Your Handbook to Master Purchase Order Tracking
November 13th, 2018 • Procurement Process • purchase order
Manual purchase order processes are often a black hole. They suck in loads of paperwork, time, and money, and don’t let purchasing teams see the light of day. Projects get delayed and confusion increases, and no one really knows what happens on the other side.
Purchase orders remain a critical resource in an organization, and yet purchasing teams are continually forced to do more with less. They are expected to increase savings, streamline purchasing, and control spend with limited resources, all while dealing with a process that is often hard to explain. The best way forward is to stop feeding POs into the black hole of an inefficient process and find a wormhole-like bypass around it.
A simple yet powerful automated purchase order process can help organizations find a way around the old lightless pit. With a purchase order tracking software, businesses can avoid the space-bending gravity of the purchasing ‘black hole’ and track purchase orders throughout the PO cycle. Here’s all you need to know about purchase order automation.
What Is Purchase Order Tracking? Why Is It Important?
The purchase order tracking system is a software application used to view the real-time status of purchase orders. Implemented as cloud-based software or on-premise, it allows the electronic handling of purchase orders for swift and simple PO processing. It helps businesses manage the entire PO cycle, from creation to purchase order approval.
These purchase order trackers offer the procurement team a way to weed out inefficiencies from purchase order processing. Here are five reasons why a purchase order tracking system triumphs over traditional purchase order tracking:
- Saves time by automating purchase order creation, routing, and approval
- Offers a better way to store and access a pipeline of purchase orders
- Standardizes a process so that it doesn’t have to be reinvented every time
- Ensures compliance with policies, regulations, and contracts
- Gives you a head start on optimizing organizational spend with accuracy and consistency
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Pain Points of Manual Purchase Order Tracking
In this age of automation, there are only a handful of advantages of handling a process the old-fashioned way with paper forms, emails, and spreadsheets as opposed to an automated purchase order template. While there are fields and places where a human touch is essential, it is wise to put automation to use as much as possible.
The pain points of the traditional purchase order process are displayed in the image below:
How to Track Purchase Orders Efficiently
The purchase order process doesn’t have to be paper-intensive and repetitive anymore. With the help of technological products like purchase order tracking software, organizations can track all the elements of purchasing and payment with ease.
These PO tracking systems cut down the manual labor and paperwork associated with the process while improving accuracy and consistency throughout the entire PO cycle.
With efficient purchase order tracking software like KiSSFLOW, businesses no longer have to work about mixing up purchase orders or paying invoices with the wrong PO.
Organizations can stop sifting through overflowing email inboxes and spreadsheets to track purchase orders. Purchasers can obtain all the essential details like order date, vendor info, and even view original purchase requests with a single click.
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Features to Look For in the Best Purchase Order Tracking Software
The main purpose of a PO tracking software is to automate the entire purchase order process by tracking and organizing purchase orders in a single database. While different purchase order systems offer different features, they often include the seven features listed below.
Rapid PO Creation
Create purchase orders by auto-populating data from purchase requisitions
Obtain self-service insights instantly to arrive at data-driven decisions
Rearrange, hide, and display data based on priority and business needs
Use automated alerts to spot bottlenecks, errors, and delays in PO approvals
Rapid PO Matching
Match POs with corresponding invoices and purchase requests automatically
Set up business rules and workflows quickly with drag-and-drop simplicity
Track, approve, and monitor the status of any PO with a simple click
Store, access, and retrieve purchase orders easily with cloud-based storage
KiSSFLOW: Your Secret Weapon to Conquer the Purchase Order Process
Procurement professionals spend too much time fighting the effects of a process black hole with purchase orders. When allowed to use lightning-fast wormholes to get POs to where they need to be, procurement team members can use their business acumen and analytical skills to solve bigger problems.
KiSSFLOW is the futuristic tool that gives your team the power of automation to find new PO solutions. A purchase order tracking system like KiSSFLOW offers a powerful platform for organizations to create, track, automate, and analyze purchase orders.
Looking for a PO tracking system that puts you in control? Give KiSSFLOW a try and see how easy it is to manage the purchase order lifecycle. Sign up for a free trial today.
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