Being competitive in today’s market requires more than a superior product or clever marketing. Digital transformation is driving the use of data management and analysis as key drivers of effective competitive strength. Businesses of all sizes are on the lookout for digital tools that will help them generate value and reduce costs. One of the ways companies are integrating these tools as part of a digital transformation strategy is through the use of supplier cycle management software solutions. As supplier management is an important part of the purchasing process
Through proactive and strategic integration, these software solutions benefit all businesses. By choosing a solution that matches their needs and budget, businesses can effectively leverage digital transformation.
- 1 What is the supplier cycle?
- 2 How does the supplier cycle work on Access?
- 3 Reasons to use Microsoft Access
- 4 Is the Access supplier cycle worth it?
- 5 What is purchasing management software?
- 6 Advantages of using purchasing management software
- 7 Benefit from a purchasing management system
What is the supplier cycle?
The supplier cycle is the transition of events that make up the goods procurement process. A relevant supplier cycle is essential to the financial efficiency of any business. It enables you to pay the right price for goods and services, reduce delivery times and choose the best partners to work with your company.
Purchasing managers are responsible for implementing rules to ensure that tasks and processes are carried out correctly throughout the purchasing process. How a supplier cycle looks depends entirely on the size and type of business. There is no one-size-fits-all approach. So you need to adapt the process to ensure maximum efficiency. By analysing the supplier purchasing cycle, you can then measure the performance of different suppliers and assess their effectiveness. It is therefore important to take the supplier cycle into account in the purchasing process, as it represents an asset in understanding the process.
How does the supplier cycle work on Access?
Microsoft Access is used to create databases to help companies manage their work and assist them with their administrative tasks. Access is Microsoft Office’s database application. A supplier cycle database is an example of how Access is used.
The database will contain details of your contacts and, if applicable, the companies or organisations to which they relate, as well as a record of your contact history with them. This will allow you to record, manage and track the contacts you make with them.
Reasons to use Microsoft Access
Here are a few reasons to use this effective tool in your business.
Easy to use
MS Access is not a complicated application that requires a lot of learning. With a little time, you can learn to use it. You don’t need to attend courses and training sessions lasting months to acquire the skills needed to create a database.
While training to use this tool in general does not require a great deal of time, it certainly takes a lot of time to use it effectively. Loading the data, creating the appropriate fields, analysis, etc. can only be done by a professional.
One of the most important reasons for using MS Access in your business is that it helps you create financial reports. When you have a large amount of data, you can download it into Access. This allows you to use it to create reports to improve your business practices.
Compared with other applications, MS Access is inexpensive to use. It comes bundled with the Microsoft Office Business suite and users don’t need to download any other software to manage the data.
Is the Access supplier cycle worth it?
Microsoft Access is a relational database management system that is prone to errors and worn out over time. It was innovative at the time, but it faces much tougher competition in today’s market, especially as the rise of purchasing management software offers more advantages.
What is purchasing management software?
Purchasing management software is a platform that enables companies to automate the various stages of the purchasing process, both internally and externally. Before the digital transformation, these steps were carried out manually. These tools, which are mainly used in the B2B market, enable companies toincrease the efficiency of their commercial transactions. They also enable them to streamline their processes and integrate the purchasing department with suppliers. Purchasing management software plays a very important role in large and medium-sized companies. In the case of supplier management, this type of software makes it possible to establish a supplier panel that brings together all supplier data.
Advantages of using purchasing management software
Here are the advantages of using purchasing management software to manage your purchasing processes:
Transparency and control
Purchasing management software enables purchase requisitions, purchase orders, acknowledgements of receipt and invoices to be centralised in one place. By auditing this process, you can eliminate duplicate orders and monitor the purchasing process. This provides a more accurate and up-to-date inventory in real time. This visibility of information also leads to better management of supplier risks, as suppliers can be checked regularly without wasting time.
This monitoring improves spend visibility and provides end-to-end transparency on all transactions in the supplier cycle. Authorisations and contract compliance can be verified. Independent expenditure is subject to control.
With these platforms, you can automatically create approval workflows. People outside the purchasing department can check and authorise current purchase requests. So there is both internal and external control of transactions.
Purchasing management software gives you better control over information, without leaving any vulnerable points in sight, thanks to comprehensive data processing.
Greater visibility of expenditure
Purchasing management software has a statistics and reports section. You can see everything that has been spent in a given time. You can see what budget has been allocated, who has approved purchase orders, which suppliers have been asked for quotes, etc. Better visibility of expenditure means improved supplier monitoring. You can better monitor the company’s monthly, quarterly or half-yearly spending on supplies and service contracts. If expenditure is no longer in line with the company’s needs, it is easier to target the supplier in question and rework the relationship.
Investing in these tools means you can make better use of your company’s budget. You have better control over stocks and what should and shouldn’t be purchased. You also save money on purchasing, printing documents and all the costs associated with carrying out these procedures manually. Because of the benefits they offer in preventing fraud, they eliminate the need to spend money on costly processes that involve investigating suspicious cases and commercial disputes.
Most purchasing management software on the market today is an online platform. They allow several members of the team to be integrated into the platform and assigned functions. They ensure that everyone involved is connected in one place and easily accessible at the click of a button. This gives complete control over all the actions that take place during the purchasing process.
They improve collaboration and communication between departments, enhancing the value of the organisation.
Productivity and time reduction
Another benefit is the reduction in the time required to complete the activities that need to be carried out as part of the purchasing cycle, such as ordering, invoicing, approvals and payments. By automating tasks that previously had to be carried out manually, purchasing software lightens the workload for staff. This frees them up to focus on high-impact activities, such asimproving relations with suppliers and thinking about strategic sourcing development strategies.
Benefit from a purchasing management system
Purchasing management software can revolutionise your procurement process.
The supplier cycle is the beating heart of your company’s efficiency, accuracy and financial strength. Investing in procurement management software can help you streamline your purchasing for a better return on investment. It also enables you to generate sustainable value and competitive advantage for your business.
Want to learn more about our procurement management software Weproc? Contact us or request your free 15-minutes demo below!
Weproc is a SaaS software specialized in digitizing the procurement process of companies. From purchase requests to supplier invoicing, through the validation process, Weproc is designed to simplify the purchase management of SMEs and mid-sized companies by centralizing all purchase-related activities.