EASE LIFE WITH PROCUREMENT AUTOMATION PART 1
" The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency. " - Quote by American Tech moghul, Bill Gates
A large percentage of companies often end up making mistakes with regard to scaling up their production. This ends up exhausting employees leading to high attrition, snailing the pace of work and putting a spoke in the wheel of success. The solution to these is automation in the procurement part with software leading to more free time & resources to grow the business smoothly over time. In this blog, we list the areas in the procurement process that need automation and deserve the focus of the company ownership / management.
Data entry - This is no brainer and data entry process in any company, any department needs help to go digital via software. Tons of valuable data adding, modifying etc on spread sheets or transcribing information into reports is a very tedious and time-consuming task. It's not exciting and bogs down employees from channelising their energy to more important & meaningful tasks. Plus, manual data entry can also mean transcription errors, wrong data formatting, data misinterpretation, etc. Integrated systems let data flow effortlessly between platforms, which ensures data integrity at all times.
A to Z of the procurement management - By automating the entire management of procurement, the company is able to increase its overall savings as well as the time taken to deliver is reduced marginally. With an automated process, the company management can get greater visibility into spend analysis, vendor management is simplified and low risks to the valuable supply chain. Thus, the entire procurement process becomes a much-needed ally.
Vendor/Supplier Management - Running a production where often certain processes / supplies come from third party or contracted vendors is always fraught with stress and breakdowns. With a great vendor management software like Codleo's very own VenLeo (native to Salesforce) helps in making vendor management a piece of cake. Relationships are smoothened, expectations known to all, invoicing automated and an in depth analysis of each vendor's work available with a few clicks. New vendors can be brought in, work distributed and collaboration between all improved.
Invoicing - Manual invoicing is so passe'. It's time for all companies to automate the entire process. Automation leads to reduction in company costs which over time can spell big amount of rupees.
Reports - With multiple systems and manual data entry, real-time and accurate reports can be a mirage. Manual data management is time consuming and can be prone to human errors. Thus, strategic plans and remedial actions may be based on wrong or incomplete data. Automation means all data across systems is collated in one centralised place, accessible to all and reports are available in many formats for easy viewing & analysis.
Inventory management -Automation in this sphere improves order accuracy. Therefore, a company can shift materials via their supply chain with reduced wastage or challenges. inventory management software can oversee inventory of the company in different locations in real-time as is being done by many conglomerates worldwide to ensure efficiency.