The trust between manufacturers, distributors, direct-to-consumer businesses, and their suppliers is key to making sure that business runs smoothly. For many businesses, the key to streamlining processes is using quality supply chain software.
What Is Supply Chain Software?
Supply chain software simplifies the communication between buyers and suppliers. Ideally, it integrates with the enterprise resource planning (ERP) system that you have. This allows the software to share correct information on supplier quantity, pricing, delivery dates, and more. Supply chain software can give your business several different capabilities. Here are some of those capabilities:
Improve Your Supply Chain With Automation
You can improve your supply chain experience by utilizing automation in your business productions. A supply chain software can help you use automation in several aspects of your daily operations. Automated supply chain software systems can give you advantages like accelerating the speed of certain processes. Here are some benefits of automation:
- Reduce unneeded materials like paper
- Receive a lower number of errors
- Obtain information during every part of a transaction
- Gain more transparency throughout business and POs
- Assign a lower number of data entry tasks
- Access to decrease excess spending
- Ability to assign tiers of responsibility for approval workflows
By improving daily processes, you improve your supply chain performance.
Improve PO Management
With supply chain software, you can manage your PO system more efficiently. Here are some improvements that can be made with PO software:
- Request of POs: Team members can use a catalog of your services and supplies that have been merged with vendors that you have already approved. They can submit their PO requests for automatic review. A good PO software will save these requests so that you can view them at any time.
- Approval of POs: Through PO software, you can approve your PO requests to make sure they are appropriate and help you reach your goals as a company. POs can be arranged in any order that suits your business, from the most recent to the highest priority.
- Creation of POs: As soon as a PO becomes available, a software sends it automatically to your ERP for ideal collaboration. You receive details and a contract between the ERP and your business.
- Tracking of POs: By using a PO software, all POs can be tracked from the moment the item was created to the receipt of the product. This software can keep note of any issues you may have within a PO and can even detect errors in the PO.
- Payment of POs: The PO payment process can be simplified through software to create a quicker turnaround payment time. Software can inspect each PO to make sure there are no errors and documents can be stored and referenced later if needed.
Why Choose PO Software for Your Business?
Supply chain software assists buyers and suppliers in different ways. Some of those helpful benefits for both buyers and suppliers include:
Buyers
- Collaboration: Supply chain software brings better flow of communication and fewer redundant questions.
- Communication: PO acknowledgments are both easy and timely, and every change or buyer-supplier collaboration comes with the date and time it was sent and received for ease of communication.
- Data: All communication between buyer-supplier is captured and PO changes can be sent automatically to your ERP.
- Visibility: You can keep a record of the status of every line item of each one of your orders. This allows you to find out what factors in the process may be helping or hurting your business.
Suppliers
Suppliers benefit from supply chain software just as much as the buyer. The ease and integrity behind the software can help their processes in ways such as:
- Integration: Supply chain software can digitize the PO process so that buyers and suppliers can view all real-time information.
- Automation: The entire purchase order cycle can be automated through software, from RFQs to collaboration details. This helps make managing POs and the communication between buyers and suppliers simpler.
- Visibility: Suppliers gain access to RFQs, communication threads, and purchase orders to give full visibility of customer data.
Trust SourceDay For Higher Supply Chain Performance
At SourceDay, we want to help buyers and suppliers create better relationships with better communication. Schedule a demo today to find out more about how our supply chain software can increase your business performance.