4 Ways a Procurement System Can Improve Your Business

In order to keep up with the ever-changing landscape of the business world, it’s crucial that organizations are constantly adapting to their evolving needs by improving their processes, streamlining their systems, and planning for the future. While there are several strategies out there that can help your business get ahead, some are more efficient than others. For example, in today’s climate, the implementation of a procurement system is crucial. Having the appropriate procurement software is a surefire way to improve your business processes on several levels and ultimately enhance your bottom line.

We asked four experts how the implementation of a procurement system can bring your business to the next level and this is what they said:

1. Improved Purchasing Processes

Harshil Bhatnagar, founder of Staiir Social Media Marketing shares his insights on how a procurement system can elevate a business through improved purchase orders:

“Investing in procurement software can help a business in creating and approving purchase orders, selecting and ordering the product or service. It also helps the department to see everything that has been ordered, and to maintain inventory. It also ensures that all orders are processed with complete approval.

“I have helped my clients in installing procurement software for their business and it really helped them in improving processes like document management, financial settlement, reporting, and analytics. The most important is that it made the whole business and department paperless, and led to significant savings.”

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-  Harshil BhatnagarThere are several benefits that result from the improvement of the purchasing process. With the implementation of innovative procurement software, you can say goodbye to the miscommunication between departments and suppliers and hello to efficiency. Introducing streamlined synchronicity across an organization, including customized purchase order templates, purchasing, order tracking, and maintaining inventory has never been easier.

2. Automation of Purchasing Inventory Goods and Services

Michael Nemeroff, founder and former CEO of RushOrderTees explains how procurement software allows for the automation of purchasing inventory goods and services:

“Procurement systems allow the automation of purchasing inventory goods and services. It automates and streamlines the traditional procurement process, makes procurement-related activities easier and faster, thereby freeing up time for other important tasks.”

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- Michael Nemeroff

‍When you invest in a future-facing procurement process, you’re enabling much more than the automated purchasing of goods. With the right software, you have access to automated purchase orders, delivery tracking, real-time reports, automated invoicing, and more. This means you can spend less time worrying about redundant tasks and more time growing your business.

3. Alignment with Business(es) You Support

Sean-Michael Callahan, Principal at The NiVACK Group, shares his opinion on the biggest benefit of procurement software:

“Implementing innovative and efficiency-enhancing procurement software’s biggest benefit: alignment with the business(es) you support. If you make buying easy, then your customers use your buying channel, ultimately enhancing compliance.

You are seen as a trusted partner, making everybody’s work “easier”. Traditionally, procurement is viewed as an inhibitor or hurdle to ‘buying easy’ (think: notepads and pens, or labor and IT), if you make it a long process with antiquated systems…your customers will find other ways to buy (think: Amazon or outside of your buying channels).

If you make buying intuitive and smart (through technology investments), then it will be perceived as you ‘listening’ to your customer and providing an experience that is simplified but enhances compliance, reporting, spend leverage, etc. The benefits are limitless really if the investments match what the business is looking for and the technologies become universally adopted."

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- Sean-Michael Callahan

‍The key is to invest in a procurement system that makes sense. If the software is user-friendly, efficient, and relieves your unique pain points, such an investment won’t just make your work “easier” but will also reduce unleveraged spend, spend leakage, and other obstacles, ultimately making your organization more profitable.

4. Increased Productivity & Reduced Costs

Jennifer Willy, Editor at Etias, adds that a procurement system can increase the productivity of an organization and significantly reduce costs:

“Some of the major benefits of implementing a procurement system include reduced system costs such as the prevention of duplicate spending and having a paper-based system. Apart from that, it also increases productivity as it is less time-consuming, is more transparent, and improves work efficiency.”

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- Jennifer WillyWith the implementation of procurement software, comes enhanced team collaboration, automated reporting, the elimination of redundant data and human error, at most importantly, an increase in your bottom line.

When it comes to finding a balance between efficiency and control, investing in procurement software like ours at Tradogram is an effective way to equip businesses with control over their purchasing workflow. Offering complete spend control and purchase order management, Tradogram saves your business time and money and enhances profitability.