S2P: Embracing change, fostering growth, and looking forward to what the future holds!

Hear from our Sales Manager, Paul Stevens, about how P2P has morphosed into S2P, and how a strong emphasis on sustainability, ESG, and green initiatives are helping our customers monitor and report on ESG metrics while aligning with regulatory standards.

I can’t believe my last blog post was in 2022! I’ve always dreamed of becoming an author, and I know that blogging more frequently could help me achieve this goal. But, as always, life has a way of getting in the way.

As we approach the end of Q3 in 2024, I wanted to take a moment to reflect on 2023 and the first nine months of 2024. It’s amazing to see how much has changed and evolved. Life’s pace seems to have accelerated, and the sense of normalcy is stronger than ever. My calendar is still packed with web meetings, but I’ve also enjoyed a few in-person meetings with my team. There’s something irreplaceable about face-to-face interactions that a webcam just can’t capture.

My role as Sales Manager is no longer new; I’ve been in this position for nearly two and a half years now. The days of direct selling feel like a distant memory, and I’ve had to focus on working on the business rather than in the business. There are definitely more meetings, but I love watching my team develop and grow. Back in 2022, Kady Robinson and Matt Aubin were new, but now they fully understand the intricacies of our S2P and I2C suites and have helped a number of organisations automate their finance processes.

In my last blog, I discussed Esker’s I2C solutions. It seems only fitting to balance things up and reflect on Esker’s offerings in the S2P space. Two years ago, I would have focused on P2P, but with the addition of ‘Esker Sourcing,’ I need to remember to drop the P’s and embrace the S’s! Over the past 18 months, Esker has introduced several significant updates to its Source-to-Pay (S2P) suite, with a strong emphasis on sustainability, ESG, and green initiatives such a the EU-CSRD requirements. These new updates are helping our customers monitor and report on ESG metrics while aligning with regulatory standards.

Incorporating sustainable practices into the source-to-pay process is crucial for environmental management, social responsibility and long-term sustainability across the supply chain. It involves engaging stakeholders, fostering collaboration, building capacity, implementing robust processes and maintaining clear communication. With Esker's Source-to-Pay suite, businesses can establish mechanisms to monitor the sustainability performance of suppliers, establish improvement targets and collaborate with them to promote ongoing ESG efforts.

Extend supplier collaboration - Engage suppliers in sustainability initiatives, fostering communication and encouraging them to adopt sustainable practices by providing guidance, sharing best practices and offering incentives.

Develop energy & resource efficiency - Encourage suppliers to implement energy-efficient production processes, reduce water consumption and optimise resource utilisation to minimise the environmental impact.

Improve supply chain transparency - Promote transparency and traceability throughout the supply chain to identify and mitigate environmental and social risks (deforestation, child labour, human rights violations, etc.).

Conduct full lifecycle assessments - Incorporate lifecycle assessments into the procurement process to evaluate the environmental impact of products and services throughout their entire lifecycle, from production to disposal.

How does it work?

Ethical sourcing - Esker's Source-to-Pay suite helps companies to identify suppliers aligned with their sustainability objectives through calls for tenders, requests for information or pre-qualification questionnaires.

Supplier evaluation & selection - Create ESG questionnaires, monitor third-party indicators for ESG scores, and report on diversity criteria from the moment suppliers are registered and throughout the business partnership. Esker’s supplier registration form includes a default section on diversity, enabling suppliers to provide details on relevant certifications and attach supporting documents.

Supplier management dashboards - Once supplier registration is completed, Esker Supplier Management dashboards provide easy access to ESG indicators. These indicators can be monitored and updated in real time, with alerts triggered in the event of deterioration for a specific supplier.

Green purchasing - To facilitate the procurement process for eco-friendly and energy-efficient products and services, such as those with reduced carbon footprints or made from recycled materials, punch-out catalogues feature the CO2 impact of each product. This empowers users to make informed decisions when selecting items.

Carbon footprint tracking - With Esker Accounts Payable, companies can easily extract carbon emission metrics (Scope 2) from utility bills and calculates Scope 1 and 3 emissions from various data sources. This extracted information is easily accessible through new standard reports within the solution. By reporting on a company’s carbon footprint, businesses gain valuable insights into the environmental impact of their supply chain, identifying areas where emissions can be reduced.

Late payment prediction & early payment plan - Late payment prediction not only safeguards financial stability but also supports ethical business practices, transparency and responsible governance. Esker’s solutions enable companies to anticipate and promptly identify invoices at risk of incurring late payment penalties, and the ability to offer dynamic discounting to maintain healthy relationships with suppliers.

Reflecting on these past months, it’s clear that both personal and professional growth have been significant. I still have no idea of what my book will be about but I continue to be reminded of the importance of consistent effort and adaptation. The advancements in Esker’s S2P suite, particularly in sustainability and ESG, mirror this journey of continuous improvement and alignment with broader goals. Here’s to embracing change, fostering growth, and looking forward to what the future holds!

Contact my team today if you’d like to learn more about any of our solutions.