5 Cost-Saving Features of Purchase Requisition Software

Having a robust purchase requisition software solution is crucial for maintaining and growing your business profit. If you want to ensure your company’s core message and bottom line are well-established, procurement software needs to become a priority. Procurement purchase requisition software enables you to keep spending costs as low as possible. This in-turn allows profits to reach their highest potential.

 

Consolidate Your Vendors When Possible

A large portion of optimizing your procurement process stems from supplier management and streamlining the relationship to produce the desired results from both parties. Purchase requisition software allows you to identify strategic vendors and consolidate the total number of vendors you work with, saving you time and money. Often, consolidation can mean you get high volume discounts and increased overall quality. This is primarily due to the fact that there are less overall to manage, optimizing your procurement process, and creating an efficient workflow.

 

Reduce Maverick Spending With Purchase Requisition Software 

Maverick spending, trail spending, or rouge spending can account for a whopping 80% of overall purchases made within a company that lacks a centralized, consolidated purchase-to-pay procurement process. This obviously instantly kills any chance your company had for procurement savings. 

 

Dedicate time to conducting a spend analysis. Or, better yet, let purchase requisition software did it for you. Once you conduct an analysis, you will be able to identify uncontrolled or negative spending and trends quickly. Once uncovered, procurement purchase requisition software allows you to assign it to your favorite suppliers and to go over the process with your team, so all parties understand the process and handle things correctly.

 

Streamline Business Expenditures 

Purchase requisition software allows you to polish your business expenditures through spend analysis features. If your company fails to understand where the money is going, you can’t make informed decisions that benefit your bottom line and boost profit. You must be able to quickly identify and see where your business procurement spending is falling short. 

 

A key to understanding company budgets and where they are being spent is through sorting expenditure information into subcategories:

• Commodity
• Vendor
• Division
• Location

When you collect, define, and classify both external and internal expenditure information in these categories, you describe the process from your purchase orders to your suppliers. Large product streams, spend leakage, and dismal distribution all become apparent when you can compare real numbers against each other. Supplier management, inventory management, spending patterns, and business trends all come together as one. Purchase requisition software uses dashboards with graphs and trend predictions that allow you to be in the know with your procurement process always. E-procurement supervisors can monitor dashboards that detail cash-flow in real-time for a seamless understanding on all levels. 

 

There is no leaning on buyers for self-regulation and no more dependency on third parties. Or waiting for quarterly reports. Seeing this information makes your budget transparent. 

 

Overall Purchase Requisition Costs Lowered Substantially 

Purchase requisition software allows your business to save money by assessing internal and external activity. The software will enable you to see where the money goes in an easy-to-consume way and also makes it clear where the money is spent. This is through classifying spending by the purchaser. Procurement software goes a step further to optimize your purchase requisition operations further. Your supervisors can accurately uncover maverick spending and inefficient business client relations. From there, you can adjust your practices to streamline processes.  

 

Discover Your Companies True Potential With ProcurePort 

ProcurePort is a state-of-the-art purchase requisition software solution that enables your business to produce maximum results and supercharge your brand image. Drive change by taking your process digital. Our system allows you to out-class competition, save money, and create the best version of your business. Contact one of our solutions specialist to learn more about how ProcurePort can help you.