Bellwether Software, founded in 1985, helps small and mid-sized organizations reduce costs, gain organizational control over spending and improve regulatory compliance through implementation of its Procurement Management Software (Material Management Software).
Tactical Procurement in Your Organization. Whether you work for a smaller sized business where all employees wear the ‘procurement’ hat at one time or another or work for a large company with a dedicated procurement department, you will do better if you learn how to put tactical procurement to work in your organization.
Tactical procurement enables you to ensure that things get done when they should get done and that every order and every designated task is completed accurately, with nothing whatsoever falling through the cracks or getting overlooked. 10 Things to Consider about your Procurement Software - Buying procurement software can be a tricky exercise.
The investments that go into hardware and software, either associated with each other or for other independent activities is hefty and it is imperative for any business to try and keep costs low while not compromising on the quality of the procurement software. There are many things to consider while purchasing any hardware or software. Here are the top 10 things to consider before buying procurement software. Has Your Business Upgraded from Paper-Based Purchase Orders? - When it comes to business, changes will take place from time to time and staying updated is a necessity.
Common sense? For some, but surprisingly enough there are still certain things that every business owner finds a comfortable zone and stays there. The ability to be flexible and adapt to these changes in order to sustain the normal operation of your business is key. What Traits Do the Best Procurement Professionals Have? As the role of procurement continues to increase in scope and importance across organizations, more people are looking at exactly what makes great procurement professionals.
While there was a time when procurement was an afterthought for many organizations, its increased role means organizations are looking for talented individuals who can deliver the results needed to thrive. Because countless organizations simply don’t know what they should look for in a procurement professional, we want to provide some clarity by highlighting the five traits that matter most: Good with People. Learn Why Companies Should Care About Spend Analytics.
Anyone who has come into contact with spend analytics knows they can provide clear information on spending activity.
While that can be useful, the reason companies should care about these types of analytics is the information they can offer goes beyond just spending. Specifically, it can help a company increase productivity. It can also boost savings by making it possible to streamline existing purchase-to-pay practices. How exactly can spend analytics help your business increase savings and streamline its practices? The answer is by identifying some specific areas that can be improved, which are: SMBs Increase Profitability with ePMX: Inventory Management Software - Inventory management is one of the most common aspects for any retailer, but all small to medium sized businesses (SMBs); even those without a retail outlet require some sort of inventory even if it is limited in scope to the internal workings and supplies to run the business.
With that come its own set of challenges and problems. This one aspect, inventory management, has a direct bearing on any business’s profitability. The Secret to Successful Collaboration Between Procurement and CFOs. Despite more CPOs reporting directly to CFOs, as well as lots of talk about the importance of synergy between procurement and finance, many organizations still keep these functions in very distinct silos.
If your organization has more space than you’d like between the two departments, the good news is bringing them together can be a relatively smooth process. A big part of why organizations can find a lot of success by bringing procurement and finance into closer alignment is the two departments already have a lot in common. So with that in mind, here are a handful of steps that can be very useful in encouraging successful collaboration: Processes Over Savings. Acquisitions Tips for Entrepreneurs. There are a variety of reasons why a company may make an acquisition.
If a company is growing quickly, one of the most compelling reasons to make an acquisition is it can accelerate growth. Whether it’s talent or innovations, an acquisition in this type of scenario can shorten the amount of time it takes to hit the next milestone. Although that scenario makes acquisitions sound very appealing, it’s important to understand that they’re by no means a guarantee of success. In fact, the majority of acquisitions fail. That truth spans from the smallest of businesses to huge corporations. Looking At The State Of Procurement In 2016 And Beyond. What's The Best Way To Approach Contract Management? Contracts are crucial for enterprises.
Without them, there wouldn’t be a way to cement the relationships that enterprises have with their suppliers. Given that suppliers are the source of goods and services that enterprises require to remain functional, it’s easy to understand why contracts are something that need to be taken seriously. Although contracts serve a very important function for enterprises, that doesn’t mean they’re always handled properly. The reality of contracts is many enterprises currently have less than ideal management practices in place. While contract management may not seem as pressing as other issues that come up, given the risk that poor practices present in both legal and financial terms, it’s something that enterprises need to take seriously. Why Risk Mitigation is So Important for Contract Management Before we explain the three main steps involved in ideal contract management, we want to expand on two topics that we mentioned above. Pricing Inconsistencies For Procurement.
A study conducted last fall by the TaxPayer’s Alliance found many pricing inconsistencies within the British government.
What does the British government have to do with your US small business? It can bring to light some areas that may be neglected or could be improved upon. Procurement Savings that Change Lives - When it comes time to make purchases and plans for future purchases where does the money come from when the budget is often very tight? By measuring the cost savings when it comes to crucial items for an organization, purchasing managers can demonstrate to the company executives/board and other decision-makers how money can be repurposed through proper spend management. Imagine the excitement when the purchasing manager reveals that those savings acquired from procurement can now be measured in the form of musical instruments for a music college, quicker renovations for a hotel, and better medical equipment for a hospital.
You take procurement savings and essentially convert them into the form of valuable products that will enhance the overall business and all of the sudden you have the attention of stakeholders. Whatever industry you are involved in you can draw from these examples in order to achieve your goal of playing a more strategic role in the company. Benefits of Software As A Service (SAAS) For Small Businesses. The low initial cost of SaaS applications is very enticing to a small businesses and there is no large outflow of capital to set up an application on the computers used by the company. SaaS applications are charged based on the subscription rates per user and any additional charges for storage or bandwidth usage. So the business ends up paying for only the actual use by its employees. SaaS applications can be used on almost any device that can be connected to the Internet and is not dependent on the hardware quality or storage devices installed on each device.
There is little to no learning curve involved especially where employees are already used to working on the Internet. There is no need for the business to worry about upgrades and patches as the SaaS application provider would be doing these improvements on an almost daily basis and the upgrades would be available to all users at all times. Who Is Responsible For The Financial Side Of Purchasing Training? Purchasing and Procurement News from Around the Web - How to Prevent Supply Fraud. There are many opportunities for people to act or present themselves as a supplier to commit fraud. If you know what to look it will be easier to spot the red flags and prevent your company from paying false, inflated, or duplicate invoices.
Things to Watch for: Transferrable Skills in Purchasing - In a previous article we discussed the level of interest in changing locations for job advancement and asked the question – how far are you willing to go to advance your purchasing career? We looked at different priorities and possibilities of relocating as far away as different parts of the world. Today, we wanted to take another look at the job changes for purchasing managers, but from a slightly different angle; instead of looking at geographic moves there is also the option of changing industries. What about taking the skills you have developed as a purchaser for one industry and transferring those into a new purchasing job for another industry? There seems to be a disconnect between what hiring managers are looking for in a skill set and what employees believe they can deliver. A recent survey by JAM Recruitment found that 93 per cent felt they would be able to take their skill set and transfer them into a purchasing position in a new sector.
Supply Chain Diversification: Walking the Tight Rope - Random Thoughts for Purchasing Managers from Across the Internet - Conversion to Cloud Procurement Still Slow To Come In Business World. Cloud-based services utilized by individuals around the world seem to be ramping up at an ever quickening pace. Services like Facebook, Google Plus, and Spotify and devices like tablets, smartphones, and other handheld devices combine for the rapid advancement. But what we’ve found is that in the business world, technology advancement in general, and conversion to cloud-based software in particular, has proceeded at a slower pace.
What Does the Digitization of Healthcare Mean for Purchasers? - Hospitals and doctor’s offices around the country are incorporating more and more technology into their practices from check-in procedures to the evaluation, diagnosis and treatment of patients. Many of the advanced you see and read about are front-end technologies, but what about the back-end things necessary to run the business side of healthcare? Are those advancing as well? We laugh at the old super computers that filled rooms or houses, but only had a fraction of the computing power as a modern day laptop or in some cases tablets and smartphones. But today there are new super computers being built capable of crunching massive amounts of data. Do you remember the supercomputer developed by IBM called “Watson” that beat Jeapordy champs Ken Jennings and Brad Rutter?
Connecting doctors with other doctors or their patients is another option technology opens the door to. Performance-Based Budgeting Made Possible with eProcurement Software - The Evolution of Procurement - Benefits of a Cloud-based Saas Purchasing Software. Influence of Procurement Software on Small to Medium Business. The advent of technology has brought a huge revolution with every industry being affected and becoming more dependent on new technologies to accomplish the work and remain competitive.
No industry or sector is untouched with the effects of technology. That is why different kinds of tools and software are designed so that work can be completed easily without compromising the quality of the tasks being performed or the products or services your business offers. With the help of customized software it becomes quite easy to complete the same task with better efficiency and in less time. The Advantages of Cloud Based Purchasing Software for Spend Analysis. Improve Contract Compliance With Cloud-Based Purchasing Software.
Purchasing in the Cloud for Insurance Company. Purchasing in the cloud is one part of an approach towards risk management for insurance companies which provides security and protection against potential future failures. Insurance Business with Procurement Software - If you want to reduce your expenditures while maintaining your performance as well as efficiency in the operation of your insurance business then you should give considerable thought to implementing procurement software. Procurement software will help an insurance company to have a clear view of their expenditures so that they are able to manage the costs and risks they face. In so doing they are able to stay well informed about the supply decisions, which in turn strengthens and improves the bottom line. Procure-to-pay helps you attain better visibility and cost savings by making you focus on the sourcing and managing of your expenditures.
Insurance companies will find that they can increase their productivity by utilizing cloud-based procurement software. Companies can also view and look into a supplier’s performance which includes analyzing its purchasing patterns, tracking deliveries and monitoring the overall efficiency as measured against other suppliers.
Remarkable Features of Procurement Software. Is It Time To Ditch Paper Based Purchase Order Management? Does Purchasing Automation Benefit The Procure-To-Pay process? A Buyer's Guide to Preparing a Purchase Order. How to Measure Purchasing Performance. Why Should Hotels Automate Inventory And Procurement? Can Purchasing Software Help The SMB With Inventory Audits? Transparent Procurement... The Cons. Transparent Procurement... The Pros. 3 Procurement Strategies in Under 5 Minutes For Financial Services. Elevating Procurement Job Status To Strategic Partner.
Understanding Supply Chain Diversity - 5 Minute Case Study on Short-Term Procurement Fixes & Long-Term Gains. Advancing Your Procurement Career in 2015. Beginners Guide for Contract Management Software. The Importance of Ongoing Supplier Evaluation. Understanding the Contract Cycle in Business. How Purchase Order Software Helps Prevent Fraud. How to Prevent Procurement Fraud, Part 1 -
Moving From Traditional Purchasing Software To Cloud-Based Software. How Workflow Automation Can Shorten the B2B Sales Cycle. Becoming A Better Purchasing Manager In 2015. Is Moving To The Cloud The Right Step For Business? What Procurement Can Learn from the Hotel Industry. 4 Tips for Avoiding Procurement Disasters. How Important is Procurement for Business Growth? Kicking it Up a Notch: Cloud Based Purchase Order Software.
The Cloud Is Having A Major Impact on Purchasing. How Salespeople Can Find More Success with Purchasing Managers. 10 Things to Consider Before Buying Procurement Software: Part 2. 10 Things to Consider Before Buying Procurement Software: Part 1. 5 Rules of Wise Spending for Purchasing Software. Procurement Training for the Public Sector. How the BPM: Requisition Module Works For SMBS. Optimal Procurement Means Greater Profitability. How the Epmx: Requisition Module Works for SMBS. Purchase Requisition Software: Is It Right For Your Business? - Purchasing software, Procurement software, eRequisition Software. Should Purchase Managers Take a Page Out of the Sales Training Handbook?
What Can Purchasing Pros Learn From Salespeople? The 3 Cornerstones of Effective Purchasing. Best Practices for Purchase Order Control - Purchasing software, Procurement software, eRequisition Software. Considerations When Choosing Procurement Management Software. Automated Purchasing Process: How to Get Started. Benefits of Great Purchasing Software for Your Business. Pro and Cons of Using E-procurement Software. Advantage of Cloud Based Purchase Order Software. Bellwether Software (3 Purchasing Manager Myths – Busted!) How to Decide on Purchasing Software for Your Business. What's the Difference Between Strategic and Tactical Sourcing?
Procurement Fraud and Corruption - What You Need to Know.