Posted in Financial Process Automation

4 Top Procurement Technologies for the 21st Century

In part 1 of this series, we discussed the latest trends in procurement for the 21st century. Building upon that, we’ll now highlight some modern digital procurement technologies and help you choose the right ones for your organization.

As more organizations are leveraging procurement technologies to increase operational efficiencies, reduce costs, and respond to market demand, it’s no longer an option to ignore the various digital transformation tools if you want to stay competitive and improve profit margins.

However, with the many solutions on the market, choosing the right technologies can be quite a daunting task.

To get the most of your IT budget, you should first devise a clear digital transformation strategy to guide the selection of technologies for your organization.

Here are some tools to consider based on the latest trends in procurement technologies (which we discussed in part 1 of this series):

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Posted in Financial Process Automation

The 8 Top Procurement Trends For the 21st Century

Recent advances in technology are creating profound impacts on many businesses activities. In particular, digital transformation is rapidly changing back-office operations such as supply chain management and procurement. Digitally transformed organizations increase efficiency, lower cost, and adapt to fast-evolving customer expectations.

To stay relevant, competitive, and profitable, businesses need to keep pace with new technologies. Procurement is no exception. New technologies facilitate e-procurement, contract repository, supplier performance management, spend analysis, supplier information management, AP automation, business networks, contract authoring, and more.

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Posted in Financial Process Automation

Top 4 Procurement Processes Every Business MUST Automate

Procurement. It’s one of the most core activities any business performs. Obviously, you must procure the raw materials and services you need to build your products. Otherwise, you can’t be a successful business.

Yet, procurement is persistently one of the most disorganized activities within most organizations. Often, that’s because procurement’s top priorities have not evolved to be in tune with the demands of a modern business.

It’s hard to blame the procurement department. After all, in many organizations they’re still stuck using Excel spreadsheets and email for routine processes. Without automation, employees are still spending a lot of time on paperwork. They don’t have the time to think bigger. About Corporate Social Responsibility or reducing everyday risks to the business.

Whether you’re a small or large business, process automation helps increase agility and sets your business up for success in the 21st century.

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Posted in Financial Process Automation

Why the Procure-to-Pay Process is Going Digital

As digital transformation sweeps across the globe, organizations are looking to use technology to improve efficiency in all departments. The procurement department, which owns the overall procure-to-pay (P2P) cycle, is no exception. Digital or e-procurement has the potential to hugely impact P2P.

What Is Procure-to-Pay?

Procure-to-pay is an umbrella term for the process of requisitioning, ordering, purchasing, and receiving goods or services for an organization. It’s a standard, necessary part of any business operations that may or may not involve multiple stakeholders depending on the size and hierarchy of the company. The process usually requires a lot of paperwork and time to complete fully.

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Posted in Financial Process Automation

A Guide to Efficient Procurement Management

Digital procurement management

Let’s face it – even though procurement management is an essential part of successful businesses, it’s one of the most disorganized activities at many organizations.

More often than not, inefficient manual processes are the root cause of these challenges. These messy and wasteful processes causes delays, errors, and workarounds that result in much larger downstream issues such as:

  • Mismanaged supplier relationships
  • Delayed projects
  • Unnecessary legal costs
  • Overworked employees
  • Lagging stock price.
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Posted in Financial Process Automation

Top 5 priorities for procurement in a 21st century business

Changing priorities for procurement

Procurement is a core operational function of any business. Without the ability to obtain the necessary materials, a business cannot manufacture its products.

Traditionally, procurement’s most important goal was to lower costs. However, the pace of modern business has accelerated dramatically. Today’s businesses also operate on a global landscape sourcing materials and selling products across the world. That’s forced procurement to become a digital, measurable function aligned with overall corporate priorities.

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Posted in Financial Process Automation

Procurement vs Purchasing: What are the differences?

Procurement vs Purchasing vs Supply Chain Management – business people tend to use these terms interchangeably. While they are related and are all part of a company’s finance or accounting function, there are differences.

Let’s understand each one and the differences between them in more detail.

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