With the way 2021 has panned out, there has been a paradigm shift in the way businesses think. The primary factor affecting the industry at large is COST and how to better mitigate it. Automation along with technology has played a big part in this regard not just as a solution but also as an essential way to go about it through different verticals such as logistics, supply chain, vendor management, procurement, etc.
Procurement as a process is as vast as an ocean with variables and processes second to none. It could begin with a quintessential purchase request which would be a purchase order (PO) as a next step. Then there would be a vendor invoice generated followed by a gate-in formality form, quality check, returnable gate pass, non-returnable gate pass, inventory, stock transfer to different warehouses, reports, analytics with numerous approvals along the way to give you a gist.
Utilizing technology to automate or streamline the process can be an arduous task but that is exactly the reason why there should be a solution for the same preferably in SaaS and Enterprise models. This in turn would empower buyers and purchasing decision-makers to manage suppliers, control costs, save money with complete transparency and quality.
Ideally, AI should be a part of it with seamless integration, implementation, and customization along the way. Predictive Analytics and forecasting would enhance the user experience and also add to the ease of use. If negotiation and reverse bidding are a part of the process, it would unleash technology to replicate the flow of information to the next level.
Features that separate the best from the rest:
- Dynamic Workflows
which include but aren’t limited to approval, department wise, amount wise, module wise, TAT(Turn Around Time) wise, vendor wise, product wise, etc. There needs to be a dedicated vendor panel and contract management.
- Product Determination
A cutting-edge interface would let the clients effectively quest and peruse for the products and services that they need.
E-Procurement solutions need to associate with numerous different legacy frameworks simultaneously.
Whether one is in front of the desktop or on the go, orders need to be accepted rapidly and securely.
- Payment Gateways
Clients need to pay quickly with credit cards, pay through the ERP, or incorporate it to any other 3rd party.
Team up with suppliers so that clients can communicate and team up with providers.
- Legacy Frameworks
Regardless of gathered systems because of mergers or organic development, the e-procurement solution should broaden the quality & improve the lives of accompanying machines.
The software should control one’s spending by permitting clients to see their budget information progressively.
- Contract Repository & Versioning
The procurement solution should identify, mitigate, and protect against current and future risks. Minimize deviations with company-wide standard agreements and templates which should ideally result in at least a 50% Compliance Increase.
- Document Version Control
The use of incremental numbering or lettering of file names would show changes to a document or file.
- Negotiation/Bidding & Reverse Auction
One should gather multiple quotes in multiple rounds of biddings to raise PO for the lowest cost vendors.
- Spend Analytics
Spend analysis would uncover business buying patterns through an in-depth review of procurement data.
To help keep up with the transformation and multiple parameters in an intuitive manner.
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