Procurement is an essential part of any business, regardless of what industry it operates in. Whether it's raw materials or computer equipment, every company needs to deal with suppliers, and this often involves managing a large number of documents, as well as several other important factors. The procurement process involves so many moving parts that it is easy for inefficiencies to arise, and automation can help identify and eliminate them.
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Advantages of Procurement Automation from SpendEdge (Graphic: Business Wire)
SpendEdge, a procurement market intelligence firm, acts as a strategic partner for leading companies across all industries to help them tackle challenges such as streamlining supply chain operations. Here are some ways procurement automation can benefit your organization.
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Advantages of Procurement Automation from SpendEdge
Efficiency: This is one of the most obvious advantages of automating procurement processes. Repetitive tasks that would otherwise need to be done by a person can instead happen automatically, freeing up time for employees to perform more complex work.
Control: Procurement software significantly increases visibility in every part of the process. Identifying issues such as high costs and waste becomes easier. Also, immediate access to analytics makes it possible to react quickly to problems and unexpected setbacks, and to determine the optimal course of action.
Inventory management: Over or understocking is expensive, but can be difficult to avoid. However, a good procurement system can monitor inventory levels and automatically re-order items when stock falls below a specified quantity. Automating procurement can therefore reduce inventory expenses.
Communication and collaboration: Every department in an organization has some interaction with procurement. Automation software makes it easier to generate reports and share information with other parts of the company, as well as to receive input. This improves transparency and allows for better, more informed decisions throughout the company.
Speed: Automation also enables faster procurement. It can reduce the purchase order cycle by up to five days, and supplier lead time by two days. This makes it easier to obtain important equipment and avoid running out of stock.
View the whole list of procurement automation advantages from SpendEdge.
SpendEdge also offers a web-based subscription portal solution, providing ready-to-use actionable insights for better-quality sourcing and procurement decision making. Request a demo to learn more about our solutions.
About us
SpendEdge shares your passion for sourcing and procurement excellence. We are a preferred market intelligence partner for leading Fortune 500 firms and other leading companies across industries. Our strength lies in delivering actionable insights that help sourcing and procurement professionals get the right information in the right format, without any unnecessary frills.
Our procurement market intelligence coverage extends across critical processes of sourcing strategy planning and helps clients achieve more than mere monetary savings. Our procurement insights are well-defined to meet the information needs of the procurement organizations and are aimed at helping category managers extract hidden value out of sourcing teams, suppliers, contracts, and processes.
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