The Time Benefits Of Using A Procurement Software

The Time Benefits Of Using A Procurement Software

In every area of their businesses, companies are increasingly implementing digital solutions to drive business efficiencies. These solutions often provide significant financial savings in procurement – often by delivering both cost reductions and cost avoidance against actual baseline spend.

In addition to saving money, these digital procurement solutions also deliver substantial time-savings across every phase of the procurement process.

eSourcing

What is eSourcing?

In sourcing, following a previously established and proven process provides transparency and control and enables easy collaboration and a central repository of current and historic events. This prevents the need to re-create the process every time, ensures that colleagues do not waste time trying to locate records, and establishes an audit trail

Contract Management

By having an easily accessible contract repository, time is not wasted searching for contract information and documents. The creation of a clear summary and automatic alerts about notice periods and contract end dates provides a better way to prioritise and properly resource work instead of scrambling at the last minute. If you keep a permanent record of every contract, either active or archived, you will save time by not having to repeat work that has already been done. 

What is contract management software?

Supplier Management

As with contract management, supplier management offers significant time savings through its supplier repository and alerts. Additionally, keeping an eye on supplier performance and compliance can often prevent issues that would have cost money as well as time to resolve.

Ultimate guide to supplier management

Savings Management

Measuring the time savings benefits obtained by using a procurement software varies from company to company, but a simple way to calculate this is as follows:

(Average Salary of employee / Average number of days worked) / Numbers of hours worked per day

As an example:

(Salary of £30,000 / 220 days) / 8 hours per day = £17 per hour 

Therefore, for each hour saved by using a procurement software, the company is at least £17 better off because the hour can be spent on more productive activities that could generate more revenue or savings.

What is savings management in procurement?

Conclusion

Different digital procurement solutions are available for many companies, especially larger ones which have more resources. One digital procurement solution designed for SMEs, called oboloo, is available to smaller companies. oboloo is an intuitive and simple self-service platform that allows organizations to manage all sourcing, contracts, suppliers, and savings in real time. oboloo enables companies to be supplier smart. To learn more please visit www.oboloo.com.

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