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Procurement apps are no longer the new kid on the block. Procurement tools have matured beyond the elementary legacy system to individual procurement apps that focus on specific core functionalities. Now, it’s possible to get the benefits of those specialized apps in a unified, cloud-based suite of applications.
Although procurement has reached a digital tipping point, organizations are hesitant to embrace new solutions. 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, but getting smart about procurement applications can help you win back the competitive advantage.
Now, the focus is on digital transformation, and not just in bits and pieces, but a complete solution. Procurement processes are often handled offline or with standalone spreadsheets and simple automation. However, to take a firm step into the present, you should be using a unified procurement platform like Kissflow Procurement Cloud, that integrates all the major procurement apps and shares data back and forth.
Here are the top five procurement applications use cases that are most essential and learn how Kissflow can help you manage them with ease.
1. Purchase Requisition
Purchase requisitions can be created with the information contained in the procurement cloud, pulling updated catalog data from vendors, applying contract terms, and alerting the user to potential budget violations. Once a purchase requisition is created, it is automatically routed through the approval cycle based on rules pre-defined by the individual business. 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. This 360° visibility allows anyone on the team to spot bottlenecks and keeps stakeholders informed about all purchases, reducing the chance for maverick spends and rogue invoices. The unified platform will also ensure straight-through processing during invoice approval and break-down data silos.
Here’s a feature comparison of the top 5 procurement tools of 2023
2. Purchase Order
Information from approved purchase requisitions is automatically populated in the new purchase order, or POs can be generated using pre-designed forms. Up-to-date vendor information is automatically pulled from the Vendor Management Application, so product prices and availability are never in question. The real-time spend insights available at the time of purchase order approval empowers decision-makers to make smart purchasing decisions.
The purchase order management process allows organizations to define a preferred supplier list, set a budget, and assign user permissions to keep the PO process smooth. A fully-automated purchase order module integrated with the procurement cloud saves countless instances of ‘back and forth’ and minimizes inconsistencies caused by human involvement.
3. Invoice Approval
The invoice approval application provides organizations with a single interface to manage all invoices—irrespective of source, format, or order process. Automated three-way matching, timely alerts and notifications, and seamless integrations with accounting systems speed up invoice approvals and eliminate payment delays.
As part of an integrated procurement cloud, approved requisition requests and purchase orders are fully visible and automatically matched to their invoices, reducing instances of vendor billing errors or over-billing and preventing overspend.
4. Vendor Management
Kissflow’s vendor management application helps every organization create its own supplier evaluation and management process with a centralized, up-to-date vendor database. It also offers procurement teams the collaboration tools they need to capture and process RFQs in real-time in a transparent way.
The vendor performance management process helps to track delivery timeline, product quality, billing issues, and a whole lot of other metrics that enable to evaluate a vendor’s performance accurately.
As part of a comprehensive procurement cloud, the vendor management application can give users a 360° view of the entire vendor relationship, including requisition forms, current and past POs, real-time product catalogs, contracts, order status, and compliance data. The cloud feature offers robust data security with mandatory policy and regulatory compliance.
5. Spend Analytics
The analytics and reporting module provides procurement teams with a wide range of actionable insights to spot purchasing trends and optimize spend. The customizable report interface enables users to manipulate and visualize purchase data for the most convenient analysis.
Kissflow Procurement Cloud is the best aggregator of purchase data, not just a creator of purchasing information. Summarize purchasing data and detect trends in an accurate and timely manner.
Kissflow Procurement Cloud: One Platform for All Your Purchasing Needs
Organizations can no longer rely on their done-and-dusted manual tools to resolve their everyday purchasing hurdles. You need unique procurement applications that cater to specific processes in the procure-to-pay cycle.
Kissflow Procurement Cloud lets organizations easily manage the entire procurement cycle from purchase requisition to vendor payment within one intuitive online workspace. Kissflow offers maximum flexibility, a customizable interface, configurable workflows, and an analytical reporting module and streamlines procurement management 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 spending.
Looking for procurement applications that simplify the process and minimize the chance for errors? Sign up for a free, customizable Kissflow demo, and see how this suite of procurement applications delivers a consistent procurement experience every single time.