Research shows that the sourcing and contract management processes within many organizations are slow, error-prone, and inefficient. Manual sourcing efforts often result in poor visibility and deteriorating relationships with suppliers, as well as inadequate supplier performance. Scattered contract management results in higher risk, inconsistency across contract formats and terms, and a cumbersome and costly creation and negotiation process.
With these problems in mind, businesses continually strive to enhance efficiency and minimize costs, and one of the best ways to accomplish this is through comprehensive Source-to-Settle (S2S) solutions.
This report explores the current state of sourcing and contract management in different industry sectors and revenue sizes, highlights the pain points of today’s S2S processes, and offers the latest information about eSourcing and CLM tools. PayStream delves into both business operations separately, and also explores the functionality and use case of combined S2S software.