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Coming together is a beginning. Keeping together is progress. Working together is success.
Henry Ford
In today's modern business environment, fully functional software serves as a key driving force to ensure successful operations, and procurement is no different. Implementing good software to automate the procurement process helps create significant savings and scalability of operations for an organization's growth.
In this post, we’ll discuss the key features of good procurement software, ways to customize them, and how it helps companies achieve more.
There are several factors to take into consideration when finding the right procurement software for your organization, including the key features that your software should have:
Workflow management is one of the most important features of procurement software. It helps automate and optimize the progression of procurement activities, from requisition to bids, approval, and purchase order creation.
This streamlines processes, minimizes delays, and enhances collaboration, leading to higher overall efficiency and effectiveness across the procurement lifecycle.
System integration allows seamless connectivity of your procurement workflows with various essential business tools, including accounting, ERP, and electronic signature solutions.
This ensures real-time data synchronization and enhanced accuracy in procurement and vendor data.
Centralized catalog and supplier management streamlines the management of suppliers and products. A centralized repository for handling catalogs and suppliers allows for hassle-free procurement.
Supplier management is another important function of every procurement software. This critical functionality helps to identify, manage, and analyze suppliers across multiple departments and categories.
Setting up supplier portals also empowers suppliers by offering ways to track invoice and payment status.
Your procurement software may not have all the modules available out-of-the-box at a price you can afford. So, look for features to confirm that you can modify and extend the capabilities of your existing software. These horizontal features will support ongoing customization and configuration of your procurement software:
A no-code builder is an important feature to look for in procurement software. The software must allow you to build complex workflows easily without writing code. This means that non-technical procurement and vendor management professionals can build workflows using the software.
An ideal procurement software will have pre-built automation workflows to help you save time and get started quickly. Look for the ability to automate workflows based on configurable triggers.
Procurement workflows involve multiple levels of approvals. For instance, a purchase order will require several approvals from multiple department heads throughout the process. Managing these approvals individually can be time-consuming.
Instead, you can set pre-defined triggers to move approvals through stages when certain conditions are fulfilled.
The procurement system you choose must be easily scalable for your immediate and future business needs. A key roadblock for procurement software is the ability to accommodate your vendors and internal team members from Procurement, Operations, Legals, Finance, and others. Remember, as you add users, your software can slow down and/or become expensive.
Procurement software enable companies to remove the busywork from simplifying lengthy and complex procurement processes, allowing organizations to make the most of their resources.
But no two companies have the same procurement software needs or requirements. This means that procurement software providers must enable configurability and customizability for their software.
Irrespective of whether you have an existing ERP that needs procurement workflows or whether you want to add a supplier portal to your procurement software, a no-code app builder can speed these up for you.
No-code tools can help you easily create automation workflows to automate procurement processes and other similar manual, repetitive tasks that are not supported by your existing procurement tools.
For example, Hubler’s Procure to Pay offers ready-to-go procurement software that has all the essentials you need for a procurement system - budgeting, purchase requests and approvals, RFQs, POs, GRNs, and account payables. And because it is built on top of our no-code platform, it is endlessly customizable for your business rules and workflows so that the software you use solves your exact needs.
What's more, you can integrate with your existing technology stack.
Considering the importance of effective procurement management for businesses, a robust procurement solution is a must-have. Additionally, if you are a business that aims to get the most out of its procurement planning, be ready to add modules and features to your software or for customizing your existing software.
Software like Hubler enables procurement teams to simplify the procurement process, maintain a self-service portal for your vendors, and manage your budgets as well.
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