5 Ways a Good Procurement Software Can Save Your Time and Money

Even if the world is in a health crisis that has slowed its functioning it still continues to function. At the very beginning, the big problem was that the transport of the goods was a little more difficult than usual, but still, it was possible to reach everything in time and the shipments to reach their destination. This was a problem for the companies that procure and store inventory to sell them, primarily because the demand for certain product categories was high, even at times too high, which did not allow to achieve everything and serve all customer requirements. Now that things are normal, things need to be put under control for that whole situation. Wondering how this is best done? Of course, by having a procurement control system.

What is a procurement control system? It is usually software that helps the buying and selling companies that manage large quantities of products. With the help of that software they can manage the stocks, ie they know exactly how much of a certain commodity they currently have in their warehouse or in the points of sale, how much of that commodity they are missing, and they need to procure it.

Source: ProjectManager.com

This system is very helpful for any company that deals with procurement and trade and could be helpful when it comes to saving time and money. Often companies know how to order a certain quantity of certain goods very late and the delivery of the quantities does not arrive on time (as it was at the time when the virus crisis started, although then all the companies were unprepared). After the product shortage situation was resolved, many companies began to complain that they had ordered too many products and could not spend them. We come to the conclusion that it is necessary to manage time, money, and inventory, and this is best done with the help of the procurement system. If you are in a hurry and do not know why this system is so useful, we bring you 5 ways how good procurement software can save you time and money and will not lead you to be overwhelmed with unnecessary supplies.

Source: SIPMM
  1. You will order the required quantity of products on time — companies often have unforeseen and rapid depletion of inventory. Because they run out of stock throughout that panic attack, they order new quantities and it often happens that the newly ordered quantities are too much, ie more than what is needed. With this system, you would have an insight into how much exactly you need in stock and therefore you will make the necessary order on time which will reduce the stress and losses you face in case of unplanned reduction or depletion of supplies, say the engineers from precoro.com who are the creators of this successful procurement system. You will no longer need to make stocks that you could not later sell to buyers or resellers who resell such products.
  2. You will not accumulate unnecessary inventory — it often happens that companies complain that they have a huge inventory that they can not sell or give to a reseller at a lower price. The reason for these huge accumulated stocks is the unplanned placing of orders. This unplanned ordering means that the company has increased costs caused by oversupply. In order to return the whole situation to normal, it is necessary to check the stocks in time and to make orders for a sufficient number of products, ie as much as is needed. For that purpose, it is great to have a system that will control these things and through which the whole situation will be resolved in a timely and fast manner without creating unnecessary costs.
    Source: Purchasing Platform
  3. You will order exactly as much as you need in a given time that you will always have fresh stock — sometimes it is very important to have fresh stock and that stock is on time. Especially when it comes to products that have a shelf life and products that are for food or in the case of drugs and medications. When you order these product categories they must be ordered at the right time, not outdated and fresh, because only when they are fresh and timely they will be sold on time. It is, therefore, necessary to have such a system that will give you accurate information when and from which products it is necessary to stock up and place an order.
  4. You will be informed in time when you need to place an order — often companies are not informed in time about whether they have the necessary stocks in their warehouses. From now on you can forget about these problems, because with the help of storage software you will be up to date with everything and you will receive timely information at any time. So you will receive timely information on when it is necessary to order and store a certain product in stock without accumulating and not to store unnecessarily large quantities of certain products. Unnecessary storage is a cost to the company, but it also spends unnecessary time ordering products that the company already has in its warehouse.
    Source: Medium
  5. You will have access to inventory at all times — forget about manual inventory counting which takes too much time before placing an order. This is a thing of the past because now there is procurement software that provides timely information on when to place an order and how much is needed. This is a solution that a number of software companies have worked on for a long time and in the end, each of them offered its own product that facilitates the work and functioning when it comes to procurement. From now on, with this software, you will be able to easily and always check the condition of the stocks and at any time to make an order if you need additional quantities of a certain product.

If you find yourself with a problem that your company has had in the past or you think you have a shortcoming that you will solve with such a software solution, we believe that you need to take action and change things. Change that and move on to the digital functionality offered by this software. Make your work easier and get back on track for successful work without making unnecessary purchases. Learn more from Coupa.