Procurement Software & Automation
E-Procurement Means Less Wasted Time
In the world of procurement, costs come in more ways than dollars on the bottom line. Time is a valuable resource that procurement leaders have to manage. The biggest threat to time consumption is manual, administrative tasks by procurement or purchasing teams.
Here are a few key areas to be aware of when factoring in the cost of manual procurement solutions.
Purchase orders can be an overwhelming task when organizations try to juggle multiple suppliers. Between needing to be familiar with many suppliers, order processes, and forms, it is no wonder that processing purchase orders can come at a high time cost. Using an online marketplace to consolidate all suppliers onto one purchasing platform is a welcome relief to buyers and saves time and money.
Invoice processing costs vary between $4.98 and $12.44 for bottom performers, according to CFO.com. Imagine spending an extra $5 to $13 every time you had a personal expense. That is what many businesses are facing today because of manual processes, easily automated through procurement.
One major time drain is communication, whether that is taking the time for correct communication or lost time in miscommunications. With a unified spend platform, all spend information is centrally located for a single source of truth that all appropriate users have access to.
Saving time in business is essentially saving money. Learning and applying technology that automates and speeds up processes yields great ROI and happier employees no longer left to boring, manual processes.
Learn more about ways to improve your business processes through automation with Vroozi by signing up for a Live Demo.