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What Is Source to Contract Technology?

Source-to-contract technology facilitates the upstream procurement process by standardizing and automating sourcing activities.

Source-to-contract (S2C) refers to the collective set of procurement processes adopted when sourcing products or services. S2C technology improves agility, visibility and business continuity for procurement teams.

The process begins with analyzing the product or service requirements and developing a sourcing strategy, and the software facilitates the following activities:  

  • Spend analysis
  • eRFx
  • eAuctions
  • Supplier base management
  • Contract management

Scanmarket's S2C Features

Analyze sourcing data with the click of a button, and run real-time reports on the following:

Number of Sourcing Events Run

Sourcing Cycle Time

Number of Participating Suppliers

Savings Generated

Categories Covered

Contract Status

Contract Expiration Dates

Supplier Accreditation

Supplier Pricing from Previous Sourcing Events

Supplier Pricing Trends

Much More

Source-to-Contract

Benefits

Leverage Sourcing Data

Eradicate the potential for human error in the data collection process. With quick and easy access to accurate sourcing data, decisions can be made quickly based on factually data, not intuition. Benefit-tracking reports show the true value and impact of sourcing teams, whereas figures would be diluted by the time annual figures get to the board.

Increase Spend Under Management

Procurement professionals are essentially automating and streamlining processes by digitalizing sourcing. Speed up cycle time, and increase the percentage of spend under management. For example:

  1. Click on a category to view all registered suppliers in that category will appear.
  2. The software will collate and analyze supplier responses providing buyers one comprehensive report with all qualitative and quantitative data for analysis.
  3. Push RFx data through to another round of bidding or to an e-auction.

eAuctions have been proven time and again to increase savings and significantly reduce negotiation time. The average e-auction lasts less than one hour without compromising quality. Supplier on-boarding and approval processes are streamlined as suppliers independently register by responding to questionnaires and uploading documents for approval.

Source-to-Contract

cont'd

Strengthen Iternal & Supplier Compliance

Digitalization effectuates more structure, visibility and control to daily activities. Sourcing processes can be more easily standardized using workflow technology, and management can access project status dashboards to see which projects are on time and which are behind schedule. Supplier compliance is optimized by having all data readily available online with reports, notifications and flags to alert the buyer of non-compliance.

Improved Auditability

Audit logs show what has been done, who did it and when. There is no need to constantly search for emails and hunt through spreadsheets collating information for audits. The data is readily available in one place including:

  • Supplier on-boarding
  • eRFx
  • Messaging
  • Supplier responses
  • Award decisions
  • Internal notes

How to Overcome 5 Key Challenges
Procurement Leaders Face in a
Crisis Using S2C Technology

Source-to-Contract Processes

Spend Analytics

Pull data from your organization’s existing Enterprise Resource Planning (ERP) and Financial Management Systems (FMS) software to cleanse, categorize, enrich, and normalize it. Machine learning and third-party integrations are much more efficient than manual checks subject to human error.

The enriched data is displayed across multiple dashboards that highlight spending spikes, savings opportunities (both operational and financial), compliance issues, and potential risk. Users can drill down and filter the data across multiple dimensions and levels of depth and detail.

Source-to-Contract Processes

Project Management

Manage business processes with a customized, configurable project management application. The software facilitates collaboration with business stakeholders across all functions and significantly enhances the quality of cross-divisional collaborative activity and insight into critical KPIs such as time to deliver projects and savings.

Conduct purchasing projects with the integration into the e-sourcing and contract management applications. Set up configurable project flows, project template forms and project request forms to support your business process activity. Contains search and report features to quickly gain visibility and track project milestones throughout the organization.

Source-to-Contract Processes

eRFx

Automate and streamline the vendor selection process to award RFPs and RFQs in a fraction of the time of a manual approach. eRFx manages risk, increases visibility and improves compliance, resulting in reduced cycle times and cost savings. Massive quantities of complex data points can be collected and organized to make data-informed business decisions. A library of templates and questionnaires within the platform increases compliance adherence and efficiencies. All historical information is benchmarked for future sourcing events to enhance speed to market and more easily manage supply risk events.

Source-to-Contract Processes

eAuctions

Challenge shortlisted suppliers against each other in the highly competitive environment of an e-auction to drive down costs and uncover true market prices. Typical Reverse Auctions take less than an hour to run, meaning that weeks of face-to-face negotiations can be condensed into as little as 30 minutes.

Source-to-Contract Processes

Contract Management

Digitize and streamline contract authoring, red-lining, approval and signature processes, while increasing visibility and accessibility of contract data and documents.

Through the use of approved contract clause libraries, automated approval workflows and eSignature functionality, a contract management solution can significantly speed up manual admin-heavy processes and eliminate paper-based elements. Reporting and dashboard functionality provides improved visibility and control of contracts, and expiry reminders help mitigate against costly contract over-runs.

Source-to-Contract Processes

Supplier Base Management

Automate and streamline the supplier on-boarding process by making suppliers responsible for uploading information such as certificates, contracts, accreditations, and other documents through a supplier portal, which expedites risk evaluation and the approval process. With all the supplier information in one place, your team can ensure all potential and awarded suppliers remain compliant and that accreditations and certificates are up to date; collect ad-hoc information from the supply base to mitigate against disruptions; and comply with new laws and regulations (e.g., Modern Anti-slavery Act). You can also monitor supplier performance against agreed KPIs.

Consulting

We're Here to Help You Succeed

Some buyers might need support throughout the process. Others might just want the RFx sanity checked before issuing it. Whatever your need, we are here to help you pave the way to successful sourcing.

Scanmarket Solutions

Built to Be Used

Read all about the full breath of our solution - built to help you digitalize your processes and create value

Book a Demo

Originating from the needs of the procurement professional, Scanmarket's S2C software is built to be used. See for yourself how advanced technology can be as simple as it should be.