Top 5 Procurement Applications Your Company Needed Yesterday
December 4th, 2018 • Procurement Process
Procurement applications are no longer the new kid on the block. Procurement tools have matured beyond the elementary legacy system to individual apps that focus on specific core functionalities.
Although procurement has reached a digital tipping point, organizations are hesitant to embrace it. Deloitte’s 2018 Global CPO survey shows that only 18 percent of organizations have a digital procurement strategy in place.
In the time of a technology-led revolution, adopting an “if it ain’t broke, don’t fix it” attitude will only set back an organization’s growth. Most organizations have already lost the opportunity to be an early technology adopter.
Organizations need to stop fighting a hopeless battle with manual tools and start looking for opportunities to embrace automation.
Here are five procurement apps that can give businesses the boost they need to get ahead of their competitors.
Top Five Procurement Applications
Once a purchase requisition is created, it is automatically routed through the approval cycle based on pre-defined business rules. An approver can view the status of the purchase requisition in a central dashboard that offers complete visibility to the expense approval cycle.
Specific line items or the whole purchase request can be rejected back to the initiator. 360° visibility spots bottlenecks and keeps stakeholders informed about all purchases reducing the chance for maverick spends and rogue invoices. An automated purchase requisition app will also ensure straight-through processing during invoice approval.
New purchase orders can be generated using pre-designed PO forms or from pre-approved purchase requisitions. A fully-automated purchase order app saves countless instances of ‘back and forth’ and minimizes inconsistencies caused by human involvement.
A purchase order management system allows organizations to define a preferred supplier list, set budget, and assign user permissions to keep the PO process smooth. Automated purchase orders make the contract terms clear and transparent leaving no room for nasty surprises down the contract period.
An invoice approval app provides organizations with a single interface to manage all invoices—irrespective of source, format, or order process. An automated invoice approval system offers user-specific access, customized workflows, digital forms, and extensive reporting to streamline and speed up invoice processing.
Pre-populated fields, auto-data capture from purchase orders, and seamless integration with the accounting system will eliminate the need for manual intervention and create an end-to-end automated process. Auto PO matching feature of procurement applications will reduce instances of vendor over-billing or billing errors and prevent overspend.
4. Vendor Management App
A vendor management app helps every organization create its own supplier evaluation and management process with a centralized, up-to-date vendor database. Vendor management applications offer procurement teams the collaboration tools they need to capture and process RFQs real-time in a transparent way.
These online vendor management systems are built to track delivery timeline, product quality, billing issues, and a whole lot of other metrics that evaluate a vendor’s performance accurately. Cloud-based procurement apps offer robust data security with mandatory policy and regulatory compliance.
5. Contract Approval App
A contract approval app help organizations identify, assess, and approve contracts in a risk-free environment. These user-friendly contract management systems proactively monitor contract terms to make sure whether the promised obligations are fulfilled or not.
Customizable rules and dynamic workflows reduce contract approval cycle and offer more flexibility for procurement teams to tailor a contract approval process that is in tune with their business. Pre-written contract templates allow organizations to accelerate contract negotiation while safeguarding the interest of both buyer and purchaser legally.
KiSSFLOW— A Customizable Procurement App for All Your Procurement Needs
Organizations can no longer rely on their done-and-dusted manual tools to resolve their everyday purchasing hurdles. They need unique procurement apps that cater to specific processes in the procure-to-pay cycle.
Cloud-based process automation tools like KiSSFLOW will let organizations personalize and map existing processes as process-specific procurement apps. KiSSFLOW offers all the functionalities and features a procurement team needs to control, limit, and optimize organizational spend.
KiSSFLOW offers maximum flexibility, a customizable interface, configurable workflows, an analytical reporting module, and more to streamline your procurement process end-to-end. Best of all, KiSSFLOW integrates effortlessly with existing procurement applications and accounting software. It offers all the functionalities and features a procurement team needs to control, limit, and optimize organizational spend.
Looking to create procurement apps that simplify the process and minimize the chance for errors? Give KiSSFLOW a try and see how it delivers a consistent procurement experience every single time.