A far better user experience, faster implementation, higher adoption rates, increased spend under management – the benefits that best of breed solutions bring in comparison to the ERP alternative are almost endless, but when it comes to the difference between the different web-based system providers, the distinction is often much less apparent.
But there is one area – and it’s perhaps the most important of all – where plenty of clear blue water can be seen between the leading players.
Ask just two questions of any vendor to get straight to the heart of the issue:
- Has your S2P system been built from the ground up on a single code base by the same people, or has it been bolted together through acquisition?
- Do you have your own native fully-featured middleware platform or do you use somebody else’s (or even worse, hard code your interfaces) for systems and data integration?
If you’re not getting option A back in both cases, be aware of the possible implications.
An Integrated Whole
Integrated S2P (iS2P) delivers a seamless holistic purchasing process from source to pay, maximising efficiencies, savings and spend compliance throughout the entire procurement lifecycle.
Enabling that procurement lifecycle in a single integrated system means:
- Total Visibility: Integrated Source to Pay enables data such as supplier records, performance histories, product data and contracts to name just a few, to flow seamlessly between activities. Users immediate access to 360° information, improving your spend control and visibility.
- Better Supplier Management: From tender to on-boarding, through automated supplier information and risk management, contract management and the transactional lifecycle, integrated source to pay delivers a genuinely joined up view of supplier data, relationships and activities.
- Improved Compliance: Seamless interaction between demand and execution, allowing requests to be converted into quotes and back into orders, puts procurement best practice at the heart of the purchasing lifecycle.
- Full Audit: Integrated reporting functionality gives you a comprehensive end-to-end audit of the entire purchasing process at the push of a button.
- Lower Administration: Consolidated data, process and management interfaces means redundant administrative tasks and duplication are eliminated, allowing procurement and finance professionals to focus on value added tasks.
- Improved Adoption: A single cloud-based solution ensures a simpler and more efficient roll-out and integration with existing systems. Quick user adoption across internal and external stakeholders in turn lowers training and support costs thanks to a common, consistent interface.
- Coherent Analytics: A consolidated view of spend data, from both within and outside the S2P framework, allows you to spend time on analysis rather than manual data consolidation and comparison.
In just the same way that procurement can’t save its way to zero, no procurement technology vendor can acquire its way to integrated solution excellence. Wax Digital web3 is built from the ground up on a single code base to facilitate completely end-to-end integrated source to pay.
iS2P also means seamless integration to back-office systems and third party data sources and, unique in the eProcurement space, Wax Digital has made over a decade’s investment in a proprietary Enterprise Service Bus (ESB), web3 Connect.
The single biggest roadblock to best of breed Purchase to Pay and Source to Contract implementation is the question over integration with the finance systems and other data points such as third party spend data.
web3 Connect streamlines integration with existing finance and other legacy systems through out-of-the-box adapters for common business systems and an intuitive toolset to enable custom routes and interfaces to be built and deployed quickly, robustly and securely, enabling interchange with any nature and number of remote systems.
web3 Connect ensures that documents are only ever sent in the correct sequence, so that a goods receipt note can never be delivered in advance of a purchase order, for example.
The Integrated ERP Myth
The major ERP vendors focus on integration to frighten customers away from cloud technology, but dig beneath the surface and you’ll find that your ERP equivalent module generally needs to be integrated in just the same way – and relies on your systems support partner to do the work.
Integration Platform as a Service
As well as providing the Integration Services team at Wax Digital with a flexible and intuitive means to create robust, secure interfaces with back-office systems, web3 Connect is unique in providing web3 customers with a real-time graphical view of those interfaces and their performance.
Dashboard widgets provide clear and concise insight into the behaviour of every interface - whether it is running, document volumes, timings and so on, as well as giving immediate visibility of any connectivity issues.
And we will soon be making the same interface build and management capabilities to our clients that our team uses, enabling your IT team to construct, deploy and manage interfaces to and from web3, and even between remote systems that are completely unconnected to web3. You'll be able to access an opt-in integration network where you'll find a library of common integration adaptors, making interface deployment fast and intuitive.
Wax Digital web3 therefore becomes a platform for managing business processes and messages, not simply a procurement engine. And along the way integration becomes the transparent, seamless business process it always should have been.
Find out more about the benefits of Integrated Source to Pay
Best practice tips to reach your procurement goals
Calculating eProcurement ROI