What is Procurement Workflow?
The basics of procurement workflow refer to a step-by-step process or a checklist used by any company while performing a new operation. To understand the concept and juice out the objective of procurement workflow; let’s consider an example of a company that is about to start a new project and the team leader is not satisfied with the existing customer relationship management software of the company. Now the first step of a procurement workflow has been done as the problem has been identified and the further steps in this procurement workflow will include the research, approval, and onboarding of vendors. A General procurement workflow includes six distinct steps to be followed in a hierarchical manner.
The six pillars of a procurement workflow are
- Request to make a purchase
- Selection of the best vendor
- Order confirmation
- Contract approval
- Payment and invoices
- Inventory management
What does procurement software do?
The steps mentioned above need significant time and effort when implemented manually. Manual procurement workflow is an error-prone method resulting in abundant time wastage in rectification. procure-to-pay automation software can bring efficiency to your procurement workflow by utilizing a computer program that allows the automation of inventory management and purchasing processes in an organization. There are several benefits of procure to pay system with well designed and efficient software to integrate the following attributes to your organization
- Automates procure to pay process
- An automated process eliminates the chances of errors
- Errorless auditing of invoices saves you time and resources for rectification
- A seamless user experience with standardization
Is your procurement software being automated?
WeP Digital offers automation in procuring to pay on every step to facilitate a simpler, smoother, and quicker workflow with error resistance. All six steps of procurement workflow are now at your fingertips with automated procure-to-pay software from WeP digital. Let’s look at how we manage to keep a seamless, smooth, and quick workflow with our procure-to-pay automation software.
- Automatically generate an original purchase of pieces of equipment
- Automatic verification of purchase quantity
- Automatic submission of the pending purchase order for approval or rejection
- Automatically generate reminders to confirm recent cancellations or purchase orders
- Inventory management to refrain from spot shortages
- Automatic data analysis to maximize efficiency and profitability
- Seamless and streamlined administration with further standardization integrated with multiple platforms
What are the key features to look for in e-procurement platforms?
Procure-to-pay automation is an automated centralized procure-to-pay process that requires software to offer you a hassle-free, time and resource-saving workflow. If you are planning to get an automated procure-to-pay workflow, WeP digital can assist you with their feature-loaded, reliable automation software to help you save crucial resources for better and effective utilization. Before that, let’s have a quick shot at the key features you should look for in e-procurement platforms
- It should have an automated purchase-making feature to save you from utilizing your time to figure out what needs to be ordered and when it needs to be ordered. This is done with a purchase requisition form.
- The software should automatically send this requisition form to concerned departments for approval to make a purchase.
- The software should provide a seamless transition in these stages and it should forward the requisition form to the purchasing department for approval or rejection.
- An automated software should eliminate the task of comparing the quotations of several vendors for the items. It should automatically analyze and suggest the most efficient vendor make the purchase.
- You should make sure that the software you are looking for supports automatic contract formation with the concerned vendor for the purchase. This helps in saving time from manual operations.
- The software you are looking for should make sure that there are no loose ends and should perform a verification audit among purchase requisition, purchase order, and the invoice.
What are the benefits of procurement software?
A well designed and reliable procurement software can offer several benefits to your organization like
- Time-Saving
- Workforce efficiency
The manual procurement process involves a larger workforce to carry out the manual operations of listing, enlisting, invoicing, and others. An automated process eliminates the requirement of an extra workforce and saves your resources for better use. - Error resistance
While utilizing the manual operation, your workflow becomes prone to many human errors. However, with procure-to-pay automation, the scenario is completely changed and the reliable software makes sure you get all the accuracy you need. - Saves you from Paper cost
Manual procurement workflow requires a heavy paper flow from several departments that can cost you a fortune in a large-scale organization. With procure-to-pay software, it has become negligible and automation adds rank to it.
How WeP Procure to pay software will help you in your automation in workflow?
At WeP digital, innovation comes with reliability. The WeP procure-to-pay software comes with humongous automation scalability that ensures a chain of automated processes streamlined into each other to offer your organization a quicker, error-resistant, efficient, and effective workflow. Our procure-to-pay automation software is a solid and reliable choice for your business requirements with features like vendor invoice processing and automated approval processing.
Wrapping up
In this digital era, competition is on the surge. You as an organization need to be quicker than your competitors to gain advance and grow. WeP procure-to-pay software solutions are an effective, efficient, rapid, and robust approach to juice the best out of your organization.