Procurement is a complex process involving different steps, multiple suppliers/vendors and various transactions and legal formalities. Medium to large-scale companies generally use some form of automation to simplify this process and reduce human errors. But they generally use different software at different stages of the procurement process.
But now, there is a move away from personalized solutions to a comprehensive, unified procurement platform. This system has the ability to automate the entire process from source to pay. This means that right from creating an order to paying for it, all steps of the procurement process are implemented through this system. It makes record-keeping much easier, saves time and resources and increases the efficiency of the overall process by linking different steps.
The unified procurement platform can use inputs from different employees to generate requirement orders for different product categories. These orders are then sent to vendors for bids. Once a bid is finalized, the contract is signed, and the software can track delivery. The vendor’s invoices are also automatically cleared through this system.
Analytical data about procurement is also far more detailed and accurate. For example, businesses can see the overall performance of different vendors, track cost-saving measures in the long-term, identify the highest purchased product categories, and so forth. Unified procurement platforms can change how businesses deal with their supply chain and can significantly improve their ROI by optimizing their procurement systems.