Transforming the source-to-pay lifecycle

In the challenging climate of corporate finance, Chief Financial Officers (CFOs) are recognizing the pivotal role played by Chief Procurement Officers (CPOs) in transforming procurement operations with an eye to increasing company value. It’s about more than just dotting lines in an organization chart. It's a strategic collaboration that holds the key to optimizing spend management, reducing costs, enhancing supplier relationships, and mitigating financial risks.

Today’s procurement strategies must be much more focused on the employee and supplier experience to achieve value. The most successful companies that exist in the world today win over their customers with top notch design focused on the user experience.

For Finance and Procurement to truly work in harmony, they need technology that integrates with source systems to support the entire source-to-pay process. With alignment, finance and procurement can be a formidable force for change within organizations. Together, they are able to address diverse business needs, including cost reduction for increased profit margins, supply chain resilience through diversification, and effective management of commercial risks through favorable supplier terms.

Employees and suppliers need more connected and automated source to pay processes for their teams. Fortunately, modern digital technology, such as ServiceNow, can enable collaboration between functions, reduce end to end cycle time, and provide a game-changing user experience.