Are you worried about stock? Or is the nightmare of shrinkage your new fear? If managing your inventory seems like an uphill battle, you’ve landed in the right direction. Sluggish inventory can wreak havoc on your business; it can lead to overstocking and increase expenses, and overstocked products can become expired or outdated before they are sold. According to the latest reports, more than 81% of customers experience an “out-of-stock” situation in a year. In addition, retailers, on the other hand, have to face a whopping loss of around $1.75 trillion due to poor inventory management.
If you’re still using spreadsheets, and storing your inventories manually on your desktops, then your inventory management process is screaming for an overhaul. Inventory management is tricky; one little bug can disrupt the entire chain and cause a serious data disaster to a growing business. In this article, we’ll talk about a revolutionary ERP software & inventory management system that can bless your poor inventory processes by streamlining them from scratch. Interested? Let’s talk about it more and learn how you can power your inventory operations from one single interface.
Simply put, Inventory management refers to a series of operations that contains ordering, storing, using, and managing a company’s inventory. In the broadest sense, inventory management also includes the management of raw materials, goods, and finished products, as well as logistics and warehousing of such items of a business.
There are different types of inventory management that businesses practice to effectively optimize and control their inventory at all levels; some of them include:
Just-in-time inventory aims to keep inventory levels at a minimum by receiving goods from suppliers just in time for production or customer demand. It reduces holding costs and the risk of excess inventory but requires precise coordination with suppliers and a reliable supply chain.
In ABC analysis, inventory items are categorized into three groups according to their importance and value. For example, Item A is high-value and needs close monitoring. Items B are moderately important, and items C are low-vale that require less attention.
EOQ is a formula-based approach that calculates the optimal order quantity to minimize total inventory costs. It considers factors such as ordering costs, carrying costs, and demand patterns to determine the most cost-effective order quantity and reorder point.
In this approach, the supplier takes responsibility for managing customers’ inventory. The supplier tracks stock levels, initiates replenishment, and provides timely deliveries. This approach provides tighter control over inventory levels and reduces the customer’s inventory management workload.
In consignment inventory, the supplier has ownership of the inventory until it gets sold by the consumers. The supplier replenishes the stock as needed, and the customer pays only for the items sold. This arrangement reduces the customer’s financial risk but requires close cooperation and accurate tracking of sales.
Serialised inventory management involves assigning a unique serial number to each individual item or product unit. It enables precise tracking and control of inventory by monitoring the movement of specific units throughout the supply chain. This is particularly useful for industries with high-value or regulated products.
Powering inventory management system will bless you with many benefits, which include the following-
The inventory management system provides timely paperwork and other key features that promote strict compliance while establishing strict norms. It will give you control and let you take care of the quality requirements you want to establish in your business processes.
Inventory management is the core operation of every e-commerce business. You need to track and manage your network with vendors and suppliers, and inventory management software will help you at all levels. During inventory management, the quality of raw goods and keeping track of batch numbers and inventory becomes easier. Inventory management software will promote the smooth production of your inventory before leaving any room for error.
Hidden expenses are dangerous for any business. There’s a huge investment that happens in the footwear industry because you need manpower and powerful machinery to provide better value to your customers. The out-of-the-box costing, when you’re not aware of the costing module, can bring some serious damage to your fitness. With the inventory management system, you can easily analyze the cash flow and track it at every possible point.
Consumers demand new variety on a regular basis, and manufacturers find it hard to strike a balance between R&D and constant innovation. The inventory management system solves this problem with its intuitive laboratory module, which facilitates simpler R&D while keeping up with the original methods. Inventory management software enables businesses to manage various shoe colors and variants in order to satisfy customer demands.
Having a reliable inventory management interface can help businesses fill orders and track products. This system tracks every product that enters and exists during production, sales, and storage. Many IM interfaces are also point-of-sales, which means that they have the ability to process payments and sales altogether. They can also have the ability to integrate with your existing point-of-sale systems.
The best part of inventory management systems is that they effectively reduce company costs by preventing overstocking. When a company has accurate insights into its inventory, it can track stocks and prevent backorders. Overstocking can lead to unexpected costs, such as overloaded products can take more space in the warehouse and are also vulnerable to getting expired or outdated, as we have discussed earlier.
Adding an inventory management system can significantly reduce various additional costs connected with stocking inventory, such as.
If you’re still fided about adding an inventory management system to your workforce, do not skip this section. Here we have listed a few reasons that you can relate to if you have poor inventory, including the following-
How are your stocks? Do you find yourself running out of stock frequently? Can you find any logical reason behind running out of stock? If this is your condition, you need a highly-advanced and reliable inventory management interface that can provide you with a clear report of your stock to prevent overstock or stock shortage.
Having no clue about how much stock you’re carrying is a red flag. That’s a clear sign that your business needs an inventory management system. With a reliable inventory management system, you can generate reports with just one click to understand exactly how much stock you have.
Manual counting is vulnerable to error, but having a reliable inventory management system can get accurate counting, perform better audits, and manage your stock efficiently. It can become time-consuming and tiresome if you stay glued to manual counts to understand what stock you have. With an automated system, you can easily track your stock and track figures kept by an inventory management system.
Now that you’re acquainted with the inventory management system, it’s time to learn some tips to help you core strong inventory management operations.
Managing inventory management is a never-ending routine task. You must constantly track results, monitor stock levels, and solve any issue. If you have this data, you can easily define your management plans.
Managing all your stock and inventory at once is a daunting task. Start by identifying critical stock and optimizing operations around them.
Safety stock management involves maintaining inventory cushion to ensure businesses can meet customer demand during peak periods or unexpected fluctuations. It’s like having extra supplies of wrapping paper during the holiday season, ample fuel at a gas station, or an abundance of candy in American stores before Halloween. By strategically holding safety stock, businesses safeguard against potential stockouts and keep their customers happy.
In the realm of supply chains, the game has transformed. Gone are the days of disconnected elements operating in isolation. Today, supply chains pulsate with interconnectivity powered by real-time data analytics. This digital magic unveils vital insights on stock levels, precise locations, and accurate delivery times.
Armed with cutting-edge technologies like barcode and QR code scanners, along with ingenious tracking devices, logistics hurdles have been defeated, becoming rare sightings. Real-time data serves as a compass, empowering businesses to swiftly navigate and make informed decisions, ultimately slashing costs across the supply chain. This alchemy yields a greater return on investment and leaves customers spellbound with satisfaction.
You can schedule a free demo of Inventory Management System. If you are looking for Spend Management, Purchase Management Software then you can also contact us.
Imagine that you’re a procurement manager of an organization, responsible for tracking and managing the complex web of purchasing activities from scratch. From identifying needs, obtaining quotes, and negotiating contracts to tracking invoices and ensuring timely payments, the procurement journey can sometimes feel like navigating a lost ship in the sea. During all this working with a siloed procurement software can wreak havoc in the procure-to-pay process. If managing procure to pay cycle feels like an uphill battle to you no worries we have got you covered.
But before you call up for a procure to pay services, you should know about it otherwise you’ll be conned by fake p2p cycle services providers. We don’t want that to happen with you. In this article we’ll talk about what is procure to pay, and how you can choose the right procure-to-pay software, to make your procure-to-pay process truly effective.
Simply put, procure to pay is a process that is practiced to acquire the needed services and goods from suppliers at a good price. The P2P cycle process involves different steps, such as- purchasing, sourcing, receiving, payment, and invoice approval. procurement is the core of any organization working online. The P2P process ensures that companies get the right products and services at the right time, price, and quality. For more clarity, we have mentioned the P2P process flow
Now unveil the secrets to a smoother procurement process by exploring the transformative power of procure-to-pay (P2P) software.
The power of P2P software is nearly limitless, let’s discuss the benefits of P2P software that you can avail and streamline your procurement process-
P2P software automates and streamlines the entire procurement lifecycle, reducing manual tasks, paperwork, and human errors. This automation leads to improved efficiency and time savings for procurement professionals.
By implementing P2P software, organizations can achieve cost savings through better visibility into spending, increased accuracy in invoicing and payments, improved contract management, and optimized supplier negotiations. P2P software enables better control over budgets and spending, ultimately reducing costs.
P2P software helps enforce compliance with procurement policies, regulations, and contractual agreements. By providing standardized workflows, approvals, and audit trails, organizations can ensure adherence to internal and external compliance requirements, mitigating risks and maintaining transparency.
P2P software facilitates effective supplier management by centralizing supplier information, enabling supplier performance evaluations, and simplifying communication and collaboration. It helps organizations identify and engage with reliable suppliers, negotiate better terms, and maintain strong relationships.
P2P software provides real-time visibility into procurement activities, enabling better tracking, monitoring, and reporting of key metrics and performance indicators. This data-driven approach empowers organizations to make informed decisions, identify areas for improvement, and optimize procurement strategies.
With automated workflows, P2P software accelerates the processing of purchase requisitions, purchase orders, invoices, and payments. It reduces manual handling, eliminates bottlenecks, and ensures timely payments, improving cash flow and strengthening supplier relationships.
P2P software minimizes manual data entry and automates validation processes, reducing the chances of errors and discrepancies. This leads to improved data accuracy, better financial management, and stronger control over procurement operations.
Procure to pay software can adapt to the evolving needs of organizations, accommodating growth, changing requirements, and industry-specific demands. It provides scalability and flexibility to handle increased transaction volumes, multiple currencies, and diverse procurement processes.
Procure to pay software seamlessly integrates with other enterprise systems such as ERP (Enterprise Resource Planning), financial management, and inventory management systems. This integration enables smooth data exchange, eliminates silos, and improves overall operational efficiency.
Modern P2P software is designed with intuitive user interfaces, making it user-friendly and easy to navigate. It simplifies the procurement process for users, increasing user adoption and overall satisfaction.
The power of P2P software is nearly limitless, let’s discuss the benefits of P2P software that you can avail and streamline your procurement process-
The journey begins by collaborating with cross-functional stakeholders to identify and define business requirements. This crucial step ensures a clear understanding of the goods or services needed, establishing the foundation for a successful procurement process.
Once the requirements are defined, purchase requisitions are generated. These formal requests capture the specifics of the procurement, including specifications, terms of reference, or statements of work. Requisitions serve as the official documentation initiating the procurement process.
The submitted purchase requisitions undergo thorough review by department heads or procurement officers. Approvers carefully evaluate the need, available budget, and completeness of the requisition form. Approved requisitions proceed to the next stage, while incomplete ones are returned for necessary revisions.
Depending on the nature of the procurement, either purchase orders or spot buys are created. Spot buys cater to unique, one-time purchases or low-value commodities. Purchase orders are generated from approved requisitions, formalizing the commitment between the buyer and the vendor.
Before dispatching purchase orders to vendors, they go through an approval loop. This critical step ensures accuracy, validity, and compliance with organizational policies. Vendors have the opportunity to review and respond by either approving, rejecting, or initiating negotiations. Upon approval, a binding contract is activated, solidifying the transaction.
Automating the procure-to-pay process brings a multitude of benefits to the procurement and accounts payable teams, as well as the overall organization. Let’s explore the advantages of implementing P2P automation:
P2P automation eliminates time-consuming and error-prone manual tasks, resulting in cost savings and improved processing efficiency. By fully automating procurement and payables procedures, organizations can collect and analyze 100% of their financial data, gaining valuable insights across the entire supply chain.
Automation enables seamless and simplified communication with suppliers. Through various channels, organizations can connect and share data and documents with suppliers of all sizes. P2P automation fosters stronger supplier relationships by ensuring on-time payments and providing real-time visibility into transaction progress.
Implementing an electronic procurement (e-procurement) solution empowers end-users to easily find and acquire the necessary items while adhering to purchasing rules and negotiated contracts. A user-friendly interface, robust data architecture, and guided purchasing capabilities promote compliance and reduce maverick spending.
CFOs and CPOs focus on cost control, spend management, and operational efficiency. P2P automation solutions provide a holistic view of suppliers and spending, enabling strategic decision-making. With comprehensive data and enhanced visibility, organizations can better manage expenditures, mitigate risks, and optimize the entire supply chain.
Comprehensive procure-to-pay solutions offered by select vendors automate each stage of the P2P process, ensuring end-to-end efficiency. Vendor management platforms and systems automate requisition creation and purchase order issuance, expediting critical components of the procure-to-pay cycle. Additionally, invoice automation systems streamline invoice data capture, reduce error risks, and automate accounts payable operations.
By utilizing electronic invoicing systems, vendors can also minimize mistakes or delays in invoice submission, ensuring invoices reach the correct destination in the right format. Some solutions automatically convert purchase orders into invoices and establish system-to-system connections for processing large volumes of invoices.
With procure-to-pay software, organizations can unlock the full potential of P2P automation, realizing increased efficiency, control, and accuracy throughout the procurement and payment processes. Are you looking for the best purchase management software to pay process services? We have the best software for procure to pay cycle operations. Try our P2P process software now, and streamline your P2P services with us.
Are you looking for software that automates your leave management from scratch? Well, here we are with another interesting HR Management Software that will get the job done! In today’s article, we’ll talk about the leave management system and why your business needs it. Keep reading till the end.
When running an organization, it doesn’t matter how employee-friendly your work culture is; sooner or later, they will need a day off for a vacation to vent out and spend quality time with family and friends. Career and work are important aspects of life, but making a career in your life can be unhealthy. Hence it is important for both the company and the human resource department that every employee should get a day off when needed.
As the leading employee leave management system providers, we understand that keeping track of leaves is a tricky job and requires eye-to-detail monitoring. The leave management process includes different types of leave, which makes it complex, such as casual leave, sick leave, compensatory time off, earned leave, paternity leave, and maternity leave. It’s not just about a day off; sometimes, employees may also require leave for unforeseen circumstances, such as medical emergencies that can’t be controlled.
That’s why every organization should power their workforce with a highly-advanced and reliable leave management system that can accurately track holidays, leaves, compensatory days off, accruals, and payouts from a single centralized dashboard.
If you’re looking for employee management software that can automate your leave management operations from scratch, then you’ve landed in the right direction. Here we’ll cover everything from what is a leave management system, what it’s so important, and how to choose the right leave management software for your company. Let’s get right into it.
Leave management is a centralized interface that handles various processes of leave management, such as managing, recording, and monitoring employees’ time-off requests. The primary objective of a leave management system is to handle leave requests impartially and ensure that employees’ absence from work should not slow down operations. If you’re still registering employees’ leaves manually through paper forms, excel sheets or emails, then your leave management system needs a serious overhaul.
Manual record keeping is vulnerable to errors and legal compliances or can be manipulated by an employee on a particular day for a payout. Having a leave management system will provide you administrative access to track employee availability in your company and rescue you from all these troubles. Our advanced hr leave management system provides a plethora of advanced features, such as synchronized shift timings, employee leaves, and holidays with payroll for automatic payroll processing.
Things which made leave management operations complex are either provided by the organization or instructed by the government-
The company provides Earned or privileged leaves when an employee works for a particular period in a company. For example, some companies offer 1 EL for 23 working days. Employees can avail of these earned leaves without having any deductions in the payout. This leave can be encashed as well.
Casual leaves require prior approval from the management. Employees can take only 3 to 7 casual leaves, but it varies from company to company.
If any employee is not feeling well and can’t work, he/she can take sick leaves. Mostly sick leaves don’t require approval because it’s something that people can’t see coming, but employees have to provide a medical certificate if it extends more than 2-3 days.
Leave without pay means loss of pay when employees spend all their leaves and still take more leaves.
Alternatively, if permitted by the leave policy, employees have the option to carry forward any unused leaves and apply them towards future leave requests.
When employees work during holidays, they may be entitled to compensatory off or “comp off.” Comp off refers to additional leave days given to employees as compensation for working on holidays. The number of comp off days granted is typically equal to or less than the number of holidays worked. However, it’s important to note that each company may have its own specific policy regarding compensatory off, which can vary.
Employees are granted leave for marriage anywhere between 1 to 15 days, but most companies offer three days of marriage leave.
Paternity leaves are offered to the father of a newborn baby so that the father can take care of the mother and infant. The paternity leave policy may vary between 2 to 5 days and vary from company to company.
Bereavement leave is a compassionate provision granted to employees in the event of a family member’s death. This type of leave allows the employee to participate in the funeral or memorial services, attend to personal matters, and cope with the grieving process. The duration of bereavement leave can vary, typically ranging from 2 to 20 days, depending on the specific policies implemented by the company.
Managing leaves of employees is nerve-racking and challenging, especially when you do it old-school or manually through pen, paper forms, emails, and Excel sheets. One minor mistake can cause a big blunder which can impact payroll operations and can also cause a resource crunch.
Here are a few reasons why you should have an online leave management system, such as-
Having a leave management system will streamline your leave management operations. It will establish compliance by providing you with the ability to track employees’ leave and complies the statutory requirements of the states.
Some HR leave management software comes with in-built HRMS platforms that offer an effective reporting functionality that will be very useful for the quick management of reports. This feature will help both management and employers to evaluate company-wide and employee-wide reports and data quickly.
This automated feature streamlines the process of setting up emails and extracting their content efficiently. The exceptional leave management system provides the capability to automatically configure leave requests based on incoming emails, eliminating manual effort and ensuring seamless leave management.
To create a balance between maintaining & create a leave policy, it’s important to keep track of the taken leaves and outstanding balance. Having leave management software will help you to keep track of their leave balance and entitlements.
Leave management is an uphill battle for some organizations working manually. Some of the common challenges that companies face in the absence of an LMS leave management system are:
Leave tracking is the paramount responsibility of HR professionals, but this job is pretty challenging. Hence, it is difficult for the company to keep track of leaves and the attendance of employees. Using papers and sheets is vulnerable to getting destroyed or misplaced, which will cause a huge data disaster.
Accurate payroll processing can’t happen without the supervision of a proper leave management system. Leave management software not only automates leave management operations at all levels but also filters out errors in payroll processing, and it’s not possible with pen and paper.
Effective communication of leave policies and entitlements is crucial for organizations to avoid confusion, frustration, and dissatisfaction among employees. Ensuring that employees are well informed about their rights regarding leave policies and associated benefits is essential. By providing clear and comprehensive information, organizations can promote transparency and maintain a positive and harmonious work environment.
Most of the leave management software supports cloud-based deployments and provides hassle-free access from anywhere from any device at any time. It will directly save you from server infrastructure costs.
Customise and Incorporate Holidays to Suit Your Unique Requirements. Effortlessly Set and Manage Custom Shift Timings with a Simple Click within our User-Friendly Software.
Paper forms excel sheets, and applications have brutally failed in managing employees’ leaves. Now that you have got acquainted with the supreme leave management software, now the next challenge is to get the perfect leave management system for your business. There’s a galaxy of software in the market; how do you navigate to software that matches your business requirements?
This section is for you! Here we have listed some key points that you need to consider while connecting the leave management system with your workforce, including the following-
Your leave management should provide excellent automation, as it is the essence of the leave management system.
It should automate annual leave allocation, including auto-increment and carry-over.
Your leave management software should provide a feature to approve/add different custom-created leaves for better management. For example, custom allowance, half-day requests, etc.
Your leave management should have the ability to notify managers about having received a leave request. Similarly, the employees should also receive emails about their leave status.
In conclusion, leave management software plays a crucial role in simplifying and streamlining the process of managing employee leaves. It offers numerous benefits for organizations, such as automating leave requests, tracking employee attendance, and maintaining accurate records. With the click of a button, employers can efficiently handle leave approvals, ensure compliance with leave policies, and maintain a transparent and fair leave system.
The software reduces administrative burden, minimizes errors, and promotes efficiency in managing employee time off. By utilizing leave management software, organizations can enhance productivity, improve employee satisfaction, and foster a harmonious work environment. It is an essential tool that enables organizations to effectively manage and track leaves, ensuring that employees’ entitlements are accurately recorded and communicated.
Schedule a free demo of our Leave Management System!
Procurement challenges such as financial fraud, Supply chain disruptions are the horrors of sluggish purchasing management that every Top-tier and SMB finance owner doesn’t want to experience. Purchasing management is a number one time killer for finance teams. If you’re battling this issue, then this article is for you. In today’s article, we will cover the importance of purchasing management and how it can help streamline your finance operations.
The term “purchase management” might be hard to digest if you’re learning about it from scratch. In layman’s terms, purchase management is the Sherlock Holmes of your finance-related operations. It will constantly track digital footprints and clues to uncover hidden savings, save you from potential risks, identify quality suppliers, and manage the relationship with your supplier. If you think this is it, you’ve just seen the tip of an iceberg. There’s a lot that you need to know. Purchase management software can be used for more than just purchasing goods and services.
This advanced software also researches material and sources, ensuring deliverables are timely. Purchasing management is managing the purchase of services and goods that the company requires from vendors and suppliers. Purchasing management is the core operation of the organization that, if done with precision, can improve the profitability and efficiency of the company. Purchase management contains a chain of processes that needs to be done with precision, or it can wreak havoc, leading companies to face financial downtime. Managing purchasing operations is not a single man’s work. Hence you need to power your financial operations with a highly-advanced and reliable purchasing management software that will automate the processes at all levels.
This advanced software also researches material and sources, ensuring deliverables are timely. Purchasing management is managing the purchase of services and goods that the company requires from vendors and suppliers. Purchasing management is the core operation of the organization that, if done with precision, can improve the profitability and efficiency of the company. Purchase management contains a chain of processes that needs to be done with precision, or it can wreak havoc, leading companies to face financial downtime. Managing purchasing operations is not a single man’s work. Hence you need to power your financial operations with a highly-advanced and reliable purchasing management software that will automate the processes at all levels.
If you’re still on the fence about powering your procurement process with purchasing management software, then here we have added some major benefits that you can avail yourself from purchasing management software, including the following-
Here we have explained the top features of purchasing management software, which include the following-
Having reliable and smart purchasing management software will allow you to integrate all pending and paid invoices. You can track completed payments and overview past, recent, and upcoming transactions. This software also lets you control an allocated budget for purchasing functions. Buyers have all the relevant information they need to minimize unnecessary purchases. Purchasing management software also performs cost analysis, tracks compliance-related expenses, and category management.
PM software allows easy order monitoring; It’s a perfect tool for generating invoices and quotes at your will! It provides complete transparency within the business process. Purchasing management system allows employees to easily place orders through approved supplier websites or catalogues.
You can access every information about your supplier from one place. This centralized hub promotes improved evaluation and integration of suppliers, secure information updates, effective risk management optimization and analysis of communication channels.
Purchasing management software serves as a powerful catalyst for enhancing supplier relationships and elevating contract compliance rates. By leveraging the capabilities of this software, organizations can effectively strengthen their ties with suppliers and ensure a higher level of adherence to contractual agreements.
Purchasing management software will inform you in real time when orders are received. You will no longer need to re-verify if an order has been received, as all data is centralized under a unique reference. It just takes a couple of clicks to see if you need to chase up a supplier(s).
Ensure that the purchasing management software offers stringent security standards and compliance regulations. Depending on your industry, it provides various security and surveillance features, such as data protection measures, access controls, encryption capabilities, and compliance with regulations like GDPR or HIPAA.
Purchasing management resolves problems like supply chain disruptions by proactively managing supplier risks and developing contingency plans. This software identifies alternative suppliers, diversifies supply sources, and mitigates potential disruptions caused by factors like natural disasters, geopolitical events, or supplier insolvency.
With a purchasing management system, you can crack favourable deals by identifying cost-effective suppliers for your business. It allows you to have control over purchases related to procurement, minimizes overall costs and improves the organization’s financial resources.
The internet is crowded with hundreds or even thousands of purchasing management software providers, but most of them are there to con you with false proposals. So how to land the right procurement software that can manage your organization’s procurement process? Here we have added some filters that will help you to choose the right purchasing management software for your procurement process, including the following-
It should have a user-friendly interface that can be easy to understand and navigate without any supervision. Your purchasing management software should also provide a great user experience, allowing users to perform tasks quickly without the need for extensive training. With this, you will have better productivity in your procurement process.
Your purchase management software should provide comprehensive tools to manage the entire procurement operation. It should have advanced features, such as requisition management, purchase order creation and approval, supplier management, contract management, invoice processing, and reporting capabilities. It should cover the complete procurement lifecycle, allowing companies to control and track their overall purchasing activities effectively.
The software should be scalable to accommodate the needs of different types of companies, ranging from small and medium-sized enterprises (SMEs) to large corporations. It should offer flexible licensing options and the ability to activate or customize functionalities based on the specific requirements of the organization.
Your purchasing system should be compatible with the existing ERP ( Enterprise Resource Planning) system and other information systems (IS). This integration will allow you to perform synchronization and data exchange between systems.
Having an impeccable purchasing strategy is crucial to make effective purchasing decisions and to timely deliver quality goods on time with mutually decided terms. Having a sluggish or futile purchasing strategy will demote productivity and can also lead to data disaster. Although having an effective purchasing strategy can streamline your procurement workflows, having highly-advanced purchasing management software will automate the process from top to bottom, save time, and promote better productivity.
Let’s discuss the best practices and purchasing strategies that you can use to streamline your core procurement operations.
First is single-source procurement, which means when a company uses only one source for procurement. This involves the contribution of a vendor with excellent service who is dedicated to the relationship.
There are various procurement strategies, and one of them is the purchasing cycle, where companies order from a group of regular vendors and use outsourcing procurement for their larger and ad hoc purchases. In layman’s terms, this method revolves around companies establishing ongoing relationships with a select group of trusted vendors while also opting for outsourcing procurement to handle larger-scale or sporadic purchases. Within the purchasing cycle, organizations establish a roster of regular vendors with whom they maintain long-term relationships. These vendors are carefully chosen based on factors such as reliability, quality, pricing, and overall compatibility with the company’s needs.
Procurement auctions are a common procurement strategy used by top-tier SMBs to procure goods, works, or services from suppliers. These auctions introduce competition among suppliers, driving down costs and encouraging efficiency. Here’s a short brief about procurement auctions:
The core of procurement auctions involves competitive bidding, which is a process where multiple supplier bids for a particular procurement opportunity. The bidding is done in different ways, such as online auctions or sealed bids, depending on the company's requirements and preferences.
The main goal of procurement auctions is to promote cost reduction. By representing competition among suppliers, companies can easily compare prices and crack better deals. This process often leads to lower prices as suppliers strive to offer the most competitive bids to secure the contract.
Procurement auctions promote transparency and fairness in the procurement process. The bidding process is conducted openly, allowing all participating suppliers to see each other's bids. This transparency ensures that the selection of suppliers is based on objective criteria and that the process is fair for all participants.
It's crucial to conduct procurement auctions under relevant legal and regulatory requirements. Companies need to make sure that the auction process follows underlined laws, such as anti-trust regulations, and follow internal guidelines and policies.
The essence of procurement auction is to remove risks associated with supplier selection. By inviting multiple suppliers to bid, organizations reduce their reliance on a single supplier, thereby diversifying their supply chain and minimizing the risk of disruptions.
Procurement auctions allow companies to examine suppliers based on other different aspects, such as delivery, quality, past performance, timelines, and compliance with contractual requirements.
Procurement auctions promote fairness and transparency in the process. Here the bidding process is performed openly, allowing all suppliers to see each other's bids.
Purchasing management is not just about purchasing goods or services for an organization at a better price. Several other objectives of purchasing management software will contribute to a company’s success, from controlling costs to landing underlined business requirements and maintaining supplier relationships.
Spending too much with one supplier can be a suicide move. If that particular supplier fails to fulfil their obligations or increase their price significantly, the company may face challenges such as delayed deliveries or the need to raise prices, potentially impacting their customer relationships and business. To mitigate such risks, purchasing Management emphasizes the importance of diversifying the supplier base. By expanding the pool of suppliers, organizations can enhance their security of supply.
Choosing the right supplier for a business is important as pricing and supplying. Companies may want to make sure that they support SMBs by providing a certain percentage of their purchasing budgets accordingly.
Making wise spending decisions is important in purchasing management. As purchasing typically represents a significant portion of a company’s expenditures, allocating those dollars wisely can profoundly impact the organization’s growth and success. By investing in the right purchases, a company gains the opportunity to expand its market share, increase sales, and establish itself as a frontrunner by introducing high-quality products to the market ahead of competitors.
There you have it! I hope you have gained all the needed insights about purchasing management software. Are you looking to purchase management software to streamline your procurement process? No worries, we have got you covered! Contact us, Schedule a free demo, and power your business operations with the best purchasing management system now!
“Money Attracts Money” is a common phrase in the business world. You need to spend some bucks to make your business grow. Money is the lifeblood of every big and budding enterprise; raw materials, employees’ salaries, and maintenance are just breadcrumbs of company expenditures. Hence monitoring and managing your financial expenditures is a paramount responsibility, or it will take a toll on company revenue.
The last five years starting from wars, pandemics, crises, climate, and economic downfall, have put the expenditures management competencies of modern businesses to the test.
It’s impossible for organizations to escape turbulence caused by the event. Still, organizations that are most strategic and quickest to react and make informed decisions will likely have an edge against their competitors. Organizations with poor expenditure management fight an uphill battle to stay in the competition. If this is your story, and you’re looking for a way out, this article is for you. Here we will cover every corner of spend management and why your business needs it.
Spend management is the process of tracking, controlling, analyzing, and optimizing a company’s overall spending to protect them from financial downfall or revenue loss. The spend management process includes vendor/supplier relationships management, procurement expenses, business travel, software subscriptions, and entertainment expenses.
In the broadest sense, spend management is the art of managing and planning business expenses to minimize waste. The spend management includes the following operations-
The primary agenda behind spend management is to manage company purchases holistically, remove risks, maximize value, and provide the best total cost of ownership. Top-tier procurement organizations Align spend management on managing and controlling their out-of-policy spending.
Money fuels business, which makes spending management among the priority operations for business that works strategically and brainstorm to garner better results and growth. Without clear insights and understanding of organizational expenses, companies can face economic downfall and face financial crisis. Having a well-mapped expense management system helps organizations avoid financial crises and bag massive profits by eliminating unwanted expenses and controlling spending.
If you’re still weighing the pros and cons of spend management and having thoughts that it can improve the spend management process of your workforce, then here we have listed some primary key benefits of having spend management-
Powering your business workforce with a well-implemented spend management system will provide you with clear data insights so you can make informed decisions. Information is usually captured, aggregated, and managed in a highly-encrypted software interface. Having the data on real-life spending from departments will give you insights into how your company really spends.
Spend management software allows you to have real-time tracking. With clear purchasing guidelines, approval workflows, and the right tools, you can keep track of spending visibility and diagnose potential problematic issues on time.
By using a spending management system, managers can make sure they handle the money they owe and the money owed to them in a timely manner. They can predict how much they need to pay and how much they will receive, so they can plan ahead and have enough cash available. This helps them avoid having to borrow money and keeps their cash flow stable.
Having a smart spend management system will not only protect companies from economic crises. but also diagnose and eliminate inefficiencies that can hinder and slow down work processes in the future. Whether it’s a process that involves too many unnecessary approval steps, spending more than the budget allows when issuing a purchase order, or making a less-than-ideal choice of the delivery company, once these issues are identified, they can be improved.
Spend management is not only used by top-tier companies that work with large amounts of expenses but also for small and medium businesses aiming for sustainability, scalability, and profitability. With a smart spend system you can create right purchasing guidelines that cover costing reports from scratch.
Today as business runs with data and money, having a right spend management tactics has become a necessity. Spend management is the art of managing, controlling, analyzing overall spending to get a massive ROI (Return On Investment) on every dollar you spend. The core USP of a spend management is that it allows employees to spend from the underlined project budgets without waiting for approval from the financial team or higher management.
In the broadest sense, a spend management system offers organizations improved flexibility and agility while ensuring stringent compliance and improved control for employees and admins.
The answer is simple, poor spend management policies which can significantly impact the financial health of companies. Here are few reasons justifying why companies have budgeting hiccups at month end-
Foggy visibility, inaccurate data, and poor tracking can leave you with the budgeting hiccups at the end of the year. With the highly-advanced spend management system, you can have real-time tracking of your overall spending.
The procurement policy or purchase policy is a document that outlines the roles, responsibilities, and limits for using company funds. It provides guidelines for how money should be spent within the organization. The poorly communicated or adopted teams may not know what is expected of them. This can lead to misunderstandings, non-compliance, and missing approvals.
The aftermath of unclear policies is a complex process. You need to have processes that should be intuitive and easy to follow for company purchasers. Sluggish purchase processes will make people withdraw and leave.
Companies mostly turn to the budget-saving mode when they notice overspending in the financial year. However, there are better approaches than digging well when you’re thirsty which might disrupt your entire business process. With a spend management system, you’ll get real-time data on overall expenses to map your cost management strategy accordingly.
Poor spend management carries significant risks that can have detrimental effects on business operations and financial stability. Overlooking or underestimating this crucial financial process can lead to various negative consequences, including:
Inadequate spend management can disrupt the financial stability of a company. It can result in cash flow issues, budget overruns, and difficulties in meeting financial obligations. This instability can hinder business growth and jeopardize its long-term viability
Poor spend management systems can cause insufficient control, unclear guidelines, and suboptimal workflows. This will directly increase procurement expenses in general.
Poor spend management can lead to inaccuracies in your financial reporting. This mismatch can impact decision-making, investor confidence, and compliance with regulatory requirements. It undermines transparency and trust in the organization.
Futile spend management can affect relationships with your vendors and suppliers. Issues such as late payments, disputes over-invoicing in the supply chain process that can lead to a loss of business partnerships.
Neglecting proper spend management can result in missed opportunities to save costs. By not optimizing purchasing processes, negotiating favorable contracts, or identifying more cost-effective alternatives, the company may incur unnecessary expenses and miss out on potential savings.
Ignoring proper spend management practices can expose the company to compliance and legal risks. This includes failing to comply with regulations, engaging in unethical practices, or violating contractual agreements, which can lead to fines, legal disputes, and damage to the company’s reputation.
The benefits of spend management software are nearly limitless. Reliable spend management software provides companies with a comprehensive and centralized interface for extracting value from the procurement process.
It improves efficiency
Spend management software 10x the accuracy and speed of your business processes, including-
Avoiding out-of-policy expenses is as important as monitoring where your cash is flowing. Using an effective spend management platform minimizes risks in a number of ways:
The highly-advanced spend management software provides a complete integrated interface with your existing accounting software and ERP solutions with administrative access:
Effective spend management software generates valuable business intelligence through analytics and insights, empowering smarter spending and sourcing decisions. By leveraging this intelligence, procurement teams can shift their focus from tedious data entry and exception handling to strategic planning and relationship building.
The insights derived from business intelligence enable teams to evaluate internal practices, vendor performance, and overall spending patterns. This facilitates informed decision-making and the implementation of policies that drive efficiency improvements.
Furthermore, this heightened intelligence contributes to profitability and reinforces a resilient supply chain, safeguarding business continuity against unforeseen disruptions.
Now that you have sensed the importance of the spending management system. Know what you should look for in a spending management system for better financial efficiency. While there are galaxies of spend management systems, how to land on the right one? Well, for that, keep on reading the next section that will help you navigate the right spend management software for your business.
So, you’re looking for spend management software, right? But what are the primary features you’re looking for in an ideal spend management software? The essence of the best spend management software lies in the it provides for solving your problems. If you’re just getting started and looking for a solution, then keep reading this section-
The USP of the spend management software is to manage the expense of top-tier and SMB enterprises. Businesses use spend management software to track their cash flow as efficiently as possible. Manual expense management is vulnerable to human error, which can bring a huge loss of revenue. You don’t want this to happen to you, right? To avoid such scenarios, you need to power your business financial operations with a smart and reliable spend management system that records overall expenditures in real-time and gives you a clear report of where your budget is spending.
Nowadays, suppliers expect different payment channels and even offer special discounts for the privilege. Having a smart spend management system will provide different payment options. This will also build better supplier relationships as well.
The essence of spend management software is to provide you real-time history of the overall expenses of your organization. This functionality is invaluable as it helps businesses to save external expenses and make more savings in less time.
Retrieving receipts, invoices, and POs can be frustrating and consume a lot of time. A spend management software will provide you the ease of retrieving data effortlessly and keeping track of your every document. This functionality also gives you the ease of matching documents to double-check transactions.
Managing your expenses is not rocket science, but with a calculated approach, you’ll be able to easily track your expense obligations and manage them easily. Here we have mentioned a few steps through which you can easily manage your spending in a smarter way-
The first step to ace budgeting is identifying all the primary channels you make expenses from, indirect or direct.
Once your expense channels are identified, the next step is to build a smart system to manage it efficiently. This step includes creating a purchase workflow. Having smart spend management will be a suitable software for this job.
Centralize all your expense data into a single location, providing a clear and comprehensive visualization of the information. This consolidated data can be easily filtered and analyzed, enabling you to make sense of the data sets more effectively.
While Excel is an option, it may not be suitable for processing data in formats other than its own. Therefore, it is often more beneficial to have a spend management system specifically designed with built-in spend reporting capabilities.
Adopting such a system eliminates the need to rely on multiple tools and makeshift solutions, ensuring everyone has access to a unified and reliable source of truth for expense-related information.
Are you looking for the best business spend management solutions? We have got your back! We provide advanced and smart spend management solutions that will automate your expense management at all levels. Contact us now! Save more! Schedule a Free Demo. Make informed decisions with our smart spend management software.
Mobile games are a new trend these days! With games like PUBG and others, people have become addicted and hooked to play it online. Such is the craze of online mobile games, that many got banned because of the influence created in the society. Mobile games have gained a lot of popularity since the exponential increase of online users all across the globe. Talking about the statistics, mobile games are emerging to become one of the most high revenue generating businesses in the world.
The year 2023 is seeing a remarkable and noticeable increase in the demand of online mobile games. If you are an aspiring game developer or a flourishing game app development company, then listed below are some great inspirational ideas for mobile game ideas:
Amongst all the most trending and latest mobile game ideas, this idea is selected for some valid reasons. As the world is becoming connected as one single umbrella, mobile games that address or are related to real world issues are preferred as compared to others. The real world issue could be anything, be it an environmental issue, political issue, pandemic issue or others. It is predicted that mobile games that hit global concerns are going to become popular in the year 2023. Just to quote an example here, the war of mine is a game that lets users experience the reality and horror of war. This mobile game puts the pressure on players to play the role of a civilian who is caught in a conflict and must do everything that aids for their survival. This game gives the players a harrowing and unique experience that stays with them even when they are not playing the game.
AR and VR mobile game ideas are surely going to hit the trend this year in 2023. With the advent of this new technology, players who are excited to immerse themselves in an experience that takes them to another world are going to love this new format of mobile games. As the new technology keeps pacing up with the latest camera and better sensory receptors in the mobile, we can surely expect some great AR and VR concept related mobile games that catches the interest of mobile gamers at the first instant. One of the great examples of this mobile game idea is the Rec Room which uses the latest cutting edge and world class technology to provide all gamers a unique, immersive and interactive gaming experience.
Over the past few years, this mobile game idea is gaining popularity amongst players at a big scale. Nowadays, mobile game players are always looking for games that are highly innovative and unique in the experience and India game app developers are obviously the right choice of people to develop these indie mobile games. The reason why these indie games are becoming so popular with gamers is that they provide a unique gameplay or story and are also extremely low in the budget. Some of the most trending and popular examples of these indie mobile app categories would be Monument Valley, StarDew Valley and Alto’s Adventure.
Social interaction is undoubtedly becoming one of the most significant parts of the mobile gaming experience. And one of the best ways to unleash this factor is by developing mobile apps that give a multiplayer gaming option to gamers. Trending mobile games such as the Brawl stars and Among Us have created a huge fanbase of mobile gamers as these allow them to experience a competition against each other.
Board games are a forever craze among gamers and this makes it certain that this mobile game idea is getting on its way to become one of the most liked game genres of all times.
What makes board games popular is its engaging and interactive experience that keeps gamers hooked throughout the game. What is best about it is that it can be played with multi gamers and is suitable for all age groups.
Angular 14 is undoubtedly one of the most popular and widely used web app development frameworks that has made the life of developers much easier and simpler. Over the years, its simple application has helped web app developers develop some of the fastest, most scalable, and most reliable single-page web applications. The angular 14 benefits are numerous, which is why there is so much craze about this web app development framework among developers.
The latest update that has gone 100% ivy in the previous release of angular 13 comes with all new primitive components. The latest update has something more exciting and helpful for all developers.
Angular 14 has brought in many new updates and exciting features to improve web development. Some of the most notable updates are:
The new and advanced version of Angular 14 features have some imperative improvements to debug and identify potential errors in the coding. But the most helpful and essential update in Angular 14 is the introduction and collaboration with the standalone components. Earlier, all components were needed to be a part of the module. This latest development has helped create self-contained components that can be easily reused in any project.
One of the important goals of Angular 14 was to ensure that forms should become user-friendly. In the general types, you can be assured that your value will match where it should and that these could avoid any unexpected errors, if any. The angular 14 feature of auto migration makes sure that there is an upgrade in old and new apps on top of the existing codebase.
The most significant and highly awaited angular 14 benefits is the introduction of the streamlined page and title accessibility feature, which is helping the developers in one way or another. The users can now easily navigate through pages that have complex or lengthy titles. This new angular 14 feature lets users quickly find a page with the first few titles.
The dev tools for Angular 14 can now be accessed offline too. There is no need to fret if you are short of an internet connection; the DevTools of angular 14 are now available offline. This new feature has come up as a great time saver for developers. With this new highlight, you can quickly inspect the angular 14 components and run diagnostics in real-time analysis.
There are some changes and additions in the (Content Development Kit) of Angular 14. The new set of new primitives includes:
Meet the new Google AI conversational chatbot that’s taking the world by storm!
Yes, we are talking about Google Bard. This is the new talk of the digital town. With the much talked about success of the Open AI’s Chat GPT, Google Bard is Google’s response in the AI chatbot genre. Now that the waitlist is over, here is everything that you need to know:
As the name suggests, Bard is Google’s new conversational and experimental AI chatbot similar to the Chat GPT. And that is why both of these chatbots are constantly being compared with each other. However, one of the biggest differences between these two chat services is that Bard will pull out its information sources across all web pages.
Google Bard was launched on February 6, 2023, in an official statement from Google’s CEO Sundar Pichai. Though it is an entirely new concept, it works on the LamDa (Language Model for Dialogue Applications) model developed two years ago.
Recently, Google unveiled its waiting list on March 21, 2023. The waitlist will have limited access to UK and US users on a rolling basis. The early user access and information will be taken as feedback to improve its AI chatbot services.
It was a rough start and launch of the Google Bard as it displayed wrong and inaccurate information on the James Webb Space Telescope. The very first response coming out of the AI chatbot prompt reply from Google Bard was factually inaccurate. People noticed it swiftly, and this created a spark of controversy around the launch of Google Bard.
Chat GPT has become an instant internet sensation since its launch. Within the first week of its inception, it got millions of users. Because of its immense success, the biggest tech giants, including Google, are trying their best to get into the hot spot as soon as possible.
The same week that Google launched Bard, Microsoft introduced a new AI-enhanced Bing based on a next-generation OpenAI big language model tailored exclusively for search.
While Bard argued it has no negative aspects, it conceded that it might be used to harm reputations, propagate misinformation that incites violence, and sway elections.
Even though there are some obvious flaws, it is still an outstanding chatbot service. The main challenge right now is that Bard only responds to certain prompts, so the users will have to ask it numerous times to write code, translate languages, and conduct many other activities it can accomplish besides writing text.
Though Google Bard is now available through the waitlist, it is still unclear how long it will take for everyone to use it. There is no set timetable for its widespread useability all across the globe.
With the exponential increase of online users on a global scale daily, it has become imperative for businesses to create a solid online presence. As per a recent study, almost 77% of US digital marketers agreed that getting on-demand app development services has helped businesses to grow and expand their reach significantly.
Considering the craze and popularity of online users towards the adoption of the latest technologies and strategies, on-demand app development is surely becoming the latest choice of flourishing and aspiring businesses to capitalise on a big market share. With so much to brag about on-demand app development, let us talk about the benefits it brings to the table:
Dynamic & Flexible:
To run a successful business in today’s competitive and fast-paced life, it requires a lot of planning and updating with the changing times. But with on demand app development, a lot of the unproductive and time-consuming tasks such as paperwork, record entry and payment clearance can be easily managed and scheduled.
Enhanced Customer Service: The customer is the king, and when it comes to serving them, the business should make no compromise. With effective and efficient on-demand app development services such as the one crafted by Elite Mindz, you can give your customers the leverage to access your products and services at their own convenience and comfort. This can enhance the customer experience and make it more streamlined and satisfactory in the long run.
Access A Wide Range Of Products & Services:
The on-demand app development is making the lives easier and simpler for both businesses and the customers. This allows the business to make available a wide range of products and services to their respective clients which was not accessible to them earlier easily. Furthermore, this can greatly help businesses to expand in new markets and reach potential customers in a better and planned way.
Enhanced Customer Loyalty:
With the easy accessibility of features like push notifications, personalised offers, discounts and order tracking, you can give your customer a better and more engaging experience altogether. The on-demand apps can create a positive impact on your customer, and this can help you win their trust and loyalty in your business in the long run. The Custom and tailor-made on-demand app development services that are specifically targeted to cater for your right audience can bring in a lot of potential benefits.
Increased Market Reach, Awareness & Visibility:
By leveraging the power of on-demand apps along with the collaboration of mobile optimisation, businesses can create an easy way to capture a big market share and make their online presence reach better with new prospects and locations. With the help of on-demand app development services, new brands and aspiring businesses can easily tap into a new market dimension and create a user-centric experience that helps to engage and connect better with the customers.
Final Thoughts: In the end, it would be no mistake to say that with the advent of on-demand app development services, businesses are getting benefited in numerous ways, and it has only been advantageous in one way or the other. With an ever-growing increase of on-demand apps, especially in mobile device optimization, it seems that this is going to become an integral and essential part of every business landscape very soon. If you are still missing out on this wonderful app-demand service, you must consider getting it done from a renowned and established on-demand app development service provider like Elite Mindz.
Since the early usage of the internet, web app & mobile UI has seen a big-time evolution. It is still expanding and transforming its horizons to cater to better and smooth user experiences for a vast fleet of online users at a global scale. Therefore, if you are a web & mobile UI design services business, then getting some really good inspiration and ideas is going to bring a lot of fresh creativity and design ideas to you. But before beginning with the inspirational ideas, let us first understand the concept:
If you are a regular internet user, then there is no doubt that you must have come across a lot of web application design in your daily internet browsing patterns. Just to make it more understandable, AirBnb, Canva, Hubspot, Spotify, DoorDash are all some of the most trending web application designs. They run and operate on a remote server and are an interactive web interface. These web applications can be easily accessed with just an internet connection. It facilitates online actions such as checking your email, making transactions with your bank accounts, or even online shopping.
Web application designing is a process that is structured to continuously improve the UI (User Interface) and overall User Experience (UX) of any online app or website in order to provide users a seamless and smooth online experience. However, don’t get it confused with software development; web application designing only focuses on aspects like functionality, interactivity, usability, and overall appearance of the interface, whether for mobile or a web page. Many web and mobile UI design services businesses can help your brand craft the most innovative and interactive web app designs.
The graphical layout and presentation of any app is called its user interface. It consists of fonts, colour palettes, images, and other important aspects that come in contact with the user interface. For an interactive user interface, it should be noted that all the crucial elements should be cohesive, both in functionality and aesthetically. These elements should resonate with the business or brand image and, at the same time, be smooth and responsive. Here comes the most significant role of web and mobile UI design services, and that is to develop and craft the most stunning, attractive, aesthetic, and responsive design that provides a seamless and interactive user experience.
A well-designed, cohesive, and visually appealing website is going to attract your target audience and retain them for a longer time. It helps to create a strong online image of your business and brand in the long run. A great web or mobile UI design can also help in enhanced lead generation and conversion rates. Therefore, when it comes to making a business investment in your web and mobile UI design services, always make a smart choice and collaborate with the one that is trustworthy and latest.
We drive innovative and collaborative Project Management Systems to build the most professional, robust and highly scalable solutions with almost 250+ IT professionals located in New Delhi And Mumbai locations.
