For procurement specialists, the chief goal in evaluating which new tools to buy for their business should be to make life easier. The process involved with such a business is composed of many moving parts: procurement orders, supplier details, budget management and purchases; the idea is to automate as much of this as possible. For example, given that 98% of SMSs are opened and read, and such a large quantity of people own phones, bulk SMS messaging is an extremely potent tool in procurement as it almost fully automates this aspect of finding customers, but it is by no means the only (or most effective) tool available.
Artificial Intelligence
No areas of business are untouched by the discussions of the potential benefits of technologies such as Artificial Intelligence (AI); this includes the procurement process. It excels in automating the most complex of tasks, including: purchase processing, finding cost/price discrepancies and ‘learning’ a business’s sourcing patterns to make supplier recommendations.
Whilst this is a highly anticipated tool, and certainly one procurement firms should investigate, it is not currently available - though it will be shortly. In the meantime there are several effective ways to prepare a company for its arrival in order to fully reap the benefits of AI technology.
One way of doing this is implementing some of the tools listed below to create a dedicated procurement and spend management solution; these automate workflows, streamline purchasing and manage suppliers. This will ensure the transition towards AI in the near future is streamlined and smooth.
Bulk SMS
Bulk messaging enables an SMS to be delivered to a large demographic of people at once. If used intelligently, it can act as the perfect pitch for procurement specialists trying to attract customers. Bulk SMS delivery helps businesses form connections that drive palpable results.
It will be effective at improving marketing and customer communication because of its speed, cost effectiveness, ability to build meaningful conversations and the fact that it is permission-based (i.e. opt in), so the customers being contacted want to be. Put briefly: it empowers a business to reach customers when it’s most suitable for them, with the only information they require. It is an extremely effective tool.
Enterprise Resource Planning
Quickly consider how much time and effort is lost on the existing manual processes involved in a procurement business, such as finding customers, contacting them and processing payments afterwards.
Enterprise Resource Planning (ERP) software consists of strategic management tools for business processes used for the management of information within a company. They are designed for dependably and efficiently storing a procurement business’s information. It does this by integrating all of an enterprise’s facets into a comprehensive information system that any across the company can access.
Spend Analysis Tool
Spend analysis refers to the process of analysing a procurement business in order to increase its efficiency or improve its relationships with suppliers. Such tools will do this by collecting, classifying and analysing spend data through dedicated software. The information extracted from such a tool can then be used to more effectively form a more effective strategy plan.
It is a key tool for procurement organisations to identify savings opportunities, manage risks and streamline the buying power of their company.
Purchase Order Streamlining
Purchase orders are another business process of procurement that can be digitalised and automated. Purchase order tools create specific purchasing steps to minimise the time between when a person requests an item and when he receives it.
Phone (News - Alert) System
With the rise of all of these innovative tools for procurement businesses, it can be easy to focus on them and disregard the importance of a good business phone. But there could not be a greater error. A dependable and quality phone system is an absolute minimum requirement for all companies, at least - and at most, offers a chance for businesses to set a shining example in a realm where phone service is very often lacklustre.
There are many options to choose from that are tailored for specific business purposes. One that might be of use for procurement businesses is Kixie. This service streamlines the sales process by allowing the procurement team to quickly take multiple calls back-to-back whilst naturally following a script.
Vendor Management Tool
Basic vendor management takes place in almost all businesses; it is the practice of attempting to limit sourcing for a particular IT service or product to the lowest-cost vendor. However, vendor management tools take this a step further in their strive for excellence; their techniques attempt to manage the continuous relations with vendors to ensure agreements are mutually beneficial for both parties.
Using such services ensures ensuing agreements outline adequate requirements for service, quality and cost that mirror their user’s IT requirements. It also helps find such vendors as are capable of providing services that meet these requirements.
Closing Thoughts
There are many good tools available to procurement specialists to streamline and improve the general functioning of their business. These are all powerful tools that are worthwhile giving appropriate consideration to. That being said, none should be considered before a company has established its business phones.
