The function of procurement entails overseeing all procedures and processes involved in acquiring products, materials, goods and services that are required for efficient business operations. In other words, it would be impossible for you to run your business optimally without proper procurement management processes in place. Furthermore, procurement can also be leveraged as a source of competitive advantage if done right, due to the massive potential it holds in its ability to save money, time, and other resources.
However, with the increased integration of international markets and rampant cross-border commerce, it can be difficult to effectively execute procurement processes such as contract compliance and overall management of global supplier and vendor networks. Such procurement processes can become clunky and inefficient with the immense volume of data that requires analyses and stakeholders that require managing.
Businesses looking to streamline their procurement processes in an increasingly integrated global market must turn to procurement management software and supplier management systems, such that they can remain competitive amidst industry peers and achieve sustained growth and success with improved bottom-lines.
Leveraging Supplier Management Systems
Supplier management systems encompass intelligent digital solutions for corporate procurement and other entailed transactions such as supplier management, sourcing, and collaboration. Packed with supplier relationship management and procurement contract management software tools, supplier management systems can be leveraged to facilitate and enhance business relationships and processes between companies, vendors, and suppliers.
By leveraging supplier management systems, businesses can improve on their entire supply chain management through agile collaboration and accurate evaluation, effectively enjoying a one-stop solution to all their procurement problems. There are three key advantages an effective procurement management software can grant its users:
1. Increased Visibility
Good supplier management systems will include supplier relationship management software tools that give you a clearer overview of all your supplier relationships and insights into performance management issues. This increased visibility of everything that’s happening throughout procurement processes empowers businesses to make data-driven decisions with regards to procurement and supplier relationship management.
2. Improved Collaboration
A good supplier management system also supports improved collaboration between companies, vendors, and suppliers through enhanced buyer-supplier transparency and efficiency as well as more accurate forecasting of supply chain management figures that can facilitate smoother transactions. By enabling better communication and the uncovering and sharing of otherwise-subtle data points, procurement management software often results in not only higher quality supplier relationships but optimised collaboration and sustainable business partnerships and dealings.
3. Efficient Resource Use
Lastly, good supplier management systems will feature procurement software tools that allow for automation of menial tasks such as invoicing and supply tracking, effectively saving time, money, and manpower for businesses that utilise them. With these resources freed up, businesses can refocus the time, money, and labour that initially go into managing menial procurement tasks into something more productive for the business’ operations.
HAND’s Integrated SRM Solution: iSRM
Hand Global Solutions (HAND) is a leading enterprise IT solutions service provider with an integrated supplier relationship management solution that has helped countless companies streamline and enhance procurement and supplier management processes. Our iSRM supplier management system features:
Smart Sourcing Software Tools
- Common eCommerce platform to find business and goods
- Supplier life-cycle management
- Supplier evaluation
- Bid hall real-time ranking
- Massive supplier consolidation
- Cost management
- Electronic procurement contract management
Synergizing Software Tools
- Demand forecast
- Purchasing plan
- Order/JIT collaboration
- Delivery coordination
- Financial synergy
- Research & development
- Quality survey
Purchasing Software Tools
- Catalogue management
- Cross-platform price comparison
- Purchase application automation
- One-click transfer orders
- Price assistant
- Auto reconciliation
Business Intelligence Software Tools
- Basic business statistics
- Indicator system
- Purchasing performance
- Supplier performance
- Management analysis
Settlement Software Tools
- Risk radar
- Budget and rebate management
- NPL recognition
- Electronic signature
- Electronic invoice
- OCR recognition
- Supply chain finance
Streamline and Enhance Procurement with HAND
HAND’s innovative SaaS and platform solutions promise holistic, stable, agile, and integrated one-stop digital transformation. Streamline and enhance your business’ procurement processes and more with our innovative suite of IT products and solutions. Get in touch with us today.