How to Choose the Best Cloud-based Purchase Order System for Your Business?
November 28th, 2018 • Procurement Process • purchase order
Rapid advancements in digital technology are always followed by hyperboles and misconceptions. Cloud-based purchase order systems are no exception. Everyone has an opinion about using an online purchase order, and there is a lot of uncertainty when it comes to separating myths from reality.
Traditionally, procurement technology investment primarily focused on things like eSourcing and contract management. Most CPOs plan to reduce their investments in traditional technologies and shift their focus to cloud-based, self-service solutions that will take not only the strain off their IT staff but also allow business users to take control of their purchasing activities.
Nearly 45% of CPOs around the world are actively investing in cloud procurement software to support their procurement activities. However, that doesn’t seem to make much of a difference. The good news for organizations is that the market is competitive, and they have numerous choices.
Before you consider taking a leap towards cloud-based purchase order software, it will be wise to explore and understand the key myths and facts that determine whether an automated purchase order system is a ‘nice-to-have’ or a ‘must-have’.
Top 7 Features Every Good Cloud Purchase Order System Must Have
There are a myriad of cloud-based purchase order systems in the market. But, if a software does not have all of the features given below, it’s wise to exclude them from your evaluation list.
Given below are some of the most important features a purchase order software must have:
Deploy automated workflows and tasks to create a seamless purchase order process
Customize the PO form to modify the data fields in order to capture information
Store, access, and approve POs seamlessly with centralized storage
Maintain the essential information based on the user roles and conditions
Seek timely actions from the stakeholders by sending automated email notifications
Auto 3-way Matching
Perform three-way matching of purchase orders with invoices and requisitions
Spot process bottlenecks and delays using actionable insights obtained from visual-rich reports
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5 Myths About Cloud Purchase Order Software, Debunked
Myth #1: It is Only Good for Enterprises
This is the biggest myth about cloud-based purchase order systems. Modern purchase order software is for everyone. Deploying an online purchase order system will make your purchase orders accessible in real-time no matter how small or big your company is.
Cloud-based purchase order software will help you make data-driven decisions when it comes to optimizing your organizational spend. A cloud-based PO system makes much more sense for SMBs, since real-time analytics will come in handy as they grow. It will help them spot bottlenecks in the PO process and alleviate them quickly.
Myth #2: You Lose the Human Touch
This isn’t true at all! In fact, the collaborative nature of a purchase order system can help organizations connect their stakeholders better. An automated PO system eliminates data silos that are created as an effect of using multiple software to manage the purchasing process.
A cloud-based purchase order system will break communication barriers and help team members interact with each other effortlessly throughout the entire process cycle. In reality, an automated purchase order system will eliminate repetitive, mundane tasks and allow procurement staff to focus more on strategic tasks that demand a human touch.
Myth #3: It is Prone to External Threats
The vulnerability of confidential business data is the most debated topic when it comes to moving a business process to the cloud. Leading process automation platforms like KiSSFLOW have a number of security plans in place, like data encryption and sophisticated firewalls, to fend off any data breach.
Additionally, KiSSFLOW’s purchase order app has built-in access rules that can allow or prevent access to confidential data on a need-to-know basis. Through API integration, KiSSFLOW enables seamless data exchange with internal systems, eliminating the chance for data loss and redundancy.
Myth #4: It Requires Specific Tech Expertise
We don’t need to take courses to learn how to use social media platforms like Facebook and Twitter. In just the same way, you don’t need to attend an extensive training or require a specific tech expertise to use an extremely user-friendly purchase order automation platform like KiSSFLOW.
All leading purchase order systems are designed around the way organizations perform their purchasing activities. They have a wide range of functionalities and pre-configured templates based on industry best practices that will help even a business user without coding skills to configure a purchase order app as per their business needs.
Myth #5: It is Expensive
Most SaaS-based purchase order platforms offer ‘pay as you use’ subscription, so organizations neither need to dish out a huge initial investment or pay a hefty monthly subscription for features they don’t even need/use. Flexible pricing, an extensive set of functionalities, and ease of use make cloud PO software a good fit for both SMBs and enterprises.
Purchase order automation tools like KiSSFLOW provide single sign-on, digital forms, configurable workflows, mobile access, a configurable reporting module, and many other features that will give packaged purchase order software a run for its money.
Advantages of Using a Cloud-Based Purchase Order System
Cloud-based purchase order systems offer organizations endless opportunities to streamline their purchase order process and fulfill needs at the right time. Let’s take a look at the top three benefits organizations stand to gain by implementing an online purchase order system.
Cloud-based purchase order systems:
1. Offer Great Flexibility
What could possibly precede an organization’s desire to cut costs? The ability to scale up their operations rapidly to meet the growing demands without making a dent on their bank account. SaaS-based PO platforms do a splendid job in not just meeting those expectations, but also going the extra mile, and exceeding them.
2. Speed up Deployment
Gone are the days when you wasted months, or even years, to implement a purchase order system. Today, logging into a cloud-based purchase order system, is similar to subscribing to an online magazine. You just sign up in the platform, pick up a plan that suits your needs, and… tada, you can start using it, right away.
3. Reduce Operational Costs
Server maintenance, data backups, system downtime, and every other technical need is handled by the platform. So, with a lot less to do, and a standardized platform to remove redundant tasks, you would be able to do much more with fewer staff. Additionally, you can cut down the administrative burden of your IT staff substantially.
It’s Time to Move to The Cloud
Just as it is with other technological innovations, if you look past the hype and stigma, you will get to know the real benefits of moving your procurement process to the cloud. Unlike packaged software, cloud-based purchase order solutions like KiSSFLOW allow organizations to tailor a unique purchasing process that is in tune with their business goals.
Automated purchase order systems like KiSSFLOW open up a new window of opportunity to the procurement team by reducing the time they spend managing and tracking purchases manually. At the same time, it dramatically reduces expenses (hardware, infrastructure, maintenance) while offering utmost control and transparency to the PO process.
Choosing the right cloud purchase order software is the hardest challenge ahead of you. It’s no myth that KiSSFLOW streamlines a purchase order process in less than an hour, speeding up the purchase order process by 75%. Sign up for KiSSLOW today and unleash the power of the cloud.
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