4 Key Pillars of an Outstanding Procurement Automation Solution

Highly effective strategic sourcing and its potentially huge impact continue to evade many organizations today as outdated business workflows leave data obsolete, siloed, and unusable.

Businesses must bridge the gap between finance, sourcing, and operations to discover strategic revenue opportunities. Strategic sourcing and procurement teams are burdened with tedious legacy software, spreadsheets, email chains, etc.

The lack of visibility into business spending & supplier relationships prevents strategic sourcing from acting as a true driver for enterprise agility.

Contemporary businesses have a lot of pressure and they require an evolved approach to maximize their return on investment. They must focus on continuous data analysis for real-time decision-making and flexibility.

Procurement and sourcing professionals operating ahead of the curve are utilizing agile sourcing and procurement functions to move beyond raw savings generation and include a broader strategic lens.

They are unlocking the untapped possibility of strategic sourcing via advanced cloud-based technology built around four key pillars.

Collaboration: 

A single collaborative and user-friendly interface can engage both internal stakeholders and external suppliers. This phenomenon can result in the end-to-end strategic sourcing process that can mitigate operational risks and produces new efficiencies.

These enable the procure professionals to optimize results, deliver business impact and deliver strategic support and counsel.

Visibility: 

Complete views into all projects and purchasing requests construct a transparent experience for sourcing leaders and stakeholders alike.

The capability of capturing useful data shall enable the technology to become a central repository of records, which will indeed enable simplified reporting and will assist in measuring the bottom-line impact of strategic sourcing.

Risk Management: 

When the data is centralized and efficiently aggregated, the business can have stronger compliance and mitigate various risks via time access and effective management of information. This information can comprise supplier risks, regulatory demand, supply chain risks, crises, audits, etc.

Simplicity: 

Procurement automation software is desired to adapt to the existing workflows and help organizations boost savings.

An effective procurement digitization solution will facilitate automation which will free up procurement professionals from mundane administrative tasks- while bringing easy-to-use interfaces that support a high level of adoption.

Transform your organization into a highly adaptable, competitive business with VENDX. Our P2P solution helps the office of procurement to boost the savings, support your business growth while improving your bottom line. Let’s achieve new levels of strategic sourcing together.