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Complete Source to Pay cycle and StrategicSourcing Guide An optimized Source-to-Pay (S2P) process helps businesses enhance procurement efficiency, reduce costs, and improve supplier collaboration. What is Source-to-Pay?
Sourcing : Procurement uses competitivebidding, e-sourcing, and supplier development. Leverage e-procurement tools and online auctions to obtain competitivebids and pricing. Cost Savings - The total cost reduction achieved through strategicsourcing, price negotiations, product rationalization etc.
At its core, procurement is the process of finding, agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitivebidding process. But before we venture into the depths of innovation in this field, let’s first establish what procurement really is.
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