Embracing technology can have a transformative effect on how you do business.
An independent study by GetApp.com showed that organizations who rely on manual processes to manage their purchase order (PO) system put themselves at risk.
The results showed that 42% of organizations still use spreadsheets to record their spending, and of those who do 80% of them are making spending mistakes that could be avoided through investing in purchase order software. With 30% of businesses surveyed making spending mistakes at least every quarter, that risk adds up to tangible and completely avoidable losses.
There are few organizations that wouldn’t benefit from automating their purchase order process. Automation across the procurement department improves efficiency, transparency and gives you more control of your spend. Coming to the decision to invest in e-Sourcing software is a no-brainer, but figuring out which solution is right for your business isn’t quite so simple.
To make the most out of your eProcurement solution, it’s essential that you know what features you need your software to have. The first step to discovering that is to evaluate your current processes.
Identify where improvements need to be made
Most organizations should begin by documenting their purchase order process from creation to approval to affecting changes, storage, and ongoing management, ease of reference and instances of errors. It is also vital to calculate the cost of processing a purchase order. In large organizations with big procurement operations, the operational cost of PO processing can add up substantially.
With pressure on all procurement departments to decrease operational costs and simultaneously drive efficiency and streamlining of processes, the process of tackling PO cost will kill two birds with one stone by ultimately simplifying the purchasing process.
The aim should be to reduce the number of steps required to complete the PO process and to decrease the margin of error. Digitalization is the clear logical step to achieve these objectives.
Consider investing in purchase order software
ProcurePort’s purchase order software gives our clients the ability to automate the entire PO process, from generation to sending to your suppliers and ongoing management. Hosted on the cloud, the PO software will directly issue POs to selected suppliers. You will then receive notifications and alerts and be able to view PO acceptance from your vendor.
PO software is only the beginning
The most important aspect of an effective PO software solution is its compatibility with other technology. ProcurePort’s PO software delivers on this requirement and can be easily integrated with your internal ERP to automate the generation of a PO within your existing accounting system.
The potential for integration doesn’t end there
For even more potential for automation and seamless workflow and procedures, ideally, every business would consider a full suite of procurement software providing a procure-to-pay function. For true flexibility, you can look no further than a cloud-hosted procure-to-pay solution.
Integrate the entire buying process across your organization with a fully-automated, cloud-hosted P2P process
With a full-service procurement software solution, all aspects of sourcing are managed in one, centralized location.
- Automated requisition, PO and invoice generation
- Inventory and asset management
- 3-way PO matching, meaning you only pay for exactly what you receive and can easily monitor supplier compliance
- Bespoke reporting capabilities
- Integrated e-Sourcing, including RFX and e-Auction technology
- Contract and supplier management
- Electronic catalogue technology
- Fully ERP ready and compatible with SAP, Oracle, Microsoft GP and more
An integrated system enables a seamless flow of data between your procurement department, the larger business, your suppliers and your ERP system.
An added benefit of an efficient spend management solution is reduced PO processing costs, reduction in the potential for human error and spending mistakes, and complete visibility of direct and indirect spend across the entire business.
Ensure the long-term health of your supply chain and your business’ bottom line by contacting ProcurePort’s team of industry-leading experts to discuss how we can tailor our procure-to-pay solution to your organization’s needs.