Procure-to-pay firm Wax Digital, based in the U.K., wants to generate a roadmap for the progress and future of digital procurement. In doing so, the company announced Friday (Jan. 22) the launch of iS2P, which stands for Integrated Source to Pay, a platform that combines sourcing and purchasing for procurement officials.
The portal also integrates into company’s existing finance systems, all in an effort to provide businesses with real-time visibility into their procurement spend, the company said.
Wax Digital added that iS2P combines the firm’s existing solutions — a source-to-contract solution, a purchase-to-pay solution, a connection tool to integrate capabilities into existing back office operations and analytics.
“With integrated working at the heart of business success, today’s procurement professionals need a holistic view of their organization’s purchasing and related processes,” said Wax Digital Director Daniel Ball in a statement.
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He added that the iS2P solution streamlines the procure-to-pay and spend analysis process because it is built on a single code base.
“By removing the gaps and bottlenecks in the sourcing and purchasing chain and expediting connections with other key systems in the process, iS2P enables faster, more well-informed, confident business decisions from one easy-to-use, cloud-based platform,” Ball said.
The company noted that iS2P will look to bring businesses across more than 100 nations greater visibility into spend and procurement data and an improved supplier management process. The solution carries a business through tendering, supplier onboarding, invoice management and ensures regulatory compliance and reporting capabilities, the company added.
Wax Digital released research last year that uncovered the challenges that businesses face in combating “rogue” procurement. According to the analysis, there is a gap in connectivity between procurement and other functions within a corporation. That gap, Wax Digital concluded, can mean a lack of coordination in supplier vetting, spend and strategy.