Are you one of the businesses out there who find themselves asking the question, ‘Why do we need a purchase order management (POM) system‘? If this is the case, you might think your business is functioning well using the outdated manual processes it has always used? Perhaps you haven’t yet considered why you might require such a system at all, nor the benefits you’ll achieve as a result of doing so?
Data Doesn’t Lie
Significant research projects have been undertaken and published by global research organizations. They nearly all confirm the same findings – ‘next-generation technology’ has made automation the norm in terms of increasing efficiencies to make our lives simpler. Deploying cloud based purchase order management software such as that offered by Gravity creates transparency and provides the continuous availability of near to and real time information. These insights enable agility, proactive decision-making, and increase a company’s overall fiscal health by helping to control costs, free-up working capital, drive efficiency, deliver critical insights, and incorporate best practices.
The Power Of Communication
It’s widely appreciated that communication between all stakeholders throughout the end to end supply chain is essential, and leveraging a purchase order management system facilitates the collaboration required to create cohesion and foster better practices.
Track Vendor Performance
Imagine a world where you can have full visibility into which vendors consistently deliver products on time, at the agreed price, and without errors? Purchase order management gives you this ability! By using vast quantities of data to create an audit trail, you gain valuable insights into your best and worst-performing vendors so you can award contracts accordingly and with the intelligence to give you the upper hand.
Improve Inventory Management
Gravity provides you with inventory transparency from ex-factory through to distribution centers and gives you access to both pending and approved requisitions and purchase orders. It enables users to make more accurate and informed recommendations for reordering inventory items.
Better Budgeting And Spend Management
Those businesses that have a purchase order management system in place have more reliable visibility over all their processes and can manage their overall spend and manage cash flow much more efficiently as a result. While a purchase order management system doesn’t establish a budget, it certainly helps businesses to stick to their budget. In a world where numerous challenges and disruptions lurk around every corner, ready to strike without warning, companies must utilize a platform like Gravity to enable them to remain prudent in their operations.
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How To Make Purchase Order Management Software Work For You
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If you are interested in learning how to improve your purchase order management processes, contact us. We look forward to learning more about your business needs and requirements and discussing how Gravity’s Purchase Order Management tool can specifically help you achieve your objectives.