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Making the Best Use of

Technology in
Purchasing

By Avetta Marketing
April 27, 2022 7 minutes

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The latest technology used in purchasing has

greatly changed the supply chain—for the
better. From greater efficiency to more
transparency for customers, technology can
better the procurement process from beginning
to end.

In this post, we’ll go over advanced purchasing

so#ware technologies, how they help you meet
your supply chain’s objectives, and what you
can do to make the best use of technology in
purchasing.

What Are the Objectives of

the Purchasing Process?
What do supply chain professionals want to
accomplish during the purchasing phase of the
supply chain? Ultimately, the supply chain’s
objectives in the purchasing process are to:

Organize, track, and manage procurement

data so important decisions are made
quickly and correctly.

Streamline procurement so steps can be

completed quickly, accurately, and
sustainably.

Find and reduce issues and errors in real-

time, before they become a bigger problem.

Innovate and maintain relevance in the

industry and ahead of competitors.

How do these supply chain objectives line up

with your own?

What Is the Role of ICT in

Procurement?
Old manual processes are no longer relevant,
efficient, competitive, or sustainable in today’s
supply chains. To keep up in today’s world,
advanced purchasing so#ware technologies
must be employed along every step of the
procurement process.

The role of ICT (information and communication

technology) in procurement is to help
businesses meet their supply chain objectives
by allowing for greater communication,
visibility, and efficiency.

Here’s how these objectives are accomplished

when Avetta’s platform puts you in control of the
entire supply chain’s purchase process.

Communication
Operations are vastly improved when
communication flows freely in real time.
Communication unifies otherwise disparate
departments with the immediate transfer of
essential information. Having all the particulars
right away enables fast and flexible
development and scaling. It also builds and
improves relationships among team members,
departments, and suppliers.

Avetta facilitates cooperation and collaboration

for our many clients in industries, from mining
and construction to transportation and
pharmaceuticals. We open communication
channels by tailoring to local markets,
automatically updating regulations and
requirements, and supporting supply chains in
22 languages.

Visibility
As you work through the procurement process,
transparency is key. You need to know at all
times what is happening at every stage of the
supply chain journey. Having a holistic view
allows you to:

Save time

Find qualified suppliers

Raise quality

Pay the best price

Minimize mistakes and delays

Decrease risk

Increase safety

Encourage sustainability

How can you possibly accomplish all that? By

using Avetta ConnectTM to gain a complete view
of information from across your vast supply
chain. The platform automatically and
constantly monitors, analyzes, and updates data
so you are always in the know.

Efficiency
A slow, error-laden purchase process causes
plenty of undesirable outcomes, including
higher procurement costs, more mistakes from
manual data entry, and a higher chance of
fraud.

Fortunately, these preventable problems aren’t

an issue with Avetta’s advanced supply chain
management so#ware. Our technology is adept
at lowering costs, reducing errors, and
protecting revenue.

Find out how much you can save by using our

Cost Savings Calculator.

6 Tips for Using Technology

in Purchasing
To help you make the best use of technology in
purchasing, we’ve provided six tips to follow.

1. Create an Action Plan

An action plan will help keep any challenges
from surfacing. Take into account the actions
that are being streamlined (administrative, etc.)
and the delays or mistakes that will no longer
hinder progress and scalability. These two
factors alone can change everything from
contract cycles, supplier relationships, cost
savings, and revenue.

Having a plan that accounts for the new digital

process will make for a more unified adaptation
period and simplified management.

2. Choose a Cloud-Based
Platform
Many traditional enterprises have embraced the
cloud, and so should you. The barriers to entry
are low, but the rewards are high. A cloud-based
platform offers several advantages over legacy
systems:

Time and cost savings

Flexibility and scalability

Loss prevention and security

Automatic processes and updates

Sustainability

3. Strategize Your Sourcing

When using technology in purchasing, better
collaboration between different business units
(IT, finance, legal, etc.) is encouraged. In turn,
this collaboration allows a higher level of
strategy when sourcing suppliers.

Cutting down on the time and complexities of

sourcing can happen when everyone’s
understanding is the same and all the goals are
aligned. Advanced technology empowers all
team members to have the best data available.
That way, intelligent decisions can be made
unanimously, which prompts smarter
strategies.

Supplier compliance is also a big issue in

sourcing. You can’t risk having non-compliant
partners. Ensure your purchasing technology
includes a way to find qualified suppliers
according to your specific requirements.

4. Digitize Procurement and

Inventory
Shi#ing to a digital approach in procurement
brings immediate positive results. Automatically
accomplishing various functions in the procure-
to-pay cycle moves your team away from
repetitive, mundane tasks. Instead of wasting
time and abilities, each team member can now
focus on more important, intensive aspects that
bring greater fulfillment and value.

Additionally, digitizing inventory management

helps monitor product levels accurately and in
real time. Therefore, technology is great at
reducing instances of stock surplus and waste.

5. Take Advantage of the

Analytics
One of the key reasons to use technology in
purchasing is the great impact data can have on
every aspect of your business. Imagine having
the ability to improve processes, manage
reports, and optimize costs with the guidance of
analytics. The data-driven insights you have at
your fingertips will not only drive organizational
transformation, but also clarify the purpose of
your goals.

6. Choose a User-Friendly,
Customer-Centric Platform
Making the best use of technology in purchasing
is much easier when the chosen platform offers
seamless integration and exceptional customer
support. The point of a new system is to make
work easier and more efficient, so you need one
that adapts to your needs.

Plus, by having an IT advocate on your side

throughout the implementation journey and
beyond, you’re given the greatest chance to
succeed.

How Avetta Improves Your

Purchasing Process
When you’re ready to embrace technology that
reduces errors and costs while increasing
efficiencies and revenue, get Avetta. Our expert-
driven solution is fully configurable and capable
of handling vast amounts of data reliably and
securely.

Discover how Avetta can connect you with pre-

vetted suppliers and improve your purchasing
process.

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