We are a world of consumers, and every year companies order thousands of products and services to be able to feed the demand. Everything your operation requires to keep humming requires a wide network of suppliers — all connected by the famed purchase order (PO). This is why purchase order management must be a top priority when planning your operational strategy.
With so many orders flowing through your channel — representing tens of thousands of dollars in spend — keeping on top of what is being spent where is a must. It will no longer suffice to place an order and trust everything to work itself out.
It just doesn’t work like that. Things happen. Snafus ensue. And you need some extra support to ensure all things in your purchase order management system are seamless, from point A to point B.
Enterprise Resource Planning (ERP) is an absolute necessity to ensure production planning meets customer demand and deadlines.
Think of it this way—You’ve heard the familiar adage: “Work smarter, not harder.” Its wisdom rings truer than ever these days, especially in the fast-paced world of procurement, where there are so many moving parts to keep track of at any given time, making purchase order management far from easy peasy. Unless, you have a purchase order management solution provider like SourceDay to provide the support you need.
If you’ve ever felt like you and your team spend half your valuable time following up on purchase orders, chasing down vendors and suppliers, you are already painfully aware that monitoring your purchase order management is a time-intensive process that “sucks” (literally) — draining valuable employee resources that could, and should, be spent elsewhere.
Not only does inefficient purchase order management zap energy and time, it also dramatically affects the bottom line of your business.
In light of this, it comes as no surprise that you are unhappy with the current state of your purchase order management situation. Moreover, you are not alone in that dissatisfaction. According to research conducted by Supply Chain in Digital, “43 percent of organizations recognized immediate inadequacies in their PO practices and almost two-thirds (64 percent) indicated ‘urgent’ plans to address purchase order management inefficiencies in the future.” This sobering data clearly shows purchase order management practices have to change.
A main pain point that SourceDay helps you address is outdated manual purchase order management.
Outdated Manual Purchase Order Management
Tackling purchase order management manually just isn’t cutting it. So, what are the biggest problems with the manual PO management process? From lack of visibility to proneness to error (the two of which often go hand in hand) to inaccuracy and slower processing times, and much more, manually handling purchase order management is a bear.
The list of flaws in this approach just goes on. And what about the tediousness of it all to maintain? Maddening. Exhausting. But thanks to SourceDay — now, unnecessary.
Updated Purchase Order Automation
SourceDay´s purchase order automation and PO management tools provide real-time information on your POs. With SourceDay, managing your PO data is fast and easy, providing you with quick access to past and current information, 24/7. The use of such purchase order management solutions helps you streamline the PO process, increase all visibility, and reduce costly errors common with manual input and monitoring.
Now Is the Time: The Evolution of Purchase Order Management
When we think of evolution, the common phrase of “adapt or die” comes instantly to mind. You definitely want to be among the survivors in this automation evolution in purchase order management. And for that to happen, the time to act is now.
Case in point: A recent survey found that only 25% use purchase order management software. This means that 75% of businesses are currently missing out on benefitting from a highly-effective purchase order management system solution designed to facilitate the entire order lifecycle to track purchase orders (POs). Don’t let this be you.
Eyes Everywhere, With Real-Time Insights
In order for your PO management system to operate at peak efficiency, you need proverbial eyes and ears everywhere. SourceDay´s ability to provide you with in-depth analyses and support will allow you to evolve your approach to purchase order management so that you not only survive but thrive amid this automation evolution.
Bottom Line: Purchase order management is evolving at warp speed. If you and your team have yet to discover how you will keep up with these changing times, the automation and updated purchase order management help SourceDay provides is an excellent first step. Reach out today to schedule some time to talk with our team.