Risking Procurement By Absent Of Software


It is well known fact that source-to-pay is process that majorly impacts an organizations growth and development. The finance executive looking to drive profits and optimize their time would be remiss to ignore the advantages of software solution to support this process. If software solution is seen as luxury, the risks of not using it are palpable.

When modern Finance Executives look to source-to-pay efficiency and functionality, software allows them to keep up with industry changes and rapid advances in technology. But without software solution, the capacity to be agile is severely hampered. When process efficiencies are hampered, so are an organizations competitive advantages and their bottom line.

Software can also minimize tax compliance risk and ensure the organization is abiding by all relevant laws. Regulations and tax laws are ever changing and it is difficult for even the most knowledgeable finance expert to keep up with these changes in real time. Software solutions can guarantee that legislation is followed, thereby protecting the organization from any costly fines or legal action.

But software is not limited to tax compliance and competitiveness. Without software system specifically designed for procurement, it is very likely that resources are being inefficiently allocated. Without software, it also becomes harder to identify and monitor how money is being spent and by whom. This off-track expenditure can have severe impact on the fiscal health of the organization. Software can provide analytics and reports to assist with viewing those expenditures to help maintain budget that supports company goals.

Software solutions also play an invaluable role in supplier management. Those looking to stay ahead of the competition must ensure suppliers are of the utmost quality. Software can be used to track and audit isuppliers, as well as measure vendor performance including pricing and quality of goods. This can also help to ensure an organization is taking advantage of market conditions and considering the entire life-cycle costs.

In light of the risks mentioned above, it is clear to see the importance of investing in software solution. Without software solution that is specifically focused on the needs of the modern day procurement process, organizations can find it difficult to compete in the marketplace and succeed.

Therefore, it is critical that the executive considers software solution that is tailored to the specific challenges of their organization. Utilizing such software solution is major step in achieving functional source-to-pay executions and sound finances.