How do you gain control of the purchasing process?
As a senior financial or procurement executive, you are undoubtedly being challenged to find ways of reducing costs and "doing more with less". Improving the way your organisation purchases the goods and services it needs to function may be a big opportunity to do just that.
Like many organisations, you likely have some or all of the following challenges:
- High % of purchases made without proper authorisation.
- Not leveraging your full purchasing power to gain maximum discounts.
- Difficulty managing budgets without full visibility of purchase commitments.
- Employees feel that the buying process is onerous and takes too long.
- AP costs are high due to excessive manpower requirements.
By gaining a clear understanding of the underlying causes of these issues, and applying the right tools, you can:
- Prevent inappropriate or unnecessary purchases by better enforcing your organisation's purchase authorisation policies.
- Reduce the cost of the goods and services your organisation buys by increasing the % of purchases made from suppliers with the most advantageous agreements.
- Improve budget control with better visibility and control of commitments.
- Improve productivity by making it easier for employees to buy what they need.
- Lower transaction costs by reducing employee, manager and AP time for every purchase.