Time is the thing people wish they had more of the most. We can't create more time in the day, but we should always be looking for ways to better use it. Analyzing data on how manufacturers can improve their time allocations has been the focus for many. One area that often gets left out of the time-saving equation is procurement.
Many companies are now taking a hard look at how they can take their supply chain to the next level by instituting more efficient technologies, but many choose to pass when they see the price tag associated with these solutions. This would not be the case if they fully understood the impact a connected tool could provide them. Here are some examples of how outdated methods might be speeding up your clock:
A spreadsheet is not a great solution – keeping your measures and performance off-line from your system creates many opportunities for errors. It causes you to double-enter items and produces loads of time-consuming busy work. You could also be missing information or storing the wrong data due to errors.
Make sure you are connected to other areas of the organization – if your activities in procurement are not translating through to receiving and accounts payable, you are causing a second layer of work for both areas. Make sure your activities easily flow to the next role so you can ensure accuracy without added effort.
Plug into your suppliers – if you can take advantage of tools offered by your vendors you may be able to save time and gain visibility. Many companies offer connectivity to see your orders and forecasts. This is a great tracking tool that will always keep you up to date on your status with the supplier.
Procurement organizations are great at being focused on the price they are paying for the goods they purchase. But many have not considered the cost of the processes they are performing. If you can accomplish more with technology tools you'll in turn be able to spend more of your time analyzing data to improve your operation. These value-added activities will bring a much larger impact.
The benefits of the right technology additions in procurement will always outweigh their costs.