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Ensuring that materials arrive on time is one of the most important parts of everyday business.
Handling suppliers can be a complex task at the best of times, which is why using business optimisation tools are so invaluable to make it a more simple and more efficient process. By automating processes, procurement departments can become more productive and switch their focus away from administrative duties towards finding better deals for the company.
Rather than dealing with paperwork and searching through files, staff can analyse reports on the performance and look at how cost rationalisations can be made, improving productivity and leading to better results which reduce costs and lead to a greater profit margin once it comes down to the production and manufacturing of a product or service.
Thanks to the ability to integrate into existing Enterprise Resource Planning products in both the company and their suppliers, communication can become smoother and easier both internally and externally. This provides a gateway to achieve new efficiencies which may currently seem unachievable. By opening up this door to new cost savings and methods of improving supplier relationships, businesses will find that there can be an exponential return on investment for procurement which provides the opportunity to achieve long-term goals.
Countless pages of paperwork needing to be processed and filed? Difficult communication with suppliers? Value leakage at a far higher rate than expected? Struggling to keep track of all the contracts and invoices that need to be paid? These are just some of the common challenges facing Chief Procurement Officers and their teams.
Business automation tools can help to resolve all of those and more, ensuring that procurement officials can combat the issues which blight their day to day working lives. By easing processes from start to finish, these solutions are a much needed part of any procurement work kit. Elements such as Enterprise Content Management and a Document Management System are increasingly becoming fundamental parts of the procurement puzzle that companies must consider when looking at how to make their department as dynamic and strategic as possible.
Representing anywhere between 50% and 80% of the total cost, according to a PWC report, optimising a business’ procurement costs is one of the most fundamental ways of cutting total costs, meaning that firms can either drop prices to compete or, even better, grow their profit margin.
Procurement processes can be streamlined in order to become more profitable through the use of technology.
Prepare professionals for negotiations with all the information possible.
Keep all essential information and files in one place.
Capitalise on streamlining to focus on the long-term.
As part of a commodity sourcing strategy, such business optimisation tools provide a platform which can help procurement professionals to find value and get the best deal possible. With data and information services allowing analysis reports to be created, existing partners can be evaluated and bidding companies can be compared to ensure professionals are prepared to get the best possible deal in negotiations.
Document management will make it much easier to manage relationships with suppliers. Integration into existing systems enables content management systems to alert to when bills need to be paid, guaranteeing that no bills or invoices escape unnoticed, fundamental to building a good relationship with any company. Furthermore, communication systems aid the relationship between buyer and supplier and give professionals the chance to spend more time developing the way of working to try to get a better deal for the company.
By working with optimisation technology, procurement departments can finally achieve what many CPOs have long hoped for: the ability to become strategic. The Harvard Business Review have backed this notion, stating that the implementation of a content management tool as an element of a digital transformation plan is propelling procurement departments at companies into using the supply chain as a source of capital.
Automated invoice management removes the risk for companies when it comes to their finances.