PURCHASE PROCESS AUTOMATION... WILL IT MAKE ANY DIFFERENCE??
I, as an Inside Sales, lead for PRM360. My job basically involves interaction with the Purchase heads. In my last one year, I have interacted with more than 300 Purchase heads to understand their current Procurement process. When I talk about automating the Procurement process, most people ask me how it benefits to the organization.
Through PRM360, clients have seen the benefits of automating the Purchase process. Few of the benefits of Procure -to -Pay solution automation today.
A business will notice faster cycle times.
Increased efficiency for purchase order processing. Because an automated system takes care of routing information in the most efficient way possible through automation emails and eliminates the miscommunication.
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 which are received but not invoiced; Standard invoicing ageing reports; Predictive analytics on the cash flow requirements based on the purchasing history and trend.
Automating the procurement functions is not only a nice option or a choice, it has become a necessity. If you want your company to be competitive in its industry, the procurement organization must not be merely transactional but more strategic.
Procurement tool might not be the first thing which comes to mind while designing procurement strategy but it should be an important component of the strategy. E-Procurement is a way to transform your Purchasing Experience.