Benefits from Digital Procurement with Our Procurement Software
A procurement app or software is a computer program that allows an organization to automate the processes of buying materials and maintaining an inventory of items. Companies can use these procurement software solutions to pay bills electronically, match the received materials with the invoices, execute the order process online, and generate purchase orders.
Features of a Good Procurement Program
Procurement software companies make sure to come up with a platform that tightens the bottom line of enterprises, eliminates rogue spending, and offers 100 percent visibility. An excellent IT procurement program usually provides the following features:
- Easy-to-Use Interface – Operating a procurement program should be as simple as sending an email. Having this feature saves the company time — and time is money. Employees using a program with an unfriendly interface could potentially cost the company money at various points in the procurement process.
- Approval Workflows – After setting up the workflow, the approval stream should automatically flow from one user to the next with zero manual involvement from the end users, and with every approver receiving an email notification each step of the way. Having this feature in the procurement app should cut down the time to approve a purchase order to under a day, which allows the organization to save money and time.
- Seamless Integrations – A good procurement platform should have real-time and continuous integrations. A program that can “talk” directly to your accounting system, in real-time and automatically, accelerates the procurement process.
Additional Benefits of Using Procurement Software
Utilizing a procurement program within an enterprise has many advantages, such as:
- Reduced Cost – Using a procurement app saves the organization by leveraging volume buying, preventing duplicate spending, and saving on costs related to paper-based systems, such as the cost of stamps to mail important documents.
- Increased Transaction Speed – The speed of procurement transactions rises, as the electronic handling of tasks simplifies and supports the purchasing process. Procurement cycle times are faster than usual, allowing the organization to focus more of their time on other important tasks.
- Transparent Spending – Conducting the procurement process electronically makes it easy for companies to analyze and write reports on their procurement systems. Businesses can make sure that their procedures on procurement adhere to the policies.
- Standardized Buying – Enterprises with multiple departments making procurement decisions may have differences in how they purchase goods. Performing purchasing electronically makes it easy for various departments to comply with the procurement standards set by the organization.
- Improved Spend Visibility – Companies that do not have a precise view of their spending profile are likely to miss opportunities and savings to restructure their supplier portfolio. Having a procurement program enables centralized tracking of transactions, as well as comprehensive reporting of purchase requests, processed orders, and payments.
- Higher Productivity – Digital procurement takes less time than manual or traditional procurement. Organizations can store their records electronically, making it simple to submit reusable tenders. On top of that, they can use digital templates to fill out paperwork more quickly.
- Reduced Errors – Checking for errors is easy when the paperwork is electronic. Additionally, employees can easily reference previous orders. This means that there’s a higher likelihood that the company can perform an order comparison to make sure that the new orders are correct.
PROCUREMENT SOFTWARE SOLUTIONS
Enterprises looking for procurement software to satisfy the needs of their business can go to Stave Apps. Our ProcurementPath digitalizes your procurement activities, including sourcing, purchasing, contract lifecycle management, category and spend management, vendor management, and payment approvals. Using guided workflows and an intuitive system, our procurement process delivers great benefits to your organization, such as reduced time to purchase and end-to-end visibility.
WORKFLOW & TASK MANAGEMENT