Why do I need Purchase Order Software?
- To Replace Manual handling of purchase orders
- To Avoid POs getting lost or misplaced
- To Avoid delays in the Approval Process
- To Utilize 2-day and 3-way matching
- To Take advantage of Tracking & Reporting tools
It is essential that you pick the right purchasing software to simplify and streamline your workflow saving you both time and money.
As your business grows and your procurement needs become more complex, managing purchase orders can quickly become overwhelming. Picking a PO management software that offers a centralized platform will reduce your hassles and headaches in all steps of the process.
However, with so many available options, it can be challenging to pick the right system for your needs. Here are a few key factors to consider in your search for the ideal solution.
- Features offered
One of the most important factors is the type of features offered such as customizable purchase order templates, automated approval workflows, supplier management tools, inventory controls, and contract management.
Additionally, you can also consider whether the software offers advanced features such as asset management or financial integration to streamline the procurement process.
- Integration
Another essential consideration is how the software integrates with your organization’s existing systems. Integration is critical because it ensures that the PO management software works seamlessly with your other systems, such as accounting or inventory management software. Always look for software that offers integration with your existing systems to avoid the need for manual data entry and to streamline the procurement process.
- User-friendliness
Selecting software that is user-friendly and has a straightforward interface is critical to ensuring that your team can quickly adapt to the new system. If the software is user-friendly, it is easy to navigate the software, whether it offers intuitive tools for creating and managing purchase orders, or whether it offers a mobile application for access on the go – user-friendliness matters!
- 3-Way Matching
A 3-way matching of important documents like purchase orders, goods receipts notes (GRN) and the supplier’s invoice is crucial to your company. This helps to detect discrepancies, if any, and eliminates fraud which increases efficiencies. If the PO software you choose is capable of seamlessly conducting a 3-way match of these documents, then you have made the right choice.
- Customization
Every business has unique procurement processes, so it’s essential to look for software that allows for customization. If the software you choose allows you to add custom fields, configure the approval workflow to match your business processes, or customize the purchase order template to reflect your branding, then you have made the right decision for your organization.
- Security
It’s crucial to ensure that the purchase order management software provides adequate security measures to protect sensitive information. When searching for purchase order management software, it’s important to seek out solutions that provide measures such as data encryption and user access controls, which can prevent unauthorized access to supplier information and purchase orders.
Additionally, consider whether the software offers features such as audit trails to track changes made to purchase orders and ensure accountability.
- Cost
The cost of software is an essential factor to consider when selecting PO management software. You need to consider whether the software’s cost aligns with your organization’s budget, whether it offers a free trial period to test the software before committing to a subscription, and whether there are any associated fees, such as implementation or training costs.
- Support
Finally, it’s essential to consider the support offered by the PO management software provider. Your company needs to look for software that provides reliable customer support and resources, such as user manuals or training materials, to ensure that your team can effectively use the software. Further, consider whether the software provider offers technical support, whether there is a dedicated account manager, and what the provider’s response time is for resolving issues for your company.
In summary, selecting the right software for purchase order management involves considering factors such as features, 3-way matching, integration, user-friendliness, customization, security, cost, and support. By carefully evaluating these factors, businesses can choose a software solution that aligns with their procurement needs and goals, streamlines the procurement process, and ultimately saves time and money.
Bellwether’s procurement software can do all of the above and much more. Contact us.
