About ePMX: Requisition Software:
The ePMX: Requisition Software which is also known as e-requisition software provides a very powerful front end to deal with a variety of purchase order solutions. The e-requisition software is one of the most popular modules of ePMX:. When well integrated with the other modules, it can do wonders in managing requisitions generated for your business. One of the greatest advantages about this software is its ease of use which makes it user friendly, quick to set up, and simple to keep in place.
What the ePMX: Requisition Module Can do:
SMBs, or small to medium sized businesses need a software system that scalable and customizable with respect to its needs for requisitions. Here are several ways the module can work for your SMB.
Creating an E-Requisition:
The working of the ePMX: Requisition Software is very simple to start with. The first step is for the particular department or individual that needs to perform the requisition to login. After login, click on the requisition option to create a new requisition. After that a form will appear in which some information like requisition number or id will be auto generated. Other details on the form include type of item, vendor name, quantity of item, price of item, etc. You are allowed to choose an item which is already present in the catalog. You can also add a new item in case it is not present in the catalog. Your e-requisition is now created and you can upload it to send for approval.
About ePMX: Purchasing Software:
The ePMX: purchasing software is designed in such a manner that it is almost like you’ve added more people to your purchasing team. The automatic rules and process you can set reflect upon your wishes and desires for a professional approach. The ePMX: purchasing software allows you to quickly and effectively create purchase orders on the basis of requested quotations, requisitions and old purchase orders. It also allows you to create purchase orders on the basis of vendors or the service or material you wish to purchase. Vendor management and material file management capabilities are built into this e-procurement software. This serves to considerably speed up the process of purchasing. It also incorporates emails and fax interfaces for this purpose. This purchasing software also allows you to balance the existing and required quantity of material by maintaining EOQ or Economic Order Quantity.
How ePMX: is better for SMBs:
The reason why the ePMX: purchasing software is used for Small to Medium Businesses, or SMBs, is because it provides a completely web based system to streamline processes and manage the current expenditures of the organization. SMBs don’t need massive software systems that do it all; They require modularity and customization in a system. The e-procurement software satisfies this need of SMBs. The ePMX: Purchasing Software is preferred is because it does not force you to buy standard modules which may or may not be needed by your business. It provides you with only those modules which fully satisfy your business needs.
Small and medium sized businesses or the SMBs are therefore switching to the ePMX: Purchasing Software and taking full advantage of the Purchasing Module. SMBs are tight on money and cannot handle any financial indiscretions. The ePMX: Purchasing Module helps organize and control spend while also saving time. Managers are able to closely monitor any and all purchases made. On the other side of the coin it also helps to stop unauthorized purchases. The ePMX: purchasing software helps the PO managers to control and manage the PO process electronically by establishing expenditure limits, monitor acquisitions and lastly prevent any kind of maverick purchasing. They set company defined approval hierarchies to control trivial purchases in the organization.
It also saves you considerable amount of money by eliminating any kind of installation or IT support cost. The complete setup takes place very smoothly and the time taken depends on the number of modules wanted in addition to the Purchasing Module. All these features make ePMX: purchasing software the perfect system for SMBs.
About Purchasing Software:
Nowadays cloud based purchasing software is available to make your official business work easy and convenient by controlling various corporate factors like spend analysis, streamline purchasing, automation of manual processes, etc. This cloud based purchasing software is also sometimes known as e-procurement software. It is a highly user friendly and affordable tool that can be easily incorporated by organizations to increase their work efficiency and save money on extra spending. The e-procurement software is capable of following:
Why is it better than Traditional Purchasing Software?
The benefits of using cloud based purchasing software over traditional purchasing software are as follows:
This is why if you are still using traditional purchasing software you should consider kicking things up a notch and upgrading to a cloud-based platform.
Purchase Order Software and Paper Based Purchase Order Management:
Purchase software, as the name suggests, is an automated system to manage all your business orders and take care of your organization’s spend-analysis. Paper based Purchase Order Management is done using pen and paper. Manual invoices are maintained on paper to track order placement and delivery. Purchase software is also known as e-procurement software and it is a much better option than the manual paper system because much of the process can be automated, it is accurate and it is less time-consuming. Spend analysis is an essential feature of an organization and if not done accurately, the results can lead to many problems down the road. Manual, paper-based systems make this task very challenging and further contribute to the likelihood of more problems and difficulties in this area.
Reasons why Purchase Order Software is better:
The first reason why purchase software or e-procurement software is better than the paper based order management system is because it is reliable, accurate and highly organized. The paper based system we all know is associated with human errors and discrepancies which lead to many mistakes and inaccurate results. Especially when you are dealing with large volume of orders the best thing to do is implement e-procurement software designed specifically for this purpose. Nearly all common tracking mistakes due to human error can be prevented if you are using the right purchasing software.
There are many types of purchase software available nowadays and among them cloud-based is considered to be the best. The software helps in streamlining various business order process and performing spend analysis. It can also be very easily customized according to the needs and the requirements of the user or the organization that is using it. If you are using the purchasing software it can be assured that there will be very little scope for error. Margin of error in case of e-procurement software is much less than the manual paper based order management system. When your purchasing system is running smoothly and accurately it has a domino effect reaching to your company’s bottom line, ultimately helping you to increase productivity and profits.
Role in Spend Analysis:
Purchase Software prevents occurrence of any and all types of authorized orders. It allows managers to view all the purchases taking place in the organization. Overall costs are also reduced with the help of this software. Order placement, order review, order modification, order approval, payment and delivery tracking becomes very easy if you are using e-procurement software for order management.
If you want to reduce your expenditures while maintaining your performance as well as efficiency in the operation of your insurance business then you should give considerable thought to implementing procurement software.
Procurement software will help an insurance business to have a clear view of their expenditures so that they are able to manage the costs and risks they face. In so doing they are able to stay well informed about the supply decisions, which in turn strengthens and improves the bottom line.
Procure-to-pay helps you attain better visibility and cost savings by making you focus on the sourcing and managing of your expenditures.
Insurance companies will find that they can increase their productivity by utilizing cloud-based procurement software. Companies can also view and look into a supplier’s performance which includes analyzing its purchasing patterns, tracking deliveries and monitoring the overall efficiency as measured against other suppliers. This all helps in managing risks.
Here are some points about the process of Procure-to-pay:
Benefits of procurement to pay
If your insurance business wants to improve profitability, compliance and efficiency and thus maximize profits, a fantastic place to start would be with procurement software.
Purchasing in the cloud is one part of an approach towards risk management for insurance companies which provides security and protection against potential future failures.
Insurance companies are better able to serve their customers and clients when the backend issues of running their business and keeping their offices and agents supplied with materials, brochures, calculators and other items for conducting business are kept in good supply. Cloud purchasing helps to streamline these processes and keeps the insurance agents focused on what they do best, expanding their book of business.
Many insurance companies have been seeking new and innovative approaches to the traditional and costly deployment of IT and software infrastructure. Purchasing in the cloud provides many benefits, some of which are realized immediately and some are played out over the first few months of implementation.
Benefits of cloud software:
Thus we can say that if an insurer utilizes cloud purchasing, they can construct a more customer specific and flexible business plan, providing higher profits and attain higher performance in the industry.
It won’t be long before purchasing in the cloud will simply become the way things are done in insurance industry. If you are not yet taking advantage of these options, contact us today for a free trial and discussion on how cloud purchasing can help your business.
What is Contract Compliance?
Contract Compliance is how businesses, non-profits, and government agencies make sure that the contractors they are hiring abide by the rules and terms and conditions of the mutually agreed upon contract. They prevent outside contractors from violating the terms of agreement. It is not at all uncommon in this day of outsourcing to hire external contractors to carry out some of your work. Between purchasing contracts and contracts for external services, there is plenty of room for disagreements and disparities. Government regulations monitor some of the terms and others are bound by ethics. Many contract management systems are not efficient and loopholes exist that pose the potential for problems in the future.
Improving Contract Compliance with the help of Cloud Based Purchasing Software:
What is Spend Analysis?
Spend analysis is the process of analyzing various aspects of expenditure. It is the process of collecting, classifying, and cleansing expenditure data in order to improve efficiency and reduce various types of procurement cost. The three major entities in spend analysis are: commodity, vendor and cost. The main reason why spend analysis is important in corporate organizations is because it helps to maximize the overall profit. Spend analysis is a means to ensure that ROI, that is Return on Investment, is always within the expected limit.
Cloud Based Purchasing Software for Spend Analysis:
Following are a few advantages of using Cloud Based Software for Spend Analysis:
The advent of technology has brought a huge revolution with every industry being affected and becoming more dependent on new technologies to accomplish the work and remain competitive. No industry or sector is untouched with the effects of technology. That is why different kinds of tools and software are designed so that work can be completed easily without compromising the quality of the tasks being performed or the products or services your business offers. With the help of customized software it becomes quite easy to complete the same task with better efficiency and in less time. Procurement software is one of the most in-demand software services in the business market today. With very few exceptsions, nearly every industry can find great value in the use of this software as it works to reduce the burden and make the work effortless.
If you are in business and frustrated with your purchasing processes, it’s time to look at the numerous advantages of upgrading to a cloud-based procurement software platform..
Functions made easier with procurement software
Though procurement software varies in features and customization, there are four functions we can look at briefly to see how it can help your business excel.
Requisitions are one of the most essential features of this software. This function allows you to create an order, get approval and automatically send the information on to the vendor. Everything is done via software and hence work becomes easier, consumes less time, and flows smoothly.
Financial settlement is the another function of the procurement software through which you can create a financial statement when the goods are received by the vendor. This is very important to ensure that the product is delivered on time, in the quantity ordered, and meets all the specifications prior to payment.
The tracking function of procurement software allows you to follow the order every step of the way through the process. Enabling you to track the order from start to finish provides for open communication with the vendor regarding problems or delays so there are no surprises. Being aware of those delays provides a way to make adjustments on the receiving end with regard to product placement and development.
This software makes inventory a breeze. You can maintain a record of the different products and services that are available and in stock at any giving time. Monitoring stock supply and demandopens the door to more efficient ordering. You can keep a count of all products and supplies in inventory and software can even generate automatic reorders of common items per the requirements and specifications you set up.
Cloud-based purchasing software helps make the procure-to-pay process smooth and by extension also helps you keep your customers satisfied. Incorporate the technologies and advancements this software provides and begin to experience benefits and see the change yourself.
Every organization looks forward to a smooth functioning of their business so that everything is well managed. With the advent of technology, a variety of software has been introduced that not only facilitate your business with improved operational efficiency but also reduce the work pressure. One such software which is high in demand is procurement software. It is a tool that is helpful in automating the process of purchasing and accomplishing many essential activities as well. The need for this type of software spans all industries, whether it be healthcare, insurance, hospitality and the list goes on..
The overall benefit of this software is better administration which is necessary to fulfill the goals and long term savings which is another key aspect. In all, your business can easily look forward to better efficiency and performance through this software.
With the help of the procurement software, your business can maintain a high performance standard and also get familiar with different expenditures. Procurement software, which is employed by different industries, includes a number of excellent features that can create a difference and increase customer satisfaction as well.
Procurement software gives you the facility to manage the risks in a better way and offer greater benefits to the company. This can be easily accomplished by gaining additional insight of the supplier’s performance and ensuring supplier engagement which is most important in today’s time.
The above software can be incorporated to provide quick and seamless payments to vendors coordinating with deliveries so that time and effort is saved. On the other hand, all the different transactions that take place within the organization can be accessed with greater detail and speed whenever the need arises.
Accomplish specific requirements for your business with Purchase-to-Pay Software
If you are feeling overwhelmed with your purchasing process, paperwork, or an outdated software system, then it is now time to consider upgrading to cloud-based purchase-to-pay software. This is highly beneficial for every industry and can be customized to meet the specific needs your industry and business face.
So if you wish to maintain an efficient work flow, then this software can really prove beneficial. With the help of customized software, you can easily accomplish the requirements of your respective industries and see the difference yourself. So get a free demo now and enjoy the advantages of cloud-based procurement software.