4 Reasons to Upgrade You Procurement Process
There are always a series of processes to follow in any organisation. Whether it is in the general decision-making or specific to procurement, there are specific steps that should be followed. These processes are governed by rules that encourage everyone in the organisation, no matter what their position, to act uniformly in the interests of the organisation.
When it comes to purchasing for the company, the procurement department follows a procurement process before it acquires a product or service. This structured process is a result of it being well-documented, well-managed and that it adheres to the organisation’s guidelines.
In the traditional or manual process, the procurement department needs to get different people’s approval and produce various documentation to make one purchase possible.
The e-Procurement Process
What separates an e-procurement process from the manual method is how it makes the whole procure-to-pay process far more efficient. The procure-to-pay process is the cycle whereby an organisation initially makes an enquiry for a product or service, requests it, receives the items or service and pays for it. Doing all these steps manually would take up time and require the processing of several documents.
E-procurement process improve it through automating all the steps needed to procure. It is done through an online procurement platform or e-procurement software.
4 Reasons to Upgrade Your Procurement Process
If your organisation still uses the traditional way of purchasing, now is a good time for you to revamp your method. Here are four of the many advantages of using e-sourcing software:
1. It’s a manageable cost
One reason you might not like the idea of buying another software for the procurement team is how much it would cost the company in capital expinditure. Now days there is cloud-based procurement software that is available on a subscription basis. You only need to find the software that has the valuable features you require that would significantly improve your team’s productivity and the organisation’s process.
2. Increased transparency
Using the software enables people to have easy access to information. There is 100% transparency when there is an e-procurement process. The organisation can view the audit trails, and they would know where money is spent and if the team remain within the approved budget.
3. Improved the department’s productivity
Special features make the e-procurement process a more efficient way to complete procurement activities. It notifies the decision-makers when it is their turn to sign or review a document. It also reminds the procurement team when a contract is about to expire. Likewise, it keeps all information in a single centralised location, and it automates tedious tasks.
4. Reduced unnecessary document printing and storage
The manual filing of printed documents involves the safekeeping of all invoices, receipts, and more. Damage to these files or accidentally deleting a spreadsheet can potentially cause chaos to your procurement department. With software designed explicitly for this purpose, you get to keep track of all the essential documents without the fear of losing them. It also makes the retrieving process and accessing records easier because everything is done with a simple search in one place.
It is essential that organisations follow processes to drive success. As procurement is such a key part of delivering this it makes sense to review current processes and to leverage cloud-based technology to the benefit of the whole organisation.
If you are looking for an e-procurement software in the UK, oboloo is a smart cloud-based software that enables organisations to be supplier smart through sourcing, contract and supplier management.