Before we discuss automating the procurement process, let us understand what its role in business. Procurement is acquiring goods and services for a business by identifying needs, finding suppliers, negotiating, purchasing, and supplier relationship management. It adds value to a organization’s growth and revenue. Limitations of Traditional Process While once

Earlier were when procurement was considered a back-office function, and CPOs were tasked to reduce costs associated with the process. Most recently, businesses have been identifying the scope of the procurement department in maintaining the cash flow across the organization, good supplier relationships, and ensuring sufficient resources (products and services)

Requisitioning is one of the several tasks in the procurement process, which begins the procurement cycle. From the smallest of supplies, such as stationery items, to the largest of supplies, everything starts with a requisition. The requisition has to be formal and needs to pass through several steps of approval

In today’s competitive world, enterprises have been seeking to adopt advanced technologies to automate the most time-consuming processes in every department. Especially automating the procure-to-pay process is imperative for businesses to save time and money. Even though the procurement process is a minefield of potential errors, avoidable costs, and delays,

In today’s competitive business world, almost every CPO believes having an advanced procurement solution is a good idea. Many businesses haven’t implemented procurement solutions in their solutions due to a variety of reasons. If you belong to the same category of companies, then you should consider investing in procurement solutions