The concept of remote workspaces was getting traction even before the pandemic hit. However, the way the world moved to a virtual work environment following the coronavirus outbreaks has given confidences to enterprises all across the spectrum that they can successfully operate even if their employees are not working from the same physical location. However, some people still have reservations in running complex organizational operations from remote work settings. For instance, ERP or a spend management procurement system is something that decision-makers still like to run conventionally.
ERP and spend management procurement systems have enabled organizations to streamline their resource consumptions and expenses without relying on paper registries, hardcopy files, and folders. These software solutions let organizations run their core operations through existing teams and scale them up without hiring new people.
Most importantly, the cloud-powered spend management software solutions allow you to administer every little detail of your expenses and invoices from any remote location.
Spend Management Procurement System and Remote Work Setting
Spend management procurement system is a part of a robust enterprise resource planning regimen. If procurement is an integral part of your operations, you should consider integrating a PM system into your organizational infrastructure. You can do it by using any state-of-the-arty Procurement Management (PM) software solution. Your PM software will deliver your spend management and procurement system deliverables.
A PM software application lets you manage the assessment, selection, and formation of agreements with suppliers from a single interface. A good spend management procurement system takes care of the financial side of your procurement activity. It streamlines your transactional goods and services purchasing. PM software solutions also work with your account to process supplier invoices for the successful execution of the source-to-settle cycle.
Procurement management software lets you take care of your procurement details in a paperless and remote work environment. Your ERP specialists, supply chain managers, and procurement professionals don’t have to work from the same office. As long as they have access to data resources and the PM software features, they can take care of all the fine details of procurement from anywhere.
Cloud-Based Spend Management Procurement System: A Perfect Recipe for Remote Workspace
A procurement software application that seamlessly integrates with the cloud is a tailor-made solution for remote workspaces. Procurement management is a complex multi-layer work. From supplier management to sourcing and contract management to risk and procure-to-pay capability assessment, you need to take care of many things to ensure that your organization’s procurement arm works like a well-oiled machine.
A comprehensive, integrated cloud-based procurement software solution lets you manage all these components without setting up a conventional physical office.
Effective Supplier Management without One-on-One Meetings
You can’t run a well-thought-out and strategic procurement process without having dedicated supplier management. This process entails collecting and monitoring supplier data to ensure that they comply with your corporate policies. This information is used to shortlist the qualified suppliers before initiating negotiations. Supplier management also covers effective collaboration with the team of suppliers for quick turnaround.
Cloud-based PM software enables you to collect suppliers’ qualification information from remote locations through self-service profiles and internal/external questionnaires.
PM software application also lets you leverage social media platforms for effective collaboration and achieve synergy with suppliers when devising and creating negotiation paperwork. Moreover, a spend management procurement system gives you full real-time visibility of current and upcoming sourcing activities. This feature helps you revise and amend your list of suppliers if needed.
You can do all of that without needing to make your procurement strategists sit together.
Quick Sourcing without Sifting Through Pile of Documents
You can streamline your resourcing work through a PM software solution. The software protects you from the time-consuming manual compilation and comparison of supplier proposals while working remotely. Procure management software applications feature an award analysis tool through which you can swiftly assess suppliers’ bids through predetermined factors such as price, value, and quantity without sifting through every supplier’s profile and proposal.
Efficient Contract Management with Spend Management Procurement System
A robust spend management procurement system stands on good contract management. A PM software application helps you with good contract management through multiple features. For instance, it will let you furnish well-thought-out contracts through a library of preapproved clauses and standardized templates. Moreover, it boasts a contract repository that you can use to track the required agreement documents for audits and renewal work. Some PM software solutions also feature an automated renewal feature that lets you notify about contracts reaching their expiry.
Execute Procure-to-Payment Cycles with Minimal Manual Intervention
PM software solutions also take care of the crucial and concluding sub-segment of the procurement process called procure-to-payment. This cycle consists of requisitioning, payment, and purchasing and a good PM software solution takes care of all of them.
Requisitioning: Procurement management software ensures that negotiated pricings and conditions are automatically enforced during requisitioning. PM applications also help your procurement experts with good search capabilities, shopping lists, and smart forms to ensure spending can be controlled and costs can be reduced.
Payment: PM software also boasts a robust payment system that features line-level automated invoice validation and PO flipping. It also offers document sharing and collaboration to ensure that incomparable invoicing can also be managed virtually without increasing the resolution time.
Purchasing: PM software solutions also automate regular procure-to-pay transactions. For instance, it creates purchase orders from approved requisitions without needing manual entries and frees up the considerable time of your procuring experts. It also provides insights for your remote team regarding the purchase statuses and exceptions or what’s pending.
All these features make cloud-based PM software a great solution for remote teams. They can even use them on their mobile devices from different locations to streamline the same process for faster approvals and reduced latency.
Microsys can help you accelerate and automate your procurement-to-payment cycles and streamline overall procuring through its robust procurement management software. Its experts will assess your enterprise and its remote work’s nature and then configure and deploy the PM software accordingly.
Microsys delivers simple solutions for complex problems through a one-stop service. Our professional services will provide your business with a hassle-free experience and an end-to-end solution. You can focus on your business while we take care of your day-to-day system challenges.