Finding the ideal automated procurement solution for your small business is daunting. Procurement was largely executed as a manual process involving several hours of labour and mounds of paperwork. Supply chains continue to face many challenges, especially after the COVID 19 pandemic. The lack of awareness is one of the main reasons for small businesses not adopting a complete procurement solution. According to a report about 69% of companies in India have automated less than 25% of their procurement process. Digital technologies are not still widely adopted because finding the best procurement software to automate the entire procurement process is challenging.
Why Should Small Businesses Invest In Procurement Digital Technology?
The global pandemic has resulted in trade uncertainties worldwide. This has pushed enterprises to adopt digital technology to reduce procurement costs. More than 30% of the organisations are looking forward to automating their procurement process by incorporating digital technology. The global market is now open for businesses of all sizes, and finding global supply vendors is now easier than ever. Participating in eAuction to get supplies at the best prices is now possible.
The procurement process has several functional areas, such as sourcing, category management, and compliance. These functional areas with abundant data can use AI algorithms to reduce overall procurement costs. Automating the procurement process reduces the need for manpower for the procurement of supplies and goods. The return on investment (ROI) can be enjoyed within a few months of using the right procurement software.
Top 6 Features To Look For In The Best Procurement Software
The main purpose of an automated procurement solution is to reduce the overall procurement cost. The action items must be easy to find in various stages. The members of the procurement team and other teams involved in the procurement process should be able to communicate effectively. The time delay in processing approvals should be reduced, and maverick spending should be reduced. In a nutshell, the entire procurement process should be completed within a limited time frame without wasting money. Do you want to know what features to look for while selecting the right procurement software solution for your business? Ask these questions below before choosing the procurement automation solution.
- Does it have a unified, easy-to-use interface?
Manual procurement processing is decentralised and disconnected. Different team members create multiple spreadsheets, which makes data sharing cumbersome. The procurement software should have a unified interface that is easy to use without any training. All the purchasing information should be available at a single glance. Purchase orders, order requests, order status, and other relevant details should be readily available. When data is changed once, the change must be reflected everywhere. A comprehensive supplier portal with supplier access will simplify supplier management.
- Is a Cloud-based solution right for your business?
Cloud-based procurement software is cost-effective, maintenance-free, and easy to implement. Vendors such as Procol have several years of experience in fine-tuning the procurement software platform so that your enterprise can reap the benefits. When you deploy an on-premise solution, you have to invest more to develop your automation solution, and you need an IT team to keep the automated solution running.
- Does it have mobile-friendly auctions support?
The automated system you use for the procurement process should enable you to participate in eAuctions worldwide. This will help you to outsource your suppliers to get the best price in the market. You should be able to participate in auctions to procure the supplies you need. Suppliers should also be able to use the auction platform freely. Mobile-friendly features are an added advantage. Increased supplier competition will result in lower procurement costs for your organisation.
- Does it provide a dedicated supplier management solution?
The procurement software you use should automate supplier relationship management (SRM). It must be easier to send messages, complete transactions, and resolve disputes easily with suppliers. When suppliers find it easy to communicate with you and complete the purchase process quickly, your enterprise will become one of their favourite businesses. Maintaining a good relationship with your suppliers will reduce procurement time.
- Does it provide useful procurement analytics?
One of the biggest selling points of procurement solutions is the reporting feature. The software can pull relevant data from various sources and generate customizable reports without any manual intervention. Scattered procurement data can be viewed as an actionable report. Using the consolidated analytic data, customised procurement metrics can be created by your organisation.
- Is the software scalable as the small business grows?
The procurement software you use should be scalable to adapt to your growing business needs. When you expand your business to global customers, the software must accommodate additional changes. It should integrate well with the existing system to make easy deployment a reality.
The best procurement software should exploit inbuilt AI and unique algorithms to automate the entire procurement process. A dedicated customer support team should be available 24/7 to listen to your concerns and answer your queries. Procol is the world’s first mobile-first sourcing procurement solution with a highly user-friendly interface. The cloud-based platform is easy to use, and the procurement team needs minimal training to start using the software right away.