Source-to-Contract (S2C)
Introduction
Source-to-Contract (S2C) solutions encompass the strategic procurement lifecycle from identifying sourcing needs to negotiating contracts. This integrated approach ensures that organizations can efficiently manage their sourcing activities, supplier engagements, and contract management processes.
First Principles
S2C is built on the principle of streamlining and integrating various procurement processes to create a cohesive workflow. It involves stages such as supplier selection, e-sourcing, negotiation and contract management. The goal is to enhance transparency, improve supplier collaboration, and ensure compliance with procurement policies.
Benefits
Implementing an S2C solution can lead to better negotiations, increased procurement efficiency, and stronger supplier relationships. Organizations can reduce cycle times, ensure compliance, and achieve cost savings by optimizing their sourcing and contracting processes. Additionally it can integrate and operate with Purchase-to-Pay (P2P) modules to connect and streamline both the strategic and operational elements of procurement.
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