In today’s fast-paced business world, businesses should be able to quickly adapt to changes in supply management. Reacting quickly would save you money and time while adding an edge to your business.
Having a manual PO system is as bad as not having one at all. Implementing an agile procurement system that will keep up with your company needs means you need a purchasing system that supports your business requirements.
Let’s take a look at how procurement automation can help develop an agile procurement system:
Quick, Controlled Purchasing
To make your procurement system agile, your employees will need to make quick purchases. Also, you will need a certain level of control to curtail maverick spending. Your purchase order system should allow you to set up a shopping portal so that users can purchase approved items directly from the vendor’s websites. This can speed up the procurement process and make your system agile in nature.
Automatic Policy Compliance
Manually verifying purchase orders for compliance can be difficult. Your procurement system should be highly configurable so that you can set up custom rules that work for your company while maintaining flexibility. Also, you can set up different approval workflows for various types of POs or items.
Streamlining PO Processing
To keep your purchasing process agile, you need procurement software that will not slow you down when processing. Automation can quicken approval processes by directly sending emails to vendors. When done manually, purchase orders can be lost, misfiled or delayed when routing from one approval to another. Procurement software can eliminate these problems and make it easy to match invoices to POs once the order arrives.
When it comes to procurement, continuous collaboration and taking action based on reliable data is important. That’s what automated procurement software can give you. The purchasing software can track purchase orders, collect relevant data, and store systematically. The system allows you to quickly access history records, track budgets, match purchasing information with invoices, and generate detailed reports.
Accessing real-time information is a must when you want your system to be agile. No matter how accurate you maintain your records, if they are not available when you need them. So, having centralized access to the data is important.
Cloud-based procurement software can update the system in real-time and is accessible anywhere. Users can review, report or approve purchase orders anytime, anywhere. So, considering cloud-based procurement software makes your procurement process agile.