Procurement Automation is the (not so) secret you need to procure today.
No, this isn’t going to take forever. We promise.
We have all been stuck there because of complicated procurement processes like supplier onboarding and contract reviews. And we know how frustrating and costly invoice processing and manual data entry errors can be! And before you ask, “Is it even possible to minimize spends and maximize efficiency without making an extensive IT investment?”; we got you.
Procurement is a core activity for many businesses. As we know, businesses use materials and services to develop and deliver their products and services.
But despite being an essential and integral operational process, procurement processes seem complicated and hamper productivity mostly because most of us need to understand the top processes to transform and innovate to meet today’s needs.
Procurement Automation is going to empower your business in no time and drive better accounting and more frictionless processing.
A dedicated and mindful digital procurement organization provides many things that benefit the business. But what is it?
Procurement automation helps organizations automate repeatable tasks to boost efficiency and reduce costs. It equips stakeholders across the business with real-time insights and analytics, and when you use a low-code no-code platform to automate, you can achieve the end results 10X faster. That, too, without writing a single line of code.
Did you know by 2024, low-code no-code application development will be responsible for more than 65% of application development activity?
It’s essentially process automation applied to the various workflows in the procurement department – mostly known as procure-to-pay (or P2P).
Furthermore, it changes the buyer and supplier interactions that take place and deliver to other third parties by serving as a platform for new ways of collaboration. But why do organizations need to embrace the upcoming changes and implement procurement automation today? Let’s look at some benefits briefly.
Also read: What Processes Every Business Must Automate?
But most importantly, the question still remains, where to begin? Amongst the sea of processes, which wave to hold on to?
And we understand. It is overwhelming; hence, we have come up with a list of the top 5 procurement processes you must automate today! Let’s go.
All of us have to deal with purchase orders on an everyday basis. We believe this is a top priority because it is the perfect example of a routine, everyday process ripe for automation. Procurement automation lets organizations automate and optimize their entire purchase order cycle to deliver better services while saving costs.
As and when purchase orders are created, procurement automation platforms expedite purchase order acknowledgments, track due dates, status changes, and alert suppliers about any PO changes.
All purchase order details and buyer/supplier interactions can be tracked directly with each order. Real-time updates ensure efficiency and boost collaboration.
Instead of getting stuck within the hierarchical system, the big complex structures, and across departments, procurement automation simply saves the hassle. Ideally, purchase requisition should simply go to the direct manager. But we all how there are additional approval stages.
An approved purchase requisition ends up with the finance department, which uses the information in this document to generate and issue an official purchase order. It ensures a faster way to reduce the ordering cycle. The procurement staff can get more done in a shorter amount of time, reducing overall staffing costs.
Manual invoice management and payments open doors to what we like to call- procurement of chaos. Not kidding!
Procurement teams have to deal with misplaced or poorly managed purchase orders, missing goods receipts, submission delays, unrecorded or misrecorded spending, tricky spreadsheets, and insufficient transparency as far as the recording spending is concerned. See? Procuring chaos is what it is.
Automating invoice management enables buttery smooth processes, with cool stuff like auto-approval of standard low-value invoices and integrations with finance and accounting tools saving your and your team’s time and costs.
Also Read: Procurement Process Automation with Quixy
We all know how important our vendors are. Building strong vendor relationships requires transparency and clear communication. We don’t want to strain the connections and keep interactions flowing.
Procurement automation allows teams to streamline vendor selection and pick the best vendors available, and make connections for the long term. Organizations can quickly identify and resolve discrepancies by automating the vendor management process, ensuring enhanced collaborations.
We know how typical contract management processes are plagued by repetitive manual tasks and cause hick-ups across the organization, resulting in long cycle times, lack of transparency, and at-par outcomes, resulting in unwanted friction between procurement and the business. Looking for contracts or even keeping track of them is a real challenge.
Procurement automation enables the systematic organization of all contracts in a central repository that can be accessed with a single click. Additionally, it also ensures that all contracts stay consistent and accurate. Thus, creating value by identifying and selecting the best ways to manage contracts. This also deepens supplier relationships.
Well, we have identified the top 5 procurement processes that you should automate, and before we jump to telling you more, allow us to tell you about a leading platform that’s going to help you achieve this and create value.
Quixy is a leading no-code platform that empowers procurement automation with no-code. We work with clients to develop fast, efficient procurement automation solutions powered by no code. Clients achieve outcomes through the orchestration of human + machine talent, coupled with the infusion of insights & efficiency from data.
We believe in developing and providing improved user experience and customer satisfaction, achieving greater efficiency, productivity, and delivering business value.
In the past, buyers simply requisition items and wait for them to arrive; now, they can manage the transaction from end to end with intuitive and easy-to-use customer interfaces and reports that too in real-time.
Procurement automation is just the first step in an ongoing journey.
It helps in putting the right solution in place for processes. These game-changers double the impact of even “successful” sourcing departments and enable workplace transformation exponentially.
Procurement automation streamlines communication and enhances interactions, and enables value-creation by cutting down the most important resource- wasting time and money!
Beyond this process transparency, Quixy provides visibility into saving costs and spending. That means the company’s procurement leaders can make better decisions aimed at controlling costs. Procurement automation is a simple and intuitive buying experience that users must embrace enthusiastically.
This is possible. This is the future. And it starts now.
Begin your journey towards streamlined operations and tailored apps – all with the simplicity of our platform. Get started today to harness the potential of automation.
Quixy Achieves a Hatrick in Gartner Peer Insights VoC Report for LCAP