Posted on October 12, 2020 at 11:57 AM
To simplify the procurement purpose or define it as easily as I can then purchasing a cricket kit for a school team to masks in the pandemic for an organization comprise procurement functions across boundaries, pun intended. Throughout this endeavour, it is a prerogative to define an ideal procurement software solution in the present day and age. This would in turn lead to lower costs and increased efficiencies.
Procurement Process Workflow
In an ideal world, procurement would begin with a purchase request creation and approval which would be followed by vendor shortlisting and negotiation depending on how intricate the hierarchy is and the size of the industry. The purchase order would result after the initial initiative and this would lead to invoice generation through invoice submission, invoice approval, and invoice verification.
The attention would then shift to finance and accounting to take into account the transaction leading to the payment and eventually the payment would be updated. This process would be done manually entirely or by integrating it into a software solution in a utopian world.
To define the unique selling points (USPs) of such a software, one would have to take into account, pun unintended, the exercise of amount approval through different criteria depending on the department, the turn-around time (TAT), amount, module, vendor and product. Given the complexity of money changing hands between seller and buyer, filters with different authorities need to be present.
The analytics and advanced reporting feature also need to be incorporated which is about ease of usage and graphical.
There would be a separate vendor panel which would be something meant for a seller along with contract management to rid of all the paperwork and ink.
The following would be some of the features of a procurement software solution:-
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