How Digital Procurement Software Drives Business Growth – In Case You Missed It
We ran a great event recently with procurement experts James Meads, Richard Struthers, and Phil Ha – “How Digital Procurement Software Drives Business Growth”.
In this session, we explore how remote procurement and digital procurement is the way of the future – not just for procurement leaders and teams, but for all employees, too.
Automating procurement tasks and optimizing the procure-to-pay cycle can save a business huge amounts of money and time. But it’s impossible to access those benefits with an outdated approach to procurement. If you’re still using paper-based systems or excel spreadsheets to run your procurement process, this session is for you.
Procurement software is important because it gives companies the tools and insights they need to effectively track, manage, and analyze their spending. Procurement teams can use the software to centralize all purchasing information, manage the procure-to-pay cycle, and control spend. Business leaders and teams across the organization can also use the software to do their own purchasing and access key data that improves profitability and drives growth.
In this session, we covered:
Firstly, things like common manual tasks, pain points, and blockers that procurement teams face that waste hundreds of hours such as purchase order processing, three-way matching, and vendor management.
As well as, how to choose the best procurement solution for your business needs.
Then, what success looks like with implementation and what KPIs to track.
Lastly, how a procurement solution can fit in your current tech stack, including your accounting system or ERP.
Here are a few of the top-level takeaways:
“Procurement and finance need to speak each other’s language. Procurement needs to better understand financial accounting and what hits the P&L. Finance needs to better understand the total value delivery of procurement related services.”
– James Meads, Procurement Consultant & Host of the Procuretech Podcast
“Build a scalable procurement strategy by bringing in an interim procurement leader to audit current processes and improve what might be red flags or loopholes. Find the right fit of experience that is relevant for your industry as this enables benchmarking for your own business plan and strategy.”
– Richard Struthers, Managing Partner, Consultancy 21
“Implement procure-to-pay software that works for your current size and stage. Don’t assume you need a large scale ERP system if your company is not ready for it.”
– Philip Ha, Customer Success Manager, Procurify
Lastly, here are a few other resources. Since we only had a short hour to cover the topic of procurement transformation, we hope you find these valuable!