The procurement process includes these stages:
Supplier search and selection;
Purchase Request creation and approval;
Purchase Order processing;
Control over the fulfillment of contractual terms;
Order delivery and receipt;
Control and confirmation of payment of invoices.
Each stage is accompanied by significant flow of documents and labor costs for employees of the administrative, financial and logistics departments.
With Spend management solutions it is possible to reduce the time spent at each of the above steps. They allow reducing the flow of documents and the burden on the financial department and accounting at the control and financial reporting stages.
Cloud solutions make it possible to create a limited catalog of goods and services. In such a service, orders are made permanently and also establishes budgetary restrictions on particular categories. Developing a system for collecting and confirming purchase requests in real-time ensures the transparency and manageability of the procurement process.
Spend Management Solutions have a high level of integration with other enterprise management systems and have proven themselves through ease of implementation, ease of use and flexibility in pricing.
Spend Management Solutions are now developing in the direction of contract management systems and enterprise agreements with suppliers, systems for confirming, processing and paying electronic bills, as well as improving electronic document management technologies.