Ideal Procurement Software Solution
The Search for an Ideal Procurement Software Solution
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.
USPs
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:-
- A captivating UI would generate the best user experience which would be an added benefit to innovation and functionality used in making the software.
- Making appropriate customizations to integrate an ERP used by an organization into a single software.
- A multi-platform performance giving the flexibility to the user to access the software at any given time.
- Multiple payment gateways which might belong to a third party, credit cards, or payment through the ERP itself.
- A strong alliance with numerous suppliers to generate a clarity of payments, invoices, etc. which generally happens at the back end of the process.
- To add to a company’s Legacy Framework through growing organically and through mergers and acquisitions. Ex. A legacy system on Foxpro should not be left redundant with the introduction of a procurement solution.
- A Spending analysis to give an overview of the budget allocated to every department and the limits of spending.
- Formation of Contract Repositories to give an overview of the future framing of guidelines curtailing deviations from the company goals.
- A smooth functionality in negotiating with the vendors and generating the RFP’s as per the requirement.
For more product insights and have a peek into what makes Elite Mindz, a software solutions company, to reckon with. Book a demo to deep dive into product offerings and services in the software domain. As a result, technology would seem simple enough. Hurry! Only 30 seats left and we have attendees from all over the world already. Learning Management System, Procurement System, Loyalty Management System, CRM, ERP, and a whole lot more.
