Procurement automation is used to speed up the procurement process by freeing employees from repetitive and time-intensive tasks. Procurement automation software lets you focus on business-critical activities like decision-making and strategizing. It is transforming the procure-to-pay process by enhancing its efficiency and releasing additional value, all while keeping cost factors down.
Purchare RequisitionMost of the time, purchase requisitions get stuck and consume a lot of time to move through the complex hierarchical structure. Procurement process automation will not only cut down the time of approval cycle but also remove redundant steps in the process and enable purchasing staff to do more in less time.
In a recent survey, nearly 43 percent of organizations admitted having immediate inadequacies in their PO practices despite having a formal purchase order system in place. Procurement process automation allows organizations automate the entire purchase order cycle to deliver improvements in productivity and process efficiency, while saving costs.
There’s a problem with manual invoice management. Too often, procurement teams have to deal with misplaced or poorly managed purchase orders, missing goods receipts, submission delays, uncontrolled (maverick) spending, tricky spreadsheets, and insufficient transparency as far as the spend culture is concerned. Manual invoice management usually means, practically, delayed payments and compliance issues. By going digital, invoice management becomes buttery smooth, with features ranging from touch-free auto-approval of standard low-value invoices to extended functionality through integrations with finance and accounting tools.
Vendor ManagementWithout a clear line of disclosure and process transparency, organizations will end up making a strain in their vendor relationships. With automation, procurement teams can streamline vendor selection and pick the best vendor available. By automating vendor management process, organizations can quickly identify and resolve grievances, forming a better relationship with the vendor.