Saving money and time are among the top priorities for every business, whether large, small, or midsize. Business owners and managers are always looking for ways to reduce business costs. Each department must be analyzed, choosing where to spend, and every penny spent must be justified. One way significant savings can be made is by digitalizing processes such as procurement.
The traditional procurement process is very labor-intensive, time-consuming, and involves a lot of paperwork. Digitalizing procurement uses digital tools and technologies to streamline routine procurement processes, decreasing expenses.
Some Digital Tools Used in the Procurement Process
Certify Purchasing — a purchasing tool
Certify Purchasing is a cloud-based procurement digital tool that automates the purchasing processes, from requests to purchase approvals, invoicing processing and payments. The tool also offers real-time visibility of the entire purchasing process and generates analysis reports to help you keep track of purchase expenditure and performance.
TradeGecko — automates inventory management
TradeGecko is an inventory management system ideal for businesses that buy and sell stock regularly. The system automatically orders new items when you need them and forwards them to your clients on time. The system also follows up on semi-fulfilled orders manages your supply chain and customer relationships. With this tool, business owners will save time on paperwork, fulfill customer needs and free up cash held in excess inventory.
Kissflow — manages procurement cycle from order to payment
Kissflow is a comprehensive digital procurement tool that handles purchase orders generation, invoice tracking, spending reports, and supplier management. The Kissflow dashboard shows you the status of all your purchases and provides updates whenever there are changes. The purchasing orders are generated automatically once a purchase request has been approved. Additionally, the tool lets you rate the suppliers depending on their performance, helping managers to identify top suppliers quickly.
SmartRFQ — a safer, faster way to handle RFQs
Incorporating a Request for Quotation (or RFQ) software into your procurement process is one of the initial steps of digitalizing processes in your business. With RFQ software in place, your business will no longer have to manually prepare RFQ and enter the bids’ information into a common document to compare the quotations. Instead, suppliers will submit their quotations into the software system, which will provide summarized details (i.e., price, quality, and delivery time) to help you select a supplier you can work with. This will help your business save both time and costs.
SmartRFQ does precisely that — it makes sourcing for suppliers easy. no need for an RFQ template You start by creating a digital RFQ in five simple steps, then sharing the RFQ to all interested suppliers at a click of a button. Instantly, the suppliers will receive the RFQ in their e-mail, Whatsapp or SMS. The suppliers will then be allowed to submit back a price quotation for each item in RFQ.
The tool will clearly illustrate quotes of different suppliers, making it easy for you to review the quality of products/services, delivery time, and prices quoted. Acquire the Smart-RFQ today and maximize time and resources.