As in almost every other area of business, technology can increase the productivity of procurement groups while reducing process costs by up to 30%. Processes such as receiving quotes from suppliers, creating purchase orders, and payment can also be simplified using ERP solutions with a procurement management system. This technology also allows teams to analyze savings and track supplier performance better.
Procurement dashboards display selected procurement KPIs and metrics on a single screen, so companies can easily track important trends and spot issues. Supplier performance, total spend, and unusual transactions can be tracked. Leading systems include pre-defined dashboards for different positions within the company, with the ability to adjust the dashboards according to the needs of each user.
Procurement can be critical to an organization’s profitability and overall success. It includes a wide range of related activities, each requiring attention to detail to ensure that the organization gets the most value for the inputs invested in procurement. Supply chain management software solutions can help accelerate, simplify, analyze and reduce the cost of the entire procurement process.