficiently source, order, and pay for goods and services. S2P is a procedure that begins with locating, negotiating, and contracting with a product provider and ends with the final payment for those items. As can be seen from the above, Source to Pay provides more exposure to the company without placing it at risk, as most decisions are based on data-driven insights. The source-to-pay cycle may be digitally transformed to help businesses maximize ROI and establish a strong supplier network. The beginning phase of each process is undoubtedly the most significant distinction between procure-to-pay and source-to-pay procedures. Simfoni’s S2P automation system helps users through the requisition process, reducing off-contract spending and directing buyers to the right suppliers, goods, and services.