Source-to-settle is an integration of sourcing and purchasing processes. The different stages involved in a source-to-settle cycle include requisitioning, sourcing, RFx, auctions , generation of purchase orders , receipt and payment of invoices along with every process in between.
Most global organizations have long, inefficient source-to-settle cycles which lead to a significant amount of their capital blocked in their accounts payable. Technology can help streamline and automate source-to-settle activities, which can boost process efficiency, unlock cash held up in accounts payable and achieve bottom-line cost savings.
With an automated process, a company can reduce the time taken to access cash in accounts payable.
By streamlining the source-to-settle process, enterprises can increase buyer adoption and improve visibility and compliance. Automatic workflow approvals can speed up the process of business purchases and facilitate them faster.
Source settle is a process that helps companies transact more quickly and efficiently, unlocking cash by collecting payments from suppliers. It makes it possible for a company to streamline its source-to-settlement activities. This process can help organizations achieve higher sales revenue, create bottom-line cost savings, and take on new business opportunities to improve the bottom line.
In addition to improving visibility, compliance, errors, and time spent on manual data entry, an enterprise can save time and effort with automated tools. The process enables seamless flow of data from multiple sources and uses AI to automate sourcing, purchasing, billing, payment, and settlement processes. The process enables enterprises to automate approval processes and shorten the overall time required to finish a cycle.
GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
GEP NEXXE is a uniﬁed and comprehensive supply chain platform that provides end-to-end planning, visibility, execution and collaboration capabilities for today’s complex, global supply chains. Built on a foundation of data, artiﬁcial intelligence and cognitive technologies, GEP NEXXE helps enterprises digitally transform their supply chains and turn them into a competitive advantage.