The procurement department can create added value and profitability for the entire business; however, this value is often limited by age-old manual processes involving paper documents and time-consuming tasks. To streamline spend management, minimize purchasing costs and increase profit, organizations should have an easy requisition creation and approval process, high visibility into their buying process, efficient and reliable approval process. This can be achieved with the help of an automated procurement system.
Digital Purchase Requisition Forms
An online solution eliminates any time-consuming paper-based purchase requisition process. The software offers digital purchase requisition forms that help procurement staff quickly and efficiently place spend requests. Printing, manually filling requisition forms, and submitting the form for manager approval are now a thing of the past.
Advanced Approval Workflow
With an automated approval workflow, the appropriate authorization is applied to each request and spend is within the approved budget. Giving procurement staff access to products and services from chosen suppliers allows the purchase to be in-line with business purchasing policies.
Efficient Order Management Process
Electronic procurement systems are great tools for enhancing productivity by allowing all employees in a given organization to get goods they want from a catalog of approved items in the required timeframe. The buyer can acknowledge quickly that the approvals have been received, and conveniently complete and place the order with the supplier in just a few clicks.
Absolute Spend Transparency
Every transaction from purchase requisition to receipt of goods are centrally tracked, providing full reporting on requisitions, goods purchased, orders processed and payments made. Enhanced spend visibility results in superior accounting accuracy, on-time payments, and better supplier relationships.
Better Supplier Invoice Processing
Since the purchase requisitions are pre-approved, all invoices become PO-based and can easily be matched with the related PO and goods receipt. The AP departments are longer required to run after payment approvals in order to pay invoices on-time and can also benefit from early payment discounts. With on-time payments, suppliers are happy and businesses can negotiate for further discounts.
The online procurement software creates an adaptive environment of self-service and improved process insight so that procurement staff, clients, and other key stakeholders can actively involve throughout the procurement process and achieve maximum value in every phase.