The world we live in is changing or putting it in better words evolving at a rapid pace. With new technological advancements every day the way we do business is increasingly difficult to foretell. 3-D printing, robotics, artificial intelligence, and by the time I am done writing this blog, we might have a few other disruptive technology available out there.
This brings us to the most important point: With so many technological advances, why are we stuck with excel sheets and are raising requisitions manually? Best-in-Class procurement organizations make sure they leave all manual work to the pros- Procurement Solutions. Originally designed to ease manual processes and to reduce time and efforts of employees, procurement solutions today are playing a key role to help you enable you with higher savings, cost compliance, reduction in maverick spend and are becoming more of a strategical masterpiece. But the questions remains, how can you justify your savings to the top management. You made it a point to implement the solution and made sure adoption rates were higher, but all this is pointless unless you can justify the value out of it!
IDC Highlights Zycus AI: A Game-Changer in Procure-to-Pay Solutions
Discover why IDC, a leading global market intelligence firm, recognizes the transformative potential of Zycus AI Solutions in the procure-to-pay space. This video delves into how Zycusโs innovative technologies are revolutionizing procurement processes and driving efficiency in the Philippines and beyond. Watch the Video to Learn More!
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What if you can justify it all? What if we can help you save more than $2,000,000 annually? Well, you read it right. For every $1 billion in indirect spend, 20% noncompliance results in unrealized savings of $16 million vs. the previous level of $20 million. An e-procurement solution will deliver a $4 million potential benefit by improving compliance to negotiated savings. ย Thatโs not it. Letโs assume that an e-procurement tool can reduce the cycle time by 25%, or 30 minutes per PO. For a company with $1 billion in indirect spend that processes 40,000 POs annually, 20,000 hours will be saved. If the average fully loaded wage rate is $34 per hour, eliminating 20,000 hours of work will save $680,000. We have done the hard math for you if you never believed us J
To know, you can visit our landing page which talks more about how a best-in-class procurement solution will help your organization achieve these numbers and how you can justify your ROI on procurement solution.