Every time goods and services are bought, it has social, economic, and environmental impacts. So, what if you use your existing purchasing power to create new jobs and opportunities, drive better business outcomes, gain a competitive advantage, encourage local economic development and growth. Address complex local challenges, among other social benefits.
This is what social procurement Software is all about. Social procurement is when organisations and governments choose to buy from local social enterprises. Which in turn will allow more opportunities.
For example, when the City of Melbourne awarded contracts worth $500,000 under a social procurement program. It provid more opportunities for local small businesses.
To ensure better procurement services and to make sure the purchases are providing added value to the resources, you need to take advantage of the right procurement software.
What is procurement software?
Procurement software allows an organisation to digitally integrate the processes of purchasing and procurement on a single platform.
This fully-automated computer program has many functions that helps with strategic and operational procurement.
It also maintains an inventory, generates purchase requisitions, creates purchase orders, performs the procure-to-pay orders online.
Approves invoices, pays all bills electronically, implements contract management systems and ensures compliance.
All the functions can be done from virtually anywhere and are hosted on secure cloud for enhanced built-in security.
But, how can using procurement software help your business to make an impact? Let’s find out.
Transparency and probity:
Procurement software allows all data to store and accessed from a centralised location.
This means that all the details, such as, how the funds are being spend in respect to a specific vendor.
Finding a particular purchase order or matching an invoice. The time it takes to complete a purchase can access from one transparent source.
Easy vendor management:
Using procurement software allows for clear communication and better supplier relationship management.
Accessing a supplier’s orders in one place can not only lead to significant cost savings. But also ensure that both parties are on the same page by asking for inputs, negotiating discounts and taking advantage of bulk orders.
Probity in procurement:
An effective procurement system is essential to any organisation as it allows greater flexibility, mitigates procurement risks, gives maximum control over spend data. Reduce error potential, implements processes that are accountable and enforce compliance.
To avoid probity issues arising at any stage of procurement. It is important to make decisions using appropriate processes to ensure accountability and compliant procurement outcomes.
If any probity issues arise, it needs to identify and address appropriately. The highest standards of probity mean that the suppliers can assure of the fact. That all procurement processes are conducting properly and in accordance with relevant policies and predefined plans.
Improved operational efficiency:
Being an automated process, procurement software improves operational efficiency. This can lessen the possibility of errors that can crop up during manual data entry, and enables a company to invest hours saved into other business priorities.
The right procurement software will integrate all your purchasing needs into one accessible hub. To know more about our procurement software and its various benefits and functions, visit our website.