Updates from Enporion
Contacts Us
North America
Clark, NJ
(Global Headquarters)
100 Walnut Avenue, Suite 304
Clark, NJ 07066
Phone: 732-382-6565
Email: info@gep.com
Source-to-Settle in supply chain management
In electronic supply chain management Source-to-Settle has its
own meaning.
Source-to-Settle in e-procurement software means managing business buying transactions ranging from electronic sourcing, such as bidding via auctions or sealed-bid processes, generating requisitions and orders from procurement and ERP systems, tracking changes and confirmations from suppliers, and finishing with electronic receipt and payment of invoices based on the original data in the purchase order. This is best described as “once and only once” data entry and usage; essentially the original transaction is already residing in the system, original data is used in subsequent transactions and documents, and no re-keying of data happens. Final invoices are produced from the information system based on the original data.
This is not the same thing as Data Capture or e-Payables Scanning. There are tools that enable scanning of invoices and depend on Optical Character Recognition (OCR) to convert the paper invoice into digital data. However, these tools still require much human intervention for set up, testing, and operation.
When we say that Enporion (a GEP Company) automates the entire Procurement cycle, we mean that the purchase order comes in electronically, is stored as data in the database, and the same data is then used for other output documents, such as ASNs, Change Orders, invoices, shipping, and payments. Savings are generated by automating the entire Procurement cycle. The last part of the Supply Chain Management that deals with invoicing, reconciliation, and payment has been coined EIPP, or Electronic Invoice Presentment and Payment, by many procurement industry professionals.
The Enporion (a GEP Company) complete source-to-settle e-procurement solution enables customers to efficiently manage every aspect of the source-to-pay process, including sourcing, contract management, procurement, invoicing, and settlement.
The clear benefits include:
- Reducing order cycle time for processes from purchase-to-pay
- Streamline your AP process
- Increase accuracy, reduce process time
- Increase the productivity of your AP staff
- Improve compliance through an audited process
- Reduce your invoice processing cost
- Seamlessly integrate with your existing ERP system
- Faster payments to suppliers, ensure discounts are realized
