Source-to-pay, also known as s2p, is the heart and soul of many businesses. From the sourcing of the necessities of the business to the payment of the vendors and suppliers, every step in between requires a strategic edge in order to maximize the return of every penny that goes into the investments. The best way to ensure that you get the most out of your procurement strategy is to hire an s2p consulting company to take a look at your process and show you where to make profitable adjustments. If you don’t think you need a professional consultant, take a look at these five reasons that might change your mind.

Get the Most From Your Planning

The very first step in the source-to-pay strategy should always be the planning step. In the planning phase of the strategy, you can map out your whole process, step by step and take a close look at each step to see where things can be optimized. Every company will have a different set of needs, goals, and strategies. When a seasoned consultant is part of the planning process they will be able to point out areas they could use improvement, and areas that can be cut out completely. A specialized consultant will have an eye for strategic maneuvers that will ultimately keep more money in the pockets of the business.

Maximize Available Sources

When it comes time to acquire the sources for goods and services, a consultant will be able to help you to compare suppliers with one another. Modern technology has given us the ability to see things that could otherwise be hidden from plain sight. A savvy expert in the science of s2p will have the resources to find the best sources for you based on the probability of the highest returns for each one. With data as powerful as this, you will have no choice but to benefit from every source.

Uncover Hidden Profits

With the help of a trained eye, you might be able to find profits through sources that you have never been aware of. Imagine if you found an item that you have been buying for $10 a piece for sale at $5 apiece if bought in bulk. In this instance, you would be cutting the costs of supplies in half. In scenarios like bulk buying, it is best to have an overlook of all your options so that you can pounce on great deals when they become available. After you get the deal, you can then bind the supplier with a contract and continue to get that price for as long as it is possible.

Correct Costly Errors

When it comes to a process that has so much room for error, you never know where you could be making costly mistakes. Say, for instance, you have already paid a source for a service but you are also paying somebody on your payroll for the same thing. This type of error could be easily overlooked for a long time without notice. Although this is just an example, you never know where you could be losing money until you have a professional look at the system.

Enjoy More Money

At the end of the day, every business does what it does to create profits. After much hard work, re-evaluating, and cutting out irrelevant spending, your company could have the luxury of enjoying higher revenue and less spending. Bringing in a qualified consultant to clean things up and make everything more efficient could definitely give you a great reason to celebrate and enjoy.