Book a Demo
  • About Us
  • Solutions
    • Procure to Pay
    • e - Auction
      • Reverse Auction
      • Logistic Auction
      • Forward Auction
    • Contract Management
    • Catalog Management
    • e-Invoice Management
  • Services
    • Spend Analysis
    • Tracking Management
      • Savings Tracking
      • Material Tracking
    • Project Management
      • Project Management
      • Requisition Processing
      • Finance Approvals
      • Data Analytics
    • Vendor Management
      • Vendor Profiling
      • Strategic Vendor Sourcing
      • Supplier Risk Management
  • Industries
    • Pharmaceutical
    • Hospitals
    • Energy
    • Infrastructure & Construction
    • Agri & Poultry
    • Manufacturing
    • Others
  • Resource
    • Blogs
    • White Papers
    • Customers
    • Reviews in Gartner
    • Media & Awards
    • Careers
    • FAQ
  • Contact us

PURCHASE PROCESS AUTOMATION... WILL IT MAKE ANY DIFFERENCE??

purchase process automation

I, as an Inside Sales, Lead for PRM360. My job involves interaction with the Purchase heads of the organizations across various verticals such as E-commerce, pharmaceuticals, Healthcare & Hospitals, Agriculture, Poultry, Construction & Engineering, Power Energy, Industrial Manufacturing, etc. In my last year, I have interacted with over 300 Purchase heads to understand their current Procurement process and how the purchase process is being handled. When I talk about Procurement process automation, most people ask me what is the need and how does it benefit the organization?

Well, the traditional procurement process involves a lot of paperwork that requires manual efforts which is time-consuming and inefficient. And that is why organizations should step towards digital transformation to automate their procurement processes. Procurement automation not only streamlines the entire workflows but will also increase the revenue by giving insights on the saving opportunities. To be more precise, let’s have a look at how eProcurement solutions impact the key aspects of business growth.

PRM360 helped a wide range of businesses either by automating individual procurement processes or the entire procurement lifecycle based on the business needs of the organizations from various industries. To make you understand better why there is a need for purchase process automation, we have listed the most important benefits of Procurement automation.

Benefits of Purchase Process Automation:

Procurement is a complex process to handle manually and the purchase teams need to work hard to strike a balance between each step of the purchasing process. Purchase process automation helps organizations to eliminate the unproductive time and efforts of their employees which in turn accelerates procurement management.

Among the numerous benefits of purchase process automation, here are a few that convinces businesses to invest in eProcurement solutions:

  • Increased Efficiency
  • Faster Approval Workflows
  • Improved Visibility in Cash flow
  • Effective Contract Management

Increased Efficiency:

Maintaining multiple PRs and coordinating with vendors for quotation submissions with frequent follow-ups is a tedious task for the purchase teams. With an automation system, the sales team can work most efficiently through automated emails and reminders to the vendors which save time to focus on strategic work and eliminate miscommunication.

Faster Approval Workflows:

The purchase requests are often get stuck due to the hierarchical structure in the organizations that results in a delayed approval process. Purchase automation enables the team to send automatic reminders through emails seeking online approvals for clearance, which cuts down the possible delays in the workflows.

Improved Visibility in cash flow:

CFO's are not only challenged with growing the business but also running the operations effectively. An automated purchasing system will provide a detailed view into the cash flow including Purchases that are received but not invoiced; Standard invoicing aging reports; Predictive analytics on the cash flow requirements based on the purchasing history and trend. Purchase process automation also gives the management granular insights on overall corporate spending and cost-saving opportunities to reduce maverick spending that helps organizations to make the right spending decisions at right time.

Effective Contract Management:

It is really difficult for organizations to coordinate with multiple suppliers during the contract lifecycle. Purchase process automation helps the communication between purchasing teams and suppliers easily and ensures consistency across the contract documents while reducing errors. It also helps with compliance management and real-time tracking of the progress that results in better contract lifecycle management.

Automating the procurement functions is not only a better option but, it has become a necessity for every business no matter of its size and industry. If you want your company to be competitive in its domain, the procurement organization must not be merely transactional but more strategic.

A procurement tool might not be the first thing that comes to mind while designing a procurement strategy but it should be an integral part of it. E-Procurement is a way to transform your Purchasing Experience and to increase the standards of your business growth.

Citations:

  • Upgrading Benefits Administration with Robotic Process Automation: https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/upgrading-benefits-administration-with-robotic-process-automation.aspx
  • Robotic Process Automation for Procurement:: https://www.apqc.org/resource-library/resource-listing/robotic-process-automation-procurement
  • Robotic Process Automation for Repetitive Back-Office Tasks: https://www.ascm.org/ascm-insights/robotic-process-automation-for-repetitive-back-office-tasks/

Latest Posts

Maximizing Efficiency with Digitized Direct and Indirect Materials Procurement Software

March 07, 2023

Unlocking the Potential of the Manufacturing Sector: A Comprehensive Guide to the Ten Procurement Challenges of 2023

March 06, 2023

10 Purchasing Problems Faced by Purchasing Manager

March 3, 2023

Challenges Involved in Procurement Process and Ways to Manage

May 12, 2022

Procurement Strategy Best Practices

April 21, 2022

Impact of AI on Procurement

March 28, 2022

What is Procurement?

March 13, 2022

eProcurement Software for Robust Spend Analysis

February 28, 2022

Impact of e-procurement in procurement world

February 14, 2022

The Brand Behind Procurement Savings

January 28, 2022

Key Trends that Transforms the Procurement Industry

December 2, 2021

Know more about ROI

November 17, 2021

Read about IOT

October 10, 2021

Read more about AI in procurement

September 17, 2021

Dig Deeper to know about Data Analytics

August 11, 2021

Purchase process automation... will it make any difference??

July 18, 2021

how engaged is your procurement team?

June 5, 2021

not just the price, time matters too !!

May 12, 2021

can we create savings while buying?

April 2, 2021

AI Procurement Automation

March 6, 2021

why should you choose e-procurement system over a traditional erp to transform purchasing experience?

February 4, 2021

Block Chain technology

January 11, 2021

Quick Links

  • About Us
  • Blog
  • Customers
  • FAQ
  • Contact Us
  • Careers

Solutions

  • Procure to Pay
  • e - Auction
  • Contract Management
  • Catalog Management
  • e-Invoice Management

Services

  • Spend Analysis
  • Tracking Management
  • Project Management
  • Vendor Management

Industries

  • Pharmaceutical
  • Hospitals
  • Energy
  • Infrastructure & Construction
  • Agri & Poultry
  • Manufacturing
  • Others

Resources

  • Blogs
  • White Papers
  • Customers
  • Reviews in Gartner
  • Media & Awards
  • Careers
  • FAQ

PRM Trust Center

  • Privacy Policy
  • Social Media Policy
  • IP Policy
  • ISO 27001:2013
  • Terms & Conditions
  • PRM360 GDPR

Copyright © 2021 PRM360. A Product of Acads360 India Pvt Ltd.

Contact us
  • +91 7075115999
  • info@prm360.com