Digital Purchase Order Blog

• Future trends – How AI will shape budgeting and financial decision making

  Have you ever tried to make a budget or financial decision and thought, "I wish I had a crystal ball to predict the future?" Well, guess what? The future is already here, and it’s called Artificial Intelligence (AI). If you're scratching your head wondering how AI ties into your personal finances, then grab a cup of coffee (or tea!) and let's plunge in.

• Analysing The Impact of Automated Purchase Order Systems on Small Business

  In the bustling world of small businesses, where every second and cent counts, the introduction of automated purchase order systems has been a game-changer. Picture this: instead of spending hours sorting through paper orders and manually inputting data, small business owners now have the luxury of letting technology handle the grunt work. But what does this really mean for them?

• Analysing The Impact of Automated Purchase Order Systems on Small Business

  In the bustling world of small businesses, where every second and cent counts, the introduction of automated purchase order systems has been a game-changer. Picture this: instead of spending hours sorting through paper orders and manually inputting data, small business owners now have the luxury of letting technology handle the grunt work. But what does this really mean for them?

• Ethical Considerations in AI-Driven Budget Allocations 

  Hello, dear readers! Today, we're diving into an exciting and ever-relevant topic: the role of ethics in AI-driven budget allocations. Now, don't be put off by the jargon. Even if you're not well-acquainted with AI, stick with me. By the end of this article, you'll have a clear understanding of why this topic matters to all of us. 

• The Impact of Autonomous Delivery Vehicles on Logistics and Supply Chain Management

  Autonomous delivery vehicles have been tested by many companies, with more positive benefits being reported. Furthermore, more value is predicted for the future. However, there are still many challenges to be overcome before supply chains fully embrace autonomous delivery vehicles. Autonomous delivery vehicles (ADV) are vehicles that are capable of driving themselves without the presence of a human driver. The use of autonomous delivery vehicles has the potential to revolutionize logistics and supply chain management by reducing operational costs, improving efficiency, and enhancing customer service.

• How Does Digital Purchase Order Work? - An Overview

  One of the critical pieces of documentation that many business owners detest is a purchase order. The process of creating a purchase order is often long and detailed and necessitates much back-and-forth communication. Information is lost much too frequently in this kind of unstructured communication, and even when it isn't lost, it can be challenging to keep track of everything. Yet with the help of an online procurement system, this burdensome bureaucracy is no longer necessary. Businesses can approve or reject purchase orders with just a few clicks. The entire process is much faster and more efficient than traditional paper-based systems.

• Using Blockchain Technology to Improve Supply Chain Transparency and Accountability

  A lack of transparency and accountability has long plagued the supply chain management industry. Notwithstanding, these two attributes are critical components for building trust and increasing efficiency in modern business. The use of blockchain technology has the potential to improve these areas significantly. But what exactly does it do? Blockchain is a digital ledger that stores information about transactions between two parties by providing a fixed and transparent ledger that allows for greater visibility throughout the entire supply chain. In this blog post, we will explore the benefits of using blockchain technology for improving supply chain transparency and accountability, as well as some real-world examples of companies that have implemented this technology.

• The Role of Predictive Analytics in Streamlining Delivery Logistics

  In today's fast-paced world, effective delivery logistics are critical to the success of any business. A timely and precise delivery of products might be the difference between a delighted customer and a lost deal. To achieve this, many firms are looking to predictive analytics to simplify their delivery logistics procedures.

• What is the role of AI in detecting and preventing budget fraud?

  Fraudulent acts pose significant risks to both individuals and businesses, particularly when money is at stake. Fortunately, thanks to groundbreaking advancements, artificial intelligence (AI) has emerged as a powerful weapon against financial fraud. By efficiently handling vast amounts of data, identifying patterns, and detecting irregularities, AI has proven invaluable in the battle against budget fraud. This article explores the pivotal role of AI in combating this widespread problem.

• Streamlining Hotel Operations with Automated Purchase Orders: Benefits, Challenges and Best Practice

  Hotel operations are complex, and managers face several challenges when managing inventory, ordering supplies, and keeping track of costs. Traditional purchase order management methods often result in inefficiencies, errors, and increased costs. However, automating purchase orders can help streamline hotel operations and save time and money. In this article, we will discuss the challenges of hotel operations and the benefits and challenges of implementing automated purchase orders.

• Navigating Financial Challenges in the Hotel Industry: Tips for Managing Cash Flow, Debt, and Risk

  The hotel industry is a vital component of the global economy, generating millions of dollars in revenue and providing employment opportunities to many people across the world. However, like any other business, hotels face various financial challenges requiring careful management to ensure long-term viability. In this article, we will discuss some tips that hotel managers can use for managing cash flow, debt, and risk in the hotel industry.

• Deliver Success: Why Accurate Delivery Tracking is Critical for Business Growth

  For most businesses, ultimate customer satisfaction is one of the core elements of the business. Customer satisfaction takes a lot of work, but part of it comes from the reliable delivery of end products. You need to know where your product is at all stages of the supply chain to manage your deliveries effectively. Delivery tracking helps you stay on top of your orders and gives your business the information it needs to ship faster, more accurately, and more consistently. This article expounds on delivery systems, the solutions they solve for your business, and why it's essential for your business growth.

• Streamlining Hotel Operations with Automated Purchase Orders: Benefits, Challenges & Best Practices

  Hotel operations are complex, and managers face several challenges when managing inventory, ordering supplies, and keeping track of costs. Traditional purchase order management methods often result in inefficiencies, errors, and increased costs. However, automating purchase orders can help streamline hotel operations and save time and money. In this article, we will discuss the challenges of hotel operations and the benefits and challenges of implementing automated purchase orders.

• How AI is Revolutionizing Procurement Processes

  Artificial Intelligence (AI) is bringing in new and exciting ways to do business today. As a game-changer, AI is affecting everything from our daily routines to how businesses operate. Procurement processes have not been left out of this revolution. AI is helping businesses get better deals on their supply chains and more accurately predict future needs. With AI-powered automation at its core, several procurement processes have implications for everything from how you source your raw materials to where you should invest your time and money. Procurement departments can now work smarter and faster while increasing efficiency and reducing costs.

• Revolutionize Your Hotel's Profitability: Streamline Inventory Management for Success

  As competition in the hospitality industry continues to grow, it has become increasingly important for hotels to find ways to maximize profits while still providing excellent service to their guests. A critical area that hotels can focus on is by streamlining inventory management. Effective inventory management can help hotels save money, reduce waste, and improve profitability. This article discusses the importance of inventory management in the hospitality industry and the best practices for effective inventory management.

• What Are The Four Key Principles Of Budgetary Control?

  You probably have heard that you need to keep track of your money to make sure you are making money. And this phrase is absolutely correct. Business financial managers should always have an eye on their budget control process. However, you can have monthly, quarterly, or annual reviews. By making the process more efficient, they can help their companies win more financial resources and keep their organizations' finances healthy. This article will look at four fundamental principles you can follow to optimize your company's budget control.

• Five Tips for Automating Purchase Order Management

  Businesses still using manual purchase order management face several challenges. Low productivity due to manual data processing, delayed approvals, human errors, and lack of visibility can lead to problems in inventory management and budgeting. Once your business switches to an electronic purchase order system, your business will benefit from efficient internal operations, excellent supplier relationships, and streamlined workflows, saving you time and money. An automated purchase order management system will provide you with a central point for all things; purchase orders, invoices, and payments without duplicates or human error. Furthermore, the system can help you gain a clear look into spending habits and help you plan your budget better. This article gives five tips on managing the purchase order automation process.

• 3 Critical Reasons Why your Small Business Needs a Budget

  Keeping your business under financial management is vital as a small business owner. You may be hesitant to create a budget. After all, budgets can be time-consuming and challenging to create, and you may need more resources to make a budget work. However, creating a budget for your small business is one of the most important things you can do to ensure the success and longevity of your enterprise. A budget will ensure your business plans for expected costs, such as buying new machinery to keep your operations running. This article sheds light on why small businesses should create a business budget and how businesses can make it work for them.

• Benefits of Purchase Order Software

  A purchase order is a process the organization follows to streamline the purchase of goods and services. These are documents sent from a buyer to a supplier with a request order, and each purchase outlines the specifics of a purchase request. Some of the order descriptions in a purchase order include the quality of items and the agreed price and payment terms for the ordered items. The purchase order in a business transaction, adds extra steps to enable a smooth transaction between the buyer and the seller. In most cases, using a purchase order will help curb the risk of fulfilling an incomplete or incorrect order. Therefore, purchase order documents allow the buyer to clearly and explicitly explain their requests to the seller. Notably, the purchase order serves as a binding contract between the buyer and seller; if the buyer refuses payment upon delivery of a good or service, these documents will be used in legal actions against the buyer. Commercial lenders can also use these documents as a reference to provide financial assistance to the organization to boost its financial operation.

• The Most Important Digital Finance Tools for Business Success

  Today most businesses are not only affected by external competition within the market environment but having poor financial tools can also affect business operations. Therefore, picking the right digital finance gears that will bring significance to the organization or a company's profits, agility, resilience, and competition strengths can transform the company since the backbone of a business is its financial power. On most occasions, there are so many digital financial tools. Still, by ensuring that the business has essentials in the kit, the business will be ready to influence its data, support its digital revolution efforts and ensure that it is ready to strive in the new normal.

• Optimise Your Purchasing Process and Increase Business Efficiency

  In order for a business to be efficient, the purchasing process must be optimised. This means that the purchasing process needs to be streamlined in order to make it as easy as possible for employees to purchase the items they need. There are many benefits of optimising the purchasing process, including increased business efficiency and cost savings. However, if the purchasing process is not optimised, businesses can face significant risks. In this blog post, we will discuss how you can optimise your purchasing process and improve business efficiency!

• 7 Steps of an Effective Procurement Process

  Procurement is a crucial part of any business. Any business must get goods and services from suppliers at the best price possible for optimal business performance. Effective procurement processes offer your business large cost reductions, savings, and fast production speed. If you have the right suppliers and processes in place, your business can be positively affected and improve overall performance. In this article, we'll look at seven key steps of an effective procurement process to remain competitive in the market.

• How to pick the right tool for your budgeting process

  Creating and sticking to a budget can be a challenge, especially if you don't have the right tools in place. Fortunately, there are plenty of great budgeting tools available, both free and paid. But how do you know which one is right for you? In this blog post, we'll walk you through how to pick the right budgeting tool for your needs. Ultimately, providing you with clarity over exactly what you need for your specific purposes, as we appreciate that everyone’s budgeting needs and wants may differ.

• 3 Ways to Save with Automation

  Many people out there believe that the 4th industrial revolution is the rise in automation. This rise in automation will lead to a significant increase in business growth, labour markets and benefit the economy greatly. However, it can be difficult for those without experience in automation to know ways in which automation could save them both time and money.

• 3 Ways to Save with Automation

  Many people out there believe that the 4th industrial revolution is the rise in automation. This rise in automation will lead to a significant increase in business growth, labour markets and benefit the economy greatly. However, it can be difficult for those without experience in automation to know ways in which automation could save them both time and money. Firstly, it is important to look at the different types of automation which can provide three different ways to save your time, in an increasingly more complex manner. Automation software is often used as a tool to aid companies in creating systems to handle any of those boring repetitive manual tasks. These tools aim to save time, improve operational efficiency, and therefore reduce costs over time. Automation software is being used throughout the world in a myriad of different industries and types of processes. This includes (but is not limited to) the financial industry, medicine, and manufacturing companies. Automation isn’t a simple solution all of the time, and it isn’t a simple “one-size-fits-all” approach to operational efficiency. Every company which wants to implement automation will have different requirements and a different setup that needs to be automated.

• What is ISO Certification?

  If you're a business owner, then you know that staying compliant with industry regulations is essential to keeping your business running smoothly. But did you know that there are standards and certifications that can help you go above and beyond compliance? ISO certification is one of the most popular and respected certification programs in the world. In this blog post, we will discuss the importance of having an ISO certification and how it can benefit your business.

• 4 Biggest Challenges for Implementing Intelligent Automation

  Intelligent automation is a hot topic these days. Many organizations are looking to implement some form of intelligent automation in order to improve efficiency and reduce costs. However, doing so can be challenging.

• 5 Benefits of Budgeting for your Business

  A budget is one of the most important things that you can create for your business. It allows you to track your expenses and make sure that you are staying within your budget. Not only that, but it also helps to ensure that your business is profitable. Without a budget, it can be very easy to overspend and fall into debt. In this blog post, we will discuss the importance of creating a budget for your business and how it can help you achieve success!

• How Automation Can Make Life Easier for the Board of Directors

  There is real potential for robots to be a part of the board of directors in the not too distant future. In fact, in 2014, a Japanese Investment Firm appointed a robot to their Board. The algorithm on the board was called "Vital". The question is, could automation make life easier for directors of the board?

• Self Purchase Order Facts

  Self Purchase Orders are generated when someone other than the responsible party for purchasing through a company creates a Purchase Order. This usually happens when an employee requires some sort of product for his or her own needs, and instead of going through the proper purchasing channels, they create their own Purchase Order. Most companies that allow their employees to create Self Purchase Orders require very little in the way of approval metrics. Generally, the immediate superior of an employee will be able to issue approval for a Self Purchase Order. After the employee is given approval, the employee personally shops for a vendor and creates their own Self Purchase Order that bypasses the procurement office of the company.

• What is a Purchase Order? When and Why you should use one

  A purchase order (PO) is a document that businesses use to purchase goods and services from suppliers. The purchase order typically includes the number of items being ordered, as well as the price and delivery date. It is important to use a purchase order when ordering goods or services because it helps to protect both the buyer and seller in the event of a dispute. In this blog post, we will discuss when and why you should use a purchase order. We will also provide some tips on how to create a purchase order that meets your needs.

• How to Create a Budget for your Business

  Creating a budget for your business is one of the most important things you can do to ensure its success. A budget will help you track your expenses and make sure that you are not spending more than you can afford. It is also a great way to identify areas where you can save money and improve your profits. In this blog post, we will discuss some tips on how to create a budget for your business. We will also provide a free budget template that you can download and use!

• Budget Control Basics

  Project managers or other executives in charge of project management for a business or company must also prioritize project elements to fall within a predetermined budget. Budget control is often at the top of the priority list for any project. If your project spins wildly out of control and bounces out of budget boundaries, which is not uncommon with outstanding project ideas, it will likely fall into the pitfalls of incredible plans that simply didn’t fit the bill. Successfully deliver a dynamic project plan that stays within the lines with every proposal you organize. These planning strategies will help you control your budget and present a winning plan every time.

• How to Identify Automation Opportunities for your Business

  There is very little doubt that automation can have a major beneficial impact upon business processes in terms of the reduction of operational costs and efficiencies. There is the potential for automation to reduce the cost of a process by 30%+ when utilised correctly. However, it is possible to automate the wrong opportunities, and these can result in bad outcomes. When these automation attempts are made, it has the potential to leave a sour taste in the mouth, and lead management to avoid any further automation opportunities.

• Is Automation a Good Thing for your Business?

  Many people have the perception that automation could be bad for business. Those people generally can be segmented as individuals who simply do not understand it, and therefore avoid it. Or, people who are fearful of it. Generally, people are fearful because they feel as though their livelihood could be limited by the introduction of automation. These people have visions of robots taking over their role completely.

• An Insight into Automated Invoice Processing

  Managing the processing of invoices can quickly become a laborious task once a business has begun to scale over time. What can be a simple process involving a spreadsheet can quickly become impractical.

• Is there a Difference between Intelligent Automation and RPA?

  To start this off with answering the question. Yes, there is a difference between Intelligent Automation (IA) and Robotic Process Automation (RPA). RPA is designed entirely to follow rules in order to automate workflows without any variation. If you complete a task exactly the same way every single day, this would be aided by RPA. However, Intelligent Automation is a little different. IA uses intelligent agents, or software that can work on its own to complete tasks. These intelligent agents are powered by Artificial Intelligence (AI). This means that they can learn and improve over time, making them more efficient as they go.

• Why We Expect Automation to Grow in 2022

  The COVID-19 Pandemic has caused significant disruption to companies throughout the world. This in turn has caused business owners to look to solutions that can help their businesses during these times. Automation as a solution has become a clear winner in recent times. We expect organizations to continue their push towards a more digital focussed business model, which will take advantage of automated operations.

• What is Purchase Order Automation

  Purchase Order Automation (POA) is the process of utilizing software or a coding language to create efficiencies within the purchase order process through automation. This means that the purchase order process can action aspects such as automatically sending purchase requisitions to the correct staff member for approval. The process can then monitor the state of approval, and once approved, can automatically send the purchase order documentation to the vendor. This can significantly streamline the process, and eliminate the need for a potentially slow and monotonous traditional paper purchase order setup.

• The Importance of Tracking Deliveries

  The customer service provided from point of purchase to delivery is essential for many customers in this day and age. Whether they’re buying from online stores or social media platforms. The expectations of consumers are becoming higher and higher. It could be argued that due to the benchmark of many being Amazon Prime’s next day or sometimes even same-day delivery, it has become even harder for many businesses to be on the same level. To live up to this standard of expectation, there needs to be effective stock management and fulfillment process in place.

• Using AP Automation

  Accounts Payable Automation (otherwise known as AP Automation) is a process which provides companies with the ability to automate the processing of supplier invoices. This means that no human interaction is required during this digital workflow which would have normally been processed by an accounts staff member.

• Critical Chart of Accounts Best Practices

  Although some accounting gurus jump at the chance to improve their existing Chart of Accounts, others don’t even know how to start. Whether you’ve been down this road before or you’re a total novice, the task takes time, effort and intelligent planning. Here’s everything you need to know to engineer a chart of accounts that scales with your organization and helps you succeed.

• What is Account Based Selling and How It Can Help Your Sales Team

  Account based selling is nothing new. We practically saw it every week back when the series “Mad Men” ran. Remember how ‘cool’ it was for Don Draper to get personal and talk his way into big deals? That’s at the core of account based selling (ABS): it’s personal, focused and multi-touch. It can also lead to bigger revenues.

• Saving Money and Preventing Fraud with 3-Way Matching

• Five Benefits of Purchase Orders

  If you run a small business and want to improve your productivity, it’s time to consider the benefits of purchase orders. In the past, you had to put in a lot of time and effort to craft purchase orders, which turned a lot of people away from the concept. But with the latest advances in technology, you can use software to automatically generate and store purchase orders, saving you a lot of time and energy.

• Top 7 Things to Consider When Choosing a Cloud-based Purchase Order Solution

  As companies of all sizes have begun embracing cloud technology, the number of enterprise cloud-based services has grown exponentially. Such services provide an immense variety of options for IT control and support, which can make the cloud marketplace seem intimidating to newcomers. With new software and platforms popping up every day, how are business leaders to know if they are choosing a reliable cloud-based purchase order solution?

• Digital Purchase Order Integration with Intuit QuickBooks

  Digital Purchase Order (DPO) is pleased to announce the QuickBooks Purchase Order Integration with QuickBooks Online. The new integration enables our clients to save time and reduce repetitive data entry through a seamless process.

• Five Benefits of Cloud Accounting

  The Cloud is one of the most innovative breakthroughs in computing technology. By using remote servers, people can use Cloud computing to store and access data via the Internet. This has many applications for general file-sharing, but the Cloud is revolutionizing the practice of accounting. Cloud accounting offers many benefits to businesspersons and finance professionals who rely on the accuracy and timely updates.

• 6 Ways Spend Management Improves Success

  Spend management has become a successful best practice as it helps to control and optimize the way money is managed across an organization. It provides a wide array of benefits to organizations that purchase. It encompasses all aspects of a purchasing lifecycle, from obtaining goods to selecting suppliers to setting up contracts and even paying the various suppliers. Buyers procure through a holistic approach, becoming more competitive in the process.

• Differences Between Purchase Orders and Purchase Agreements

  Defining the difference between a purchase order and a purchase agreement can be confusing. Fortunately, with the right information, understanding the difference between the two is actually quite simple. Read on for a clear breakdown of these two agreements including what they involve, different types, and what sets them apart.

• Vendor Management and Procurement Strategy

  The business organization is a dynamic operation with evolving needs that cannot always be met through in-house resources. Vendors play a crucial role in the economic production chain, providing goods, services or business support systems so that organizations can function at optimum efficiency. The interplay between vendors and clients is a critical cog in the machine, yet vendor management relationships may be taken for granted when the procurement system seems to work smoothly.

• Understanding Four Different Types of Purchase Orders

• Blanket Orders: What You Need To Know

  Business purchases must be researched and documented, making the process somewhat drawn out by necessity. While there are many good reasons for businesses to do this type of standardized documentation, it does take time and energy. That is why many businesses also utilize blanket orders.

• Purchasing vs Procurement: Understanding the Difference

  Purchasing and procurement both relate to the acquisition of goods or services for your company. That is why most people do not think twice about purchasing vs procurement. For most people, the two words are synonymous. While the two processes have similarities, they also have particular differences. In order to leverage each process efficiently for your company, you need to understand the purchasing vs procurement distinction.

• How Blockchain Technology Has Revolutionized Global Supply Chains

  Today, supply-chain transparency is more important than ever. Blockchain technology is at the forefront of today’s global trading industry. This cloud-based documentation system promises to untangle complex supply chains and provide an unprecedented level of transparency. Experts believe that it could become the new gold standard for business-to-business transactions.

• How Digitization Is Changing The Demands Of Tomorrow’s Supply Chain Management

  Like many companies ahead of their time, Amazon may have taken several years to actually turn a profit, but again and again they continue to be lauded as the industry gold standard in supply chain management. Their business model represents a complete paradigm shift for the entire industry and these changes are not going unnoticed.

• Hidden Costs to Switch Supplier

  Many companies retain relationships with their product suppliers for many years. But sometimes the relationship changes and the issue to switch supplier comes up. Most often the item price rises without explanation, but sometimes delivery schedules or product quality suffers.

• Managing Growing Supply Chains

  When your small business is in the midst of scaling up, reliable suppliers can make or break your company. Securing adequate amounts of product is critical for successful expansion, but it is also the biggest problem area business owners face due to factors outside of their control. In order to manage supply chain processes successfully, keep the following four tips in mind.

• Supply Chain Management In 2017 – 6 Emerging Trends

  Every field always changes and evolves over time and supply chain management is no exception. In some ways, supply chain management changes even more frequently than other industries, since technology is the backbone to profits and progress in this industry. If your company falls behind, you’ll become less competitive in what is a quite competitive industry. As we let go of what was working last year and move on to what will take us into the future, here are the trends in supply chain management to watch out for in 2017.

• Procurement Definition

  Does the wording that you use in the name of your department truly reflects its value? What is your department called? Sourcing? Purchasing? Buying? Procurement? While the definitions of these words could seem similar to the average onlooker, your department’s name could tell everyone about its unique function within your company and the high levels of maturity that it has earned. You can consider both the purchasing/buying and sourcing departments a subsidiary of Procurement definition.

• Cognitive Procurement is the Future

• Cost management: Five tips for improving cash flow

  Among the most important targets of cost management for a small business is ensuring that it has a positive cash flow. The higher the positive cash flow, the better for a business. It enables the company to pay its bills on time, to grow by adding staff or opening a new branch, as well as to set aside money for lean times, such as during a recession, for example. Here are five tips to help your business handle its cost management to achieve a positive cash flow.

• Benefits of eProcurement

  eProcurement is supporting technologies with a broad range of purchasing and sourcing options. Not limited to a particular discipline or activity, these options include purchasing products online through e-marketplaces, e-auctions or other electronic means.

• Three Important Answers About PO Documents

  When someone is planning to purchase products or services, they will often use a PO document to make their intentions known. This document is sent from the intended buyer to the one with the item for sale. While PO documents are a fantastic and important part of business life, some people doubt their usefulness. Listed below are three questions and answers about using a PO document.

• Resolving Conflict of Interest in Procurement Management

  A frequently seen indication of poor procurement management is the existence of nepotism in the supply chain. This is a vendor that has a close personal association with a key member of the business. Even if the relationship remains fair and professional, it can bring on accusations that run from favoritism to fraud.

• Procurement 2017

  Here are the challenges for Procurement 2017! These are the top 5 that you need to look out for in the new year:

• Top Procurement Trends For 2017

  Procurement trends have changed drastically over the last several decades. These changes have been noticeable in the last decade. Procurement professionals have desired to be known for more than working in the background, to stop being identified as purchasing supplies at lower cost than was paid the year prior. They would rather be recognized for the positive contributions and value they can add with respect to product innovations, analytical evaluation into the supply chain, and reducing risk. Through our stories, we have reported this journey since 2006 and we will continue to document advances in procurement trends.

• Digitally Automated P2P Processing To Be Adopted By European Businesses

  An online study designed through a collaboration between ICM Unlimited and Purchasing Insight took the form of interviews with 706 business decision makers based within twelve European markets. Those interviewed were board-level leaders in procurement and corporate finance that worked within both small and large businesses, and they were asked to relate how they believed Purchase to Pay (P2P) processing systems would advance over the course of the coming years. ICM Unlimited’s resulting report, “The Future of Purchase to Pay 2016”, revealed that no more than 3% of businesses based in Western Europe believed that there was any place in the future for P2P processing that is carried out manually.

• Purchase Order Financing: How Does It Work And Who Benefits From It?

  Invoice factoring is provided for companies that provide services or products for customers and have a need for added cash flow. Purchase Order Financing is provided to eligible customers who meet a certain set of criteria. The factoring process accelerates the accounts receivable process, so that companies have immediate access to the necessary funding. Loan terms are developed according to projected cash receipts. Companies with a profit margin of at least 25 percent benefit from Purchase Order Financing.

• Industry 4.0: Three Reasons Why Supply Chain Professionals Are Excited About It

  Industrial revolutions are historical events. The first phase was ushered in with the commercial steam engine and the mechanical loom. The second era of industry came about with the advent of electricity, the assembly line and the beginning of mass production. The third industrial revolution was triggered after World War II by the computer (automation and computerization). Everyone seems to agree that the fourth era of industry, Industry 4.0 is underway. It has been called by different names, the smart factory, factory of the future, and the 4th industrial revolution and Industry 4.0, among other names. Whatever you call it, we all agree that its advent will change manufacturing as we know it.

• Four main differences in handling purchase order numbers

  Purchase order numbers seem to be a simple subject. A PO number, which is typically defined by the buyer, uniquely identifies a purchase order. The buyer matches the PO number from an invoice against the purchase order. However, as we have learned from our clients over the years, the procedures for PO numbering vary significantly.

• Are You a Procurement Officer? 5 Ways on How to Stand Out

  Procurement profession is practiced by millions of people around; however, each and every one of them is unique. Knowing the series of activities that procurement has to carry out, and the features that are necessary to succeed in their roles makes it more fortunate. Only the most prosperous can display the characteristics in the midst of such diversity. These characteristics are worth hard work in our careers. There are top five ways that will lead to success either when working in the organizations or when seeking to develop our careers.

• Defining the Purchase Order Flip

  In today’s day and age, procurements and the financial accounting involved with them are carried out electronically with the help of automated tools. Because of this, a lot of new terminology has become associated with the procurement process, and the term “Purchase Order Flip” is one of the more relevant of the terms that have become commonly used.

• Digitization In The Construction Industry

  The core tenets of construction may have stood the test of time, but a new wave of digitization is poised to revolutionize the construction industry. However, digitization currently underutilized in the construction industry, as few industry players are taking steps to integrate new technologies into their business processes. In a recent study by Roland Berger, it was discovered that digitization among firms in the construction industry was spotty at best. Not even 6% of firms had implemented digitization in all four of the areas ripe for digital transformation.

• Top 5 Procurement App Benefits

  Relying on a procurement app grants many advantages that make the process of dealing with purchase requisitions or orders easier than otherwise. Any business’ need to carry out its procurements efficiently can be helped greatly with mobile apps designed to assist the process of creating and overseeing purchase orders.

• Procurement Trends to Affect Professionals

  Procurement Trends: Readers are always asking what the next big thing is coming down the pike that is likely to affect their job and the industry at large. In this digital age, new trends and technologies are ever popping up on the horizon, making the ability to change and adapt quickly critical to success. Each unit of a business needs to work together like a well-oiled machine to ensure the success of the company. Teamwork keeps employees, business partners and customers happy and causes your profits to fly skyward. In order to obtain the most recent information, we spoke with experts from several different industries to get their opinions on the most important procurement trends. Five of these trends are listed below.

• The Many Benefits of E-Procurement

  While procurement managers typically focus on cost containment to provide important savings for their company, utilizing e-procurement offers additional benefits. Even though improved cost savings is an important part of e-procurement platforms, enhanced record-keeping and streamlined purchasing processes can significantly strengthen the growth of any business. In addition, an excellent automated procurement process can help businesses in the following ways:

• Procurement Changes and their Consequences

  The world of procurement is always changing and evolving. For example, we are not focused more on sourcing strategies based on facts and research, rather than just going with our gut instincts. This hasn’t just changed the way we do business over the years; it has changed our overall philosophy on procurement. Current trends are to think about how it affects the entire company’s business objective, rather than focusing on one project at a time.

• Supplier Relationship Management and avoiding Sole-Sourcing Complacency.

  Debates over whether sole-sourcing, also referred as ‘no-bid-contract’, have increasingly ended at stalemates in many companies’ procurement boardrooms. Utilizing one supplier assists in pooling the scale of quantity benefits and helps in bargaining. It also builds a strong relationship between firms and their suppliers and at time, it is used to edge out smaller competition.

• Cost Management: More than Just Savings

  While the ability to see the “big picture” is considered crucial in corporate cost management, those who have worked in Central Procurement have a deeper appreciation for the value of the detail. Cost management professionals must work from a sound global strategy at a local level, and that is impossible to do without a unique ability to manage details – particularly given the ongoing demand to drive down costs in a business category that is inherently a spend.

• e-Procurement: 5 Supply Risk Mitigation Principles

• Efficient workflow management in 5 Steps

  If your work day seems like a re-run of the infamous “I Love Lucy” episode, with your day-to-day tasks seeming like bon bons flying off a fast-moving conveyer belt, then your workflow management may need a little tweaking. All business managers know that the key to workplace productivity is a smooth operation with a minimal of distractions. To get to that ideal workflow management goal takes discipline. The payback is that your days are simplified and your profitability skyrockets. To spend less on time-consuming tasks that get you nowhere, follow these five easy steps.

• Finding The Purchase Order System That Fits Your Needs

  Whether your company is a worldwide conglomerate or a mom-and-pop shop, you’ve likely made thousands of purchase orders that are essential to your business. It can be difficult to tailor your purchase order system to fit the needs of your dynamic services. Learning the finer points of procurement can make your business run smoothly and effortlessly, saving you time and money over the life of your operations. As small a detail as purchasing can be, the process can make or break your success.

• Supplier Negotiations Tips: Close the Right Deal

  Supplier Negotiations can be a tough topic. When suppliers eliminate competition by minimizing costs or creating technology interferes with competitors, it often seems like companies are forced to accept the new prices of goods. Furthermore, when increases in demand exceed the available supply and the supplier is able to charge any price they wish, you may feel that you have no power to negotiation. However, no matter what kind of market power you have compared to your business’ supplier, it’s important to take a strategic approach to supplier negotiations. By utilizing these steps, you can treat supplier negotiations like any other kind.

• The Hidden Costs Associated with the Change of Suppliers

  Choosing to take advantage of indirect goods can be a great way to save your organization some money since many suppliers are always willing to offer some great deals in order to acquire your business. Since many of these businesses will even allow you to keep purchasing the same brands you’re used to, it can be very tempting to make this type of transition. However, it’s important to be aware of the impact that this can have on your company when you change suppliers.

• Who Should You Trust When Purchasing Technology?

  Unfortunately, advertisements are running rampant via technology these days, and they’re everywhere including on the many devices that are connected to the Internet. The majority of websites that are browsed boast a wide variety of ads that come in all shapes and sizes. From those bothersome pop-ups that prevent you from viewing the page until you either close them out or subscribe to their service to the shotgun lineups that cover an entire side of the website, viewers are bombarded. Although many companies put a lot of stock in traditional advertising, they may not work as well when it comes to generating purchasing decisions. The new impetus for purchasing decisions is through trusted reviews and good old word of mouth testimonies.

• Procurement Cluster – Strategic Approach

• Procurement – Five Things You Must Know About It

  Procurement specialists are responsible for locating and purchasing high-quality products and services which will benefit the business and facilitate increased productivity and success. In order to do so, it’s crucial for those responsible for the procurement to be familiar with and well-versed in the policies, risks, and other factors associated with procurement and the supply chain. When a procurement specialist is able to do their job well, the impact on both the organization’s budget and overall mission can be very positive.

• Different Types of Purchase Order Forms

  Purchase orders come in different Purchase Order forms, and each one serves the individual role of giving permission for the purchase of goods and services from outside vendors. Depending on the role of the company or institution, special Purchase Order Forms may be required for certain types of purchases, or packages of unusual sizes. Some kinds of purchase orders you may use are: regular purchase orders, standing or regularly re-occuring purchase orders, a special Procurement order, as well as contracts for new and modern e-Procurement orders.

• Requisition Order and Purchase Order

  Requisition Orders and Purchase Orders are two very different documents. Because of the similarity in their names, the terms are frequently misused or referred to as if they have the same meaning.

• What is a cloud purchase order system?

  To fully explain and describe what a cloud purchase order system is, it is crucial to split that phrase in two. First you would look at cloud technology, and then you’d move onto purchase order system.

• Best Practices for Purchase Order Control

  In order for a business to be successful, it is crucial that the company is set up in a way where any and all purchases are controlled. One way that acquisitions are often monitored is through purchase orders. Unfortunately, some companies are not as clear and obvious about the purchases they have made. It’s hard to tell where all the accounting is going, which is why place adequate control is important as well. Below is a list of the best ways for a company to make purchasing both effective and successful.

• The Ins and Outs of Purchase Orders