Digital Purchase Order Blog

Read more about the world of Purchase Orders.

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

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. Why would a company benefit from purchase order financing? Purchase order financing contracts are available for companies that want to increase their […]

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

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 […]

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Four main differences in handling purchase order numbers

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. 1. Purchase order numbers for each department Most agree that PO numbers should be unique. A buyer should never have two purchase orders assigned to the same number. Further, a buyer should never be in a situation where a purchase order gets lost because of […]

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

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. Be professional in your communication Communication is important in many […]

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Defining the Purchase Order Flip

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. Nowadays, customers can file purchase orders online, which allows said orders to be submitted into the electronic accounts of the suppliers directly. Once the purchase order is received electronically, it can be immediately converted by the supplier into an invoice and returned […]

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Digitization In The Construction Industry

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. Four Areas to Focus On These four broad areas identified by Roland […]

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Top 5 Procurement App Benefits

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.  1. Allowing Effective Oversight In More Situations A procurement app removes the restriction that a manager must remain at the office in order to properly look over and handle procurement tasks. Not only can a manager perform this even while away from the office, the process as a whole can be brought onto […]

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Procurement Trends to Affect Professionals

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 […]

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The Many Benefits of E-Procurement

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: 1. Saving Time – By automating procurement processes, e-procurement makes the process of inventory control and purchasing much more efficient. For instance, staff members will not waste precious hours with manually matching receipts with deliveries or entering redundant data into […]

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Procurement Changes and their Consequences

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. Advancements in technology Because of advancements in technology, procurement departments around the world are becoming more modern and finding more efficient ways to operate. Outsourcing […]

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