E-Procurement: How to Build a Comprehensive Solution
Purchasing for an entire organization can be a complex process, particularly if it’s handled manually. That requires the intervention of many more human hands and a corresponding number of human errors that can slow procurement and cost businesses in terms of wasted time and money. Deploying an automated solution to handle core purchasing functions within your organization can make all the difference, especially when it comes to improved efficiency, elimination of inventory struggles and paperwork, and better control of the entire process from order placement to delivery.
Catalog Management: Automating this function allows employees to access online vendor catalogs, including information about pricing and availability Pre-approved vendors and enforced corporate spending limits offer additional layers of control over purchasing practices. It also encourages improved vendor relations and volume discounts.
Order Management: Set specific vendors as the go-to source for orders, while enabling tracking of special pricing to maximize discounts. This offers total visibility into all placed orders, reduces off-contract spending and errors, and makes the process faster for employees.
Supplier Connect: Adding this application into an e-Procurement suite allows organizations to stay linked to their vendors, whether through monitoring order status, submitting payment or tracking shipments. It increases overall visibility while keeping the lines of communication open with suppliers.
Invoice Management: Optimizes invoice processing, which can be a laborious and error-ridden process when manually managed. Prioritizes and escalates invoices according to business rules and special terms. Built-in reporting, auditing and approvals provide the level of oversight and on-demand information that organizations require. Electronic invoice management is currently being mandated in several countries around the world, due to its ability to reduce costs, while ensuring services become more efficient.
Taking control of your organization’s purchasing can be tough without the applications to back it up. With the availability of inexpensive cloud options, it’s an easy matter to assemble a suite of solutions to create precisely the level of oversight, workflow and built-in rules that suit your specific needs. With all of the options available, automating procure-to-pay might be just what’s needed to boost your organization’s purchasing to a more efficient and refined level.