Five Major Steps to Easily Automate Your Procurement Process

Arun Krishnamoorthy, CMO, Techpanion   

Arun is an Experienced Techno- Commercial Professional, with a demonstrated history of working in IT sector. Skilled in Marketing, Solution Selling, Business Modelling, Customer Relationship Management, Strategy and Business Process Reengineering.

Procurement is a crucial aspect of businesses. It plays a vital role in expansion and optimization of industries therefore it involves obtaining goods and services including sourcing, negotiating terms, making purchases, tracking when supplies are received and maintaining records. When all the parts are done efficiently, it leads to increased business profitability and archived targets. It’s important to monitor and recheck the procurement process to ensure best results.

1. Digitize Supplier On- Boarding

This is the process of gathering information and data needed to set up an organization as an approved vendor or supplier. This step enables any company to efficiently conduct business, purchase goods and services, and make payments to said supplier. Supplier on boarding also requires checking the prospective supplier and making sure it is in compliance with laws, regulations and corporate standards of the organization.

2. Automated Contract Management

Automated contract management involves the use of software to enable legal and non-legal teams to self-serve on routine legal documents, and replace the lawyer work with automation software. It can be understood as the process of generating, managing, and storing contracts digitally to create a more efficient contract workflow. It is used to strengthen admin tasks and reduce businesses overheads. This helps businesses by providing a simple contract lifecycle by transforming analog manual processes into a digital automated workflow.

3. Quick Supplier Resolution via Multi-channel Communication

Quick supplier resolution via multi-channel communication means fasten the shareholder resolution process of approving vendors by the Vendor of the Shares, the Comtek Business and the Assets to the Purchaser. Multichannel communication refers to a company's way of communicating with customers over several different platforms, including, social media email, SMS, webinar, personal meet and more helping improve the customer experience.

4. Easy Integration with ERP & Other Portals

The easy integration for procurement with Enterprise Resource is an import­ant role to ease the process. It involves a planning business software that sim­plifies the way businesses track, manage and work with data for managing inter­departmental department management seamlessly. A business might use an ERP to keep track of inventory levels for each of its products and orders.

5. Track Master Data & Actionable Insights

Track master data and actionable insights absolutely essential for procurement and running operations within a business enterprise or unit. Tracking master data is the coding system which specifies the item level. It helps list each product and service with its own standardized, generic description accurately and uniformly by expert analysts.