Firstly, while the P2P and S2P process are similar in many ways, they also have several differences – the main one that S2P starts one step earlier than P2P, with the sourcing of goods.
The procure to pay process usually begins with the requisition of goods and services and ends when the accounts payable team pays the vendor.
Source to pay goes one step further. With S2P, strategic sourcing becomes part of the process, ensuring that the best vendors are selected, and negotiating deals with them. This helps to optimize internal controls, enhance supply chain efficiency, and simplify vendor relationship management.
At Basware, we support an open S2P ecosystem philosophy, enabling co-existence and connection amongst the best-of-breed solutions and multiple vendors, all backed by our robust integration capabilities and strong core. Find out more about our best-of-breed eco-system here.
To find out more about the benefits of P2P and S2P, and the differences between them, please get in touch or book a free demo.