3 Benefits Of Procurement System For Company Management

A procurement system is a digital application used to manage the purchase of goods and services. Ideal for use by all types of industries ranging from those engaged in manufacturing, trading, restaurants, retail, and others. Automate all stock procurement processes and business needs shopping and avoid waste and reduce potential fraud. Good procurement software can protect companies from fraud, which is common in manual-based systems because it provides a digital record of actions that can be audited internally or externally.

Common features

• PO, RFQ, and PR Management
• Manage hundreds to tens of thousands of purchase orders (PO) more easily, simplify the buying process in your business.
• Automatic calculation of purchase cost
• Automate the calculation of product prices, taxes, shipping costs, insurance, to currency conversion in one system.
• Blanket Order Management
• Make it easy to order products for a certain period and get the best offers from suppliers.
• Online portal for suppliers
• Suppliers can share product catalogs, complete with price quotes. This makes it easier for you to choose the best supplier.
• Vendor/supplier rating
• Assess your supplier’s performance based on product quality, service, delivery time, to price.

Purchase Approval Management

Approve or reject purchase applications from multiple business locations, departments, or employees with just one click. Simplify the process of obtaining approval from employees in various departments in the company

Purchase Tender

Choose the best offer and easily send purchase orders. Compare and analyze the quality of goods from each vendor. Looking for vendors who provide low prices with the best quality is like looking for a needle in a haystack. Fortunately, HashMicro’s procurement system makes it easy for businesses to compare dozens of vendors at once and get the best deals.

Order Automation

Automatically place orders for required items based on stock levels, minimum quantities per location, sales, or other parameters.

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Major Benefits of Procurement System

Some of the benefits of a Procurement System are:

1. Minimizing Fraud

The procurement process is often colored by fraudulent acts from irresponsible persons, such as price mark-ups. Get complete control over every purchase to reduce wastage. The manual procurement process invites various irregularities that are contrary to the principles and provisions, such as corruption.

The use of procurement software aims to improve accountability and transparency in the procurement process as well as improve the level of efficiency, support monitoring, and audit processes related to the accuracy and availability of data.

The system not only replaces conventional procurement but also provides reliable output in a complex environment. Requires supervision and internal control in the procurement of goods.

2. Integration with other systems

Most procurement systems have key performance indicators that measure procurement performance, such as order processing, invoice accuracy, and order delivery time. Because it requires integration with other systems therefore had to add e-sourcing software to optimize the overall procurement system.

An example of integration is with Inventory management to gain complete control over the purchasing process and avoid wasteful procurement of goods. Then the Accounting system to help estimate the various costs incurred and profits generated from sales automatically, view the procurement budget so that users can analyze the data further.

Also with CRM software – Sales helps adjust the number of stock purchases with customer requests to prevent stockpiling of goods.

3. Help to manage budget and save expenses

Procurement systems understand costs and proactively perform better operations by approving costs before they are incurred. To lower procurement costs, one important thing to do is collect, analyze, and act on data. Without accurate data, the company’s potential to reduce costs will be significantly reduced. You need data to manage vendors, track stock, gain a better understanding of raw materials, products, and services, and make informed and effective decisions.

Conclusion

Implementing procurement software to go from manual to automated processes may be daunting at first, but the results are promising. Finding the right solution to modernize and optimize workflows can offer your business huge benefits, including lower costs, fewer errors, and increased productivity and supply chain management.

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