Improve Spend Visibility in Source-to-Pay: Unlock Strategic Procurement Success
In today’s inflationary world and fragmented supply chains, organizations cannot afford to fly blind when it comes to procurement spending. Increased transparency of the entire Source-to-Pay (S2P) process is essential for successful procurement operations. But spend visibility isn’t only tracking costs — it’s about empowering leaders to drive efficiency, mitigate risk, and capture value beyond savings.
Direct spends represent an average of 60–70% of all the procurement costs while the remaining are indirect spends. Companies with better spend visibility capture up to 15% higher savings. Despite the benefits, nearly 60% of companies have little or no visibility – especially in indirect spend where optimization opportunities are often overlooked. Better visibility into indirect spend alone can yield up to 30% in savings. Furthermore, ~75% of procurement savings are driven by strategic sourcing, enabled by improved spend data access. It’s a missed but fixable opportunity.
