Happy New Year! Welcome to 2016! Just a couple weeks into the new year and maybe 75 percent of resolution makers are still on track, in six months fewer than half will be. To make things happen this year, most of us need to focus on a few key (and achievable) goals for Smarter Procurement and Spend Management.
Smarter Procurement and Spend Management
If you don’t know where to start, Determine® can help! You can chat with one of our experts about 2016 planning. We can help with successfully managing your procurement and spend management challenges and goals and guide you in achieving some strong procurement and financial resolutions for 2016. With specific goals in mind and our support, you are sure to have an outstanding year. Let’s start with some critical functions and processes that could advance your career and make you a stronger asset to your company. Here are eight key resolutions to get you started to becoming a better procurement manager or CFO in 2016.
1) Improve spend visibility
It’s more important than ever to monitor all your spending in order to make smarter purchasing decisions and maximize the impact of your resources. Spend visibility at all times helps you readjust your spend management strategy as events unfold rather than waiting until an end-of-quarter analysis. What you need is real-time spend analysis capacity.
2) Implement a Spend Analysis initiative
This resolution is especially relevant for 2016 in relation to the previous one. At Determine, we believe spend analysis initiatives should be one of your first considerations. Understanding where your budget goes helps you to make better decisions for the future, supports better sourcing and drives down costs. Being proactive is much easier with access to actionable information and analysis. Need help with this initiative? Check out our Spend Analysis solution.
3) Reduce Purchase Order processing time
In 2016, make sure low value tasks don’t take too much time. Improving process efficiency frees up resources so that you and your staff can focus on your primary mission. Consider reducing your PO processing time through automation. Our Purchase-to-Pay solutions can help with that too!
4) Minimize supplier risks
To reduce risks, Vendor Management should be one of the top priorities for 2016. It is crucial for you to manage your vendors and their performance on a regular basis to ensure the quality of their services. You want to make sure you picked the right vendor for the right product, finding the perfect fit, price-wise and quality-wise. Make sure your suppliers are reliable. Determine’s Supplier Management solution can help you achieve that goal!
5) Streamline the entire purchasing process
To streamline your entire Purchase-to-Pay process, you may consider looking further than just procurement. Contract Management and Spend Analysis integration with payment systems and automation will help bring visibility to your sourcing, purchasing, payment and spend management activities. It will provide you with more control, mitigating risk across your organization. Determine’sP2P is integrated with the rest of our modules so all your data flows directly into your Contract Management, eCatalogs, POs and payment applications.
6) Take time to learn about eSourcing
Every procurement manager should know the basics of eSourcing. Especially with today’s rapidly changing economies, more than ever you need to effectively impact your procurement through efficient sourcing. Want to learn more about eSourcing? Check out our post “eSourcing Solution: 5 Key Considerations Before Selecting a Tool”.
7) Simplify invoice processing
Is your company’s invoice processing still paper based? Time to change! Accelerate the process of supplier invoice processing by eliminating manual entry. Determine offers a solution for Invoice Management that can facilitate invoice reconciliation and dispute management. Want to know more about eInvoicing? Check out our Invoice Management solution.
8) Improve Contract Management
It’s hard to manage contracts efficiently when they are paper based, stored everywhere and in many ways. For this new year, look for ways to simplify Contract Management. For example, your company could consolidate all contracts in a centralized repository, automate workflows and approval processes, streamline the entire contract lifecycle, track terms and conditions, and eliminate paper-based processes. Need help going to the next step? Check out our Contract Management solution.
On behalf of the entire Determine Team, best wishes for a New Year filled with prosperity and success!