Best Procurement Software Solution for SME’s Business
Procurement Software Solution
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.
Integration
E-Procurement solutions need to associate with numerous different legacy frameworks simultaneously.
Omnipresent
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.
Collaboration
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.
Revise
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.
Forecasting
To help keep up with the transformation and multiple parameters in an intuitive manner.
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How to Flowchart a Procurement Process
A procurement process is a combination of tasks and choices that are required to complete a procurement action. An example of a process is “paying a provider”. A flowchart is a diagrammatic representation of the tasks and choices that are expected to complete the interaction. Whenever you have drawn the flowchart you can begin to search for approaches to improve it.
There are software tools accessible for drawing flowcharts yet on the off chance that you would prefer not to go to any expense you can utilize a pencil and paper. Regular flow charts are drawn on huge bits of brown colored paper which are then put on the dividers of a room so you can “walk” others through the process and get their perspectives on how everything functions.
However You Choose to Draw Your Process Cycle (Physically or With Software) There Are a Number of Steps You Need to Go Through.
- Choose what symbols you will utilize. Normally, you utilize a box with adjusted corners to indicate the beginning and end of a cycle; a square shape for assignments; and a diamond shape for a decision that should be made. You compose inside the symbol a brief description of what it represents.
- Start by drawing a box with rounded corners and compose inside “start”.
- Presently ask yourself what is the first task. Draw a square shape and compose a concise depiction of the task inside it.
- In the event that the following stage in the process is another task, draw another rectangle shape and compose inside what that errand is. Presently draw an arrow from the past task to this task.
- Repeat steps 3 and 4 until all of the tasks are finished.
- In the event that a choice should be made after an undertaking is finished, however before the following assignment begins, draw a precious stone shape and compose inside it the choice that should be made or the inquiry that should be replied. Ordinarily, there are two potential consequences of this choice or question. You address this by drawing one arrow from the side of the triangle to the following task that happens if that choice or answer is the outcome. Something else, draw an arrow from the lower part of the triangle to the following task. Normally, you compose the appropriate responses or the choices at the edge of every arrow.
- Whenever you have drawn all of the tasks and choices or questions, draw another box with rounded corners and write inside “end”.
- To watch that you have everything simultaneously, ask another person who knows about the interaction to check it and alter as necessary.
- You would now be able to audit the process , searching for undertakings that may be copied this wiped out or parts of the cycle that could be improved.
If you know more about the procurement software then you can book a demo. Our expert will give answer and make understand about it.
