Have you considered using purchase order software to streamline your business’s supply ordering process? A quality PO software can help you limit or prevent missing or delayed shipments, manage PO data, and simplify purchase order collaboration.
Here are some ways you can automate your processes with PO software:
Purchase Order Automation & Management
Your ERP system is only as good as the data it receives. PO software that integrates with your existing ERP can make your ordering process and procedures more efficient and eliminates the need to adjust information from suppliers and buyers manually. You can keep up with the status of every purchase order by leveraging purchase order automation.
When you manage all your POs through one platform, users see real-time pricing changes, delivery dates, and other critical data. It eliminates the need to use tedious spreadsheets, juggle emails, and toggle between multiple platforms.
Data & Insights
When you have the right PO software, users can have access to data and insights to help with their future buying decisions. Within these systems you can view a complete history of order details, including item name, quantity ordered, and price. Suppliers and buyers are also able to share and see ASN data.
The information that is included can be lot numbers, tracking numbers, and more.
Buyers can see the shipment data sent from their suppliers. They can track shipments and access accurate delivery date projections.
A highly effective purchase order software can also automate document sharing between users. Buyers and suppliers can share documents bi-directionally. The documents can attach to the PO as a whole or a specific line item within the selected PO.
Three benefits of document sharing include:
- Prevent supplier disagreements
- Reduce material waste from incorrect revisions
- Decrease costs associated with returns
Having these documents in one place makes them easily accessible for company audits, inspections, and more. Purchase order automation can also assist in decreasing time spent on small hassles and allowing more time to be spent on important matters.
Supplier Performance Scorecard
Creating and maintaining supplier scorecards makes the buying process more efficient. Generally, each score card provides metrics on the vendor, including delivery timeliness, responsiveness, price variance, and product quality.
A good PO software has scorecards built into it and ensures the data is up to date, so you’re always on top of supplier performance. Old spreadsheets and PDFs may not be based on the real experience you’ve had so far with vendors, so by automating this task, you’ll make better decisions and save more time.
Plus, have you tried weighting scores in a spreadsheet? It’s better done by software. With PO software, the supplier scores are displayed as a letter grade, so interpretation is straightforward. However, the overall score is based on the weight of each metric, and buyers can adjust the weights of each metric.
Benefits of an Automated PO Process
Here are buyers’ top three benefits when automating their processes with PO software.
1. Increased Productivity
You will increase productivity when you leverage purchase order automation. All POs are seamlessly organized on one easy-to-use platform. You eliminate the need to use spreadsheets and sticky notes. There’s a decreased risk of human error caused by forgetting to update or input order data.
2. Supplier Improvement
Suppliers can improve their performance and their relationships with buyers. Communication increases between buyers and suppliers. SourceDay’s platform helps suppliers recognize and address issues stemming from miscommunication, delivery delays, and more.
3. Increased Company-Wide Performance
Other areas of your business can also improve by increasing your productivity and using suppliers with optimal performance. Preventing errors caused by PO data issues will speed up your supply chain, reduce inventory issues, and increase customer satisfaction.
PO Collaboration Platform Demo
If you are ready to streamline your PO process and enjoy the benefits of SourceDay’s purchase order software, schedule a demo call with one of our team members here. Our software can help your business track open supplier orders, match invoices to the corresponding POs, monitor supplier performance, and more.