What's Happening?
The Reserve Bank of Australia (RBA) is set to revamp its source-to-pay process by implementing a new contract and procurement management system. The current system, which has been in use since 2003, is built on Sharepoint Server forms and workflow automation
plugin Nintex, and is no longer considered fit-for-purpose. The RBA aims to automate the entire contracting process, from identifying procurements to payment, with a modular and scalable solution that integrates contract management with sourcing, supplier performance, and financial systems.
Why It's Important?
This overhaul is crucial for the RBA as it seeks to modernize its procurement processes and ensure compliance with contract obligations. The move to a cloud-based hosting arrangement for SharePoint services is part of a broader IT strategy to enhance operational efficiency and continuity. By adopting a more integrated and automated system, the RBA can improve supplier relationship management and contract performance monitoring, which are essential for maintaining financial stability and operational effectiveness.
