Managing Your Procurement Documents at Your Shared Services Center
When you consolidate your company’s procurement functions through shared services, many things become easier — but managing your documents isn’t one of them. Proposals, vendor lists, quotes, contracts, purchase orders, and invoices can easily get misfiled or lost, especially when you factor in the high volume of transactions that a shared service center processes. Fortunately, your business can streamline processes by incorporating a digital archive into your shared services process.
At IntelliChief, we’ve designed a digital document storage system that’s perfect for centralized procurement. Specialists can keep all of their content on hand, instantly retrieving it whenever it’s needed. Better yet, they can have their documents electronically delivered to other members of their team to help shared services work faster and more efficiently. With IntelliChief, your business benefits by gaining the ability to:
- Identify the need for a solution
- Create and issue a request for proposal
- Select a vendor
- Obtain a finalized quote
- Place and track orders
- Confirm receipt
- Approve invoices and issue payments
How Electronic Document Management Can Reduce Your Shared Services Procurement Costs
Most companies move procurement to shared services to help cut down on costs. And while streamlining your purchasing processes is a great place to start, technology can help you achieve even greater results.
Procurement is a document-oriented [process, which means your team could spend the majority of their time searching for paperwork or taking on other repetitive and time-consuming tasks. Meanwhile, the team that originally requested the purchase is left in the dark with little clue as to when their request will be processed.
However, with your documents electronically archived, your procurement team can spend less time sorting through their files and, instead, spend more time negotiating discounts, evaluating vendors, and strengthening your supply chain. Once a purchase has been made and the products have been received by your team, you can pass your data over to Accounts Payable for immediate payment. No more re-entering the same transactional information into your ERP system or re-confirming the details of your contract just to process an invoice.
Automating Your Shared Services Procurement Workflows
With IntelliChief’s automation software, your procure to pay workflows, like sending purchase requisitions to a manager for approval, become significantly faster and less error-prone.
Traditionally, you email or hand-deliver your documents to the next individual that needs them. With our document routing software, projects can be handed off instantaneously and tracked from start to finish. Each person in your procurement workflow is notified when there’s something that requires their attention, and when they’re done, the documents are electronically delivered to the next person. No more costly or frustrating delays — and no more office couriers hustling back and forth and interrupting your work environment.
There’s also the advantage of retaining your process-specific expertise as your organization grows. With IntelliChief, you don’t have to train new procurement specialists on routine practices (i.e., what to do about a price exception on an invoice). Accounts Payable can route that document directly to a buyer automatically when a price on the invoice doesn’t match the PO. Our solutions are implemented once and used for years, helping you ensure the long-term standardization of all your processes to realize the optimal return on your investment without the hassle of dealing with multiple vendors.
Increased Visibility Into Your Company’s Expenditures
Every company needs to know where their money is going, but when procurement is handled at a shared service center, it can be challenging for HQ to maintain real-time visibility into their spending.
With IntelliChief, everyone from your CFO to your business process optimization team can see how every dollar is spent, and how every supplier is performing through our powerful reporting and analytics application. You’ll also be able to see where your procurement team is running into obstacles, helping you increase productivity across your shared service center.
Ready to explore a better strategy for shared procurement services? Contact IntelliChief today. We can help you take the next steps toward a faster, more effective future with our document management and workflow automation software.