How to Make the Purchase Process More Accurate and Profitable
06. May 2021 |
4 min read
In the business world, purchase order management often is inefficient and analog processes. They are rarely prioritized as areas of improvement by companies and end up getting overlooked.
Changing ineffective purchase order processes into a streamlined purchase order management system isn’t as difficult as it might seem. An optimized purchase order (PO) system can save money, give better visibility and workflow, remove mistakes and save employees time, giving them more freedom to focus on other important duties.
Understand Your Goal
Lay out the full process from start to finish.
Who are the responsible individuals, and how long does it take them to finish?
System of approvals: Does the process of getting signatures align with when tasks are due?
Data and Information: Where and how is data recorded and needed?
Getting control and standardizing the PO process is capable through automation; that is, automatically populating forms with descriptions, pricing, and supplier information as well as proper review and approval workflows. The ability to tighten the process and streamline it will help reduce leakage of revenue and give visibility of potential errors that can be corrected in time of submission. Enabling more users to be involved expands the number of opportunities. Scalability means adding more products, more pricing and more quotes.
Conclusion: Increased Profitability and Accuracy
When a system is set up and standardized, it makes it easier to avoid mistakes. Best practices can be established. Immediately visible are the requirements of multiple departments, limiting errors and leakage of revenue. Improved collaboration of contributors while also decreasing the amount of manual entry enhances speed and accuracy.
Jeremy have 11 years of experience in the solution software space ranging from customer success to sales to consulting. I believe strongly in relationship building and working with customers as partners. Optimizing use of solution software and leveraging success with the relationship to build growth and expand value.
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