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Making the Best Use of Technology in Purchasing

By Avetta Marketing
April 27, 2022
7 minutes
Making the Best Use of Technology in Purchasing

The latest technology used in purchasing has greatly changed the supply chain—for the better. From greater efficiency to more transparency for customers, technology can better the procurement process from beginning to end. 

In this post, we’ll go over advanced purchasing software technologies, how they help you meet your supply chain’s objectives, and what you can do to make the best use of technology in purchasing.  

What Are the Objectives of the Purchasing Process?

What do supply chain professionals want to accomplish during the purchasing phase of the supply chain? Ultimately, the supply chain’s objectives in the purchasing process are to:

  • Organize, track, and manage procurement data so important decisions are made quickly and correctly.
  • Streamline procurement so steps can be completed quickly, accurately, and sustainably.
  • Find and reduce issues and errors in real-time, before they become a bigger problem.
  • Innovate and maintain relevance in the industry and ahead of competitors.

How do these supply chain objectives line up with your own? 

What Is the Role of ICT in Procurement?

Old manual processes are no longer relevant, efficient, competitive, or sustainable in today’s supply chains. To keep up in today’s world, advanced purchasing software technologies must be employed along every step of the procurement process. 

The role of ICT (information and communication technology) in procurement is to help businesses meet their supply chain objectives by allowing for greater communication, visibility, and efficiency. 

Here’s how these objectives are accomplished when Avetta’s platform puts you in control of the entire supply chain’s purchase process.

 

Communication

Operations are vastly improved when communication flows freely in real time. Communication unifies otherwise disparate departments with the immediate transfer of essential information. Having all the particulars right away enables fast and flexible development and scaling. It also builds and improves relationships among team members, departments, and suppliers. 

Avetta facilitates cooperation and collaboration for our many clients in industries, from mining and construction to transportation and pharmaceuticals. We open communication channels by tailoring to local markets, automatically updating regulations and requirements, and supporting supply chains in 22 languages. 

 

Visibility

As you work through the procurement process, transparency is key. You need to know at all times what is happening at every stage of the supply chain journey. Having a holistic view allows you to:

  • Save time
  • Find qualified suppliers
  • Raise quality
  • Pay the best price
  • Minimize mistakes and delays
  • Decrease risk
  • Increase safety
  • Encourage sustainability

How can you possibly accomplish all that? By using Avetta ConnectTM to gain a complete view of information from across your vast supply chain. The platform automatically and constantly monitors, analyzes, and updates data so you are always in the know. 

 

Efficiency

A slow, error-laden purchase process causes plenty of undesirable outcomes, including higher procurement costs, more mistakes from manual data entry, and a higher chance of fraud. 

Fortunately, these preventable problems aren’t an issue with Avetta’s advanced supply chain management software. Our technology is adept at lowering costs, reducing errors, and protecting revenue. 

Find out how much you can save by using our Cost Savings Calculator.

6 Tips for Using Technology in Purchasing

To help you make the best use of technology in purchasing, we’ve provided six tips to follow. 

1. Create an Action Plan

An action plan will help keep any challenges from surfacing. Take into account the actions that are being streamlined (administrative, etc.) and the delays or mistakes that will no longer hinder progress and scalability. These two factors alone can change everything from contract cycles, supplier relationships, cost savings, and revenue. 

Having a plan that accounts for the new digital process will make for a more unified adaptation period and simplified management.

2. Choose a Cloud-Based Platform

Many traditional enterprises have embraced the cloud, and so should you. The barriers to entry are low, but the rewards are high. A cloud-based platform offers several advantages over legacy systems:

  • Time and cost savings 
  • Flexibility and scalability
  • Loss prevention and security
  • Automatic processes and updates
  • Sustainability 

3. Strategize Your Sourcing

When using technology in purchasing, better collaboration between different business units (IT, finance, legal, etc.) is encouraged. In turn, this collaboration allows a higher level of strategy when sourcing suppliers. 

Cutting down on the time and complexities of sourcing can happen when everyone’s understanding is the same and all the goals are aligned. Advanced technology empowers all team members to have the best data available. That way, intelligent decisions can be made unanimously, which prompts smarter strategies. 

Supplier compliance is also a big issue in sourcing. You can’t risk having non-compliant partners. Ensure your purchasing technology includes a way to find qualified suppliers according to your specific requirements.

4. Digitize Procurement and Inventory

Shifting to a digital approach in procurement brings immediate positive results. Automatically accomplishing various functions in the procure-to-pay cycle moves your team away from repetitive, mundane tasks. Instead of wasting time and abilities, each team member can now focus on more important, intensive aspects that bring greater fulfillment and value. 

Additionally, digitizing inventory management helps monitor product levels accurately and in real time. Therefore, technology is great at reducing instances of stock surplus and waste.

5. Take Advantage of the Analytics

One of the key reasons to use technology in purchasing is the great impact data can have on every aspect of your business. Imagine having the ability to improve processes, manage reports, and optimize costs with the guidance of analytics. The data-driven insights you have at your fingertips will not only drive organizational transformation, but also clarify the purpose of your goals.

6. Choose a User-Friendly, Customer-Centric Platform

Making the best use of technology in purchasing is much easier when the chosen platform offers seamless integration and exceptional customer support. The point of a new system is to make work easier and more efficient, so you need one that adapts to your needs. 

Plus, by having an IT advocate on your side throughout the implementation journey and beyond, you’re given the greatest chance to succeed.

How Avetta Improves Your Purchasing Process

When you’re ready to embrace technology that reduces errors and costs while increasing efficiencies and revenue, get Avetta. Our expert-driven solution is fully configurable and capable of handling vast amounts of data reliably and securely. 

Discover how Avetta can connect you with pre-vetted suppliers and improve your purchasing process.

 

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