INFOGRAPHIC: Benefits of Sourcing and Contract Lifecycle Management Tools
Digitalization is the hallmark of modern business, especially in the world of procurement. Source-to-Contract (S2C) software is the answer to dilemmas of the past by automating processes that are bringing operations into the 21st century. This infographic summarizes the many benefits of source-to-contract software for the modern procurement team.
Source to Contract (S2C) software is being used by procurement teams throughout all industries around the world. It streamlines the vendor search and selection as well as contract award and renewal and minimizes arduous and time-consuming tasks prone to human error.
S2C software capabilities encompass an array of procurement processes, from supplier sourcing to contract management. Having a single source for these separate, but interdependent processes, transforms a once disjointed workflow into a streamlined operation. S2C tools allow organizations to digitalize formerly manual processes.
The need for modernization is two-fold: process improvement and data accuracy. An added benefit is the increased workflow efficiency and better allocation of resources. The following infographic illustrates some key benefits of implementing a S2C solution, proving to be a true win-win for both the typical procurement team's workload and bottom line:
