Chandresh unique array of skills include a commendable experience of 20 years in the field of process reengineering, shared services, integrated content services, and data analytics and insights. He has done an ECM masters from AIIM London and holds a bachelor’s in Engineering degree from Doctor Babasaheb Ambedkar Marathwada University. Before finding Techpanion, Mr Sharma has lent his expertise to both fortune 500 company Pitney Bowes and technology start-ups.
In the wake of robust technological advancements and digitization that dictated the landscape of the last decade, companies operating today have observed drastic changes in their operational processes. The shift to online and automated mediums was only necessitated and accelerated further with the advent of the global pandemic. A modern-day organization is deeply infested with technology and automation. This is because, in today’s fast-paced world, technology’s precision, inexpensiveness, and efficiency are much valuable.
In this scenario, the world of grade procurement and supply chain management is not left untouched by technology either. Recent times have proved that technology is the way forward for the end-to-end supply chain processes and international grade procurement. Some facets of automation and technology that are expected to be inherent in the field today and tomorrow are discussed below.
Supplier Portal
As the name suggests, Supplier Portal is a comprehensive portal that contains all relevant supplier information and data. It is a very useful tool used for holistic supplier interaction and invoicing practices. This platform can be tailored according to the users’ needs and can help transform your procurement division.
By letting the user upload and track their invoices, supplier portals work to minimize mistakes in processing and the consequent losses. It also provides a standard dashboard to streamline and centralize control that works to enhance the efficiency of the procurement functions and invoice processing. Lastly, consolidating all supplier data in one place facilitates the analytics operations as well.
Procure to pay
The procurement process is a tedious one and involves several steps that are critical to be carried out in a smooth and precise manner. The procure-to-pay process seeks to link the purchasing systems to accounts payable systems and fully automate these operations. The infusion of automation in these intricate activities drastically reduces the time consumed in processing and allows the admin to gain better visibility of and enhanced control over the operations.
This system is revolutionary in supply chain management as it increases the efficiency of the several minute processes and cuts down on the overall expenses in the long run. Further, in this day and age of technology, the added quickness and precision in procurement can significantly aid the firm’s profitability.
Analytics & Business Intelligence
Data-driven automated analytics and insight functions are the norms of the present day. A firm must assess timely and accurately the trends and expectations of the market to sustain and grow themselves in any industry. Automating the process of analysis and forecasts can drastically enhance the precision and correctness of the reports, which can work to boost the firm’s profitability. Business intelligence is a feasible method that an organization can use for the same. One can use it by embedding it either in their website or in their applications easily. Infusing business intelligence and data-driven decision-making in your operations can give you an edge over competitors and boost profitability.
Case Management Solutions
The use of automation and machine learning in case and service request management can prove to be revolutionary for firms working in the international grade procurement and supply chain management. It seeks to integrate practical case management with core systems like ERP or CRM, which accelerates the decision-making and approval processes and improves compliance and security. It also helps to enhance the firm’s visibility and control and thereby significantly aids the business and its functions.
Summing Up
The world is spearheading the technological age at a robust pace. Soon we can expect technology to make its way to the most intricate industry processes. The fast-paced advancements in technology and automation are attributed to its several benefits in cost-cutting, precision, and efficiency. The international grade procurement and supply chain management industry, too, is rapidly accepting the use of technologies in its day-in and day-out processes. The scope of this article discussed how the future would project in the wake of the technical infusion that is characteristic of today’s era.