Procurement departments can run into serious issues without the proper procure-to-pay tools. Lackluster procurement strategies can bring unnecessary risk, dark purchasing, detrimental data inaccuracies, harmful supplier issues, and a more drawn-out procure to pay cycle. Procurement teams no longer need to be bogged down by wasted time, overlooked opportunities, and poorly allocated resources due to decentralized and ineffective procurement planning and execution. Rather, they can maximize a future-minded procure to pay process flow with procure to pay software. Here's how procurement professionals can select the right solution for their needs.
Government contract management can be divided into three overarching phases: procurement and acquisition planning, the sourcing and award, and post-award contract administration. The first two phases typically enjoy the most time, attentiveness, and financial investment. However, the neglect of the third stage - post-award management - as a tertiary duty can leave your organization unsupported and en route toward needless compliance violations, increased risk variables, and missed opportunities. It could be argued that the post award contract process is the most essential stage for your government organization, but it has notoriously been abandoned to insufficient visibility and a lack of allocated resources. Read this article to learn how to face the challenges of post award contract management head on with an actionable post award contract management software solution.
Ineffectual procurement strategy can lead to elevated risk, dark purchasing, supplier issues, data inaccuracies, and a drawn out purchasing cycle or procurement cycle. As we enter the procurement month of March, organizations should seek new ways to innovate the fulfillment of purchasing goals. So stop wasting time, squandering opportunities, and mismanaging resources with a disjointed and inefficient procurement process. March into procurement month with your eyes open for these, the best procurement software features for your processes.
Procurement managers and procurement teams may have their work cut out for them without the right procurement tools. Ineffectual procurement and acquisition strategies can lead to unnecessary risk, dark purchasing, harmful data inaccuracies, detrimental supplier issues, and an overall longer purchasing cycle. Procurement teams need to avoid wasted time, squandered opportunities, and wasted resources that stem from ununified and inefficient procurement. Instead, they should embrace a future-minded process with six tips for improved eProcurement and acquisition. Read about these helpful tips below.