Passing On Procurement Software: A C-Suite Analysis Of Risks
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As the C-Suite evaluates investment options for the organization, the decision to use software for procurement should be given careful consideration. Investing in source-to-pay system can offer variety of useful benefits, but foregoing the investment can also lead to serious risks and problems. This article will examine some of the costs and consequences of not opting for software-driven solution in the procurement process.
First and foremost, not taking advantage of software-based procurement system means forfeiting heightened efficiency and accuracy. In the C-Suite, precise calculations and timeliness are essential for success. Obtaining source-to-pay system can provide automation for many of the tasks associated with the purchasing process, helping to ensure that all data points are accurately and quickly tracked and analyzed. This resulting speed and accuracy enhance the capacity for informed decision-making and can have substantial effect on the ability to optimize efficiency.
Likewise, bypassing software based-system carries the risk of losing visibility and control. Certain parts of the procurement process can become prone to human error, with undue delays and financial losses as result. The oversight offered by source-to-pay system can help to address these issues. By having access to the right data and insight, managers can exercise the appropriate amount of control over the procurement process, attaining better results and avoiding errors like duplication of orders, overlooked purchase orders and more.
In summary, deciding against source-to-pay solution can mean reduced efficiency, accuracy, visibility and control. source-to-pay system provides range of advantages, from the automating and simplifying of tasks to the acquisition of insights that can aid C-Suite decision-making. Accordingly, investing in such system should receive proper attention in the C-Suite.
