When it comes to the procurement of resources from suppliers for your business, a robust procurement strategy is important. This strategy is an established process to improve your company’s purchasing activities, from data collection and spend analysis to tendering, negotiation, contracting and supplier management. The goal is optimise the efficiencies of the process to deliver the maximum benefits.
As far as strategic procurement is concerned, taking advantage of a cloud-based software can help to further improve efficiencies and deliverables. In this article, we will share five valuable benefits of utilising a cloud-based sourcing software for your business:
1. Access and availability
Another good reason to rely on cloud-based software is how it is readily available. This means that you can access the software anywhere in the world at any time of the day. Whether you’re using your laptop, tablet or smartphone, you can log in to this software, track your procurement activities, and conduct business transactions. You can also make real-time updates and collaborate with various suppliers on a digital platform.
2. Ease of use
The idea of using today’s technology can be a bit intimidating for some individuals and businesses. However, what some perhaps fail to realise is that the advancement of technology has come a long way in making the lives of decision-makers easier. For instance, cloud-based software is user-friendly, meaning that you won’t have a hard time collecting data, communicating with suppliers and completing sourcing, contract and supplier management activities.
3. Value-added functionalities
Keep in mind that there’s more to a cloud-based strategic sourcing software than you might expect. In fact, it has many valuable functionalities that will make your processes more streamlined, efficient, and results-oriented. Think of a graphical and tabular dashboard with detailed options for data collection, spend analysis, supplier contracting, supplier and savings management. With all the added functionalities, you can seamlessly improve the various processes and purchasing activities of your business!
4. A unified platform with easy connections
What’s good about cloud-based software is how your strategic procurement can take advantage of a unified platform. Along with this is the benefit of having easy connections for various sourcing processes, from collecting data to contract, supplier and savings management all in one place. Ultimately, you can have a single platform with streamlined information, sourcing, and procurement process flow.
5. Automation of spend analysis and tracking
What’s great about using cloud-based software for your strategic sourcing is how it automates many purchasing activities. This means that some jobs are no longer done manually, making them more efficient and results-oriented. On top of this is the automation of spend tracking and analysis, which will allow you to monitor your expenditures with suppliers and tweak your procurement process.
An eProcurement software will help any organisation to reach the objectives of its procurement strategy more quickly and efficiently benefitting from the advantages listed above. This will then have a positive impact on the margins and reduce the internal resources required.
We provide cloud-based procurement solutions in the UK, whether for e-sourcing, contract, supplier, or savings management. If you want to take advantage of cloud-based procurement software, connect with us today to start your free trial at oboloo.com. oboloo enables organisations to be supplier smart.