For example, can employees easily buy specific items and services from authorized suppliers online? Providing employees an easy way to search and buy streamlines the purchase process and drives higher on-contract spend.
Are Procurement teams able to manage and react to risk while working remotely? “High-risk” suppliers need to be carefully analyzed. Can the supplier guarantee that it can continue to supply the goods and services you need? What is the risk to you if the supplier “disappears” overnight? Minimizing the effects of the current situations and challenges to the supply chain will largely depend on the processes and supplier management solutions that are put in place.
Using an automated system to categorize suppliers and classify goods and services means that everybody in the Procurement team can find what they need, based on the right engagements with their required categories. Automation also removes the need for manual supplier record maintenance - another daily cost that can be removed.
Companies should also work with suppliers on how to reduce costs and understand cost structures, including looking at options with suppliers, such as different ways of payment and different ways of managing inventory. It’s important not to keep doing the same thing, just because that's the way it’s always been done. These times call for innovative approaches.
The pandemic exposed many companies for not being able to react quickly to changing requirements and demands. However, it has also highlighted that many processes can now be done remotely and in much less time. Automating Source-to-Pay processes not only drives efficiency, control and visibility to spend, but can also maximize resiliency and minimize risk. Ultimately, putting in the right solutions for your remote workers can future-proof your business.