Know How To Be A Top Performer In Your Industry
It’s safe to say that with the growth of Procurement Solutions in organizations, awareness of the primary challenges that manual procurement processes pose in organizations have increased. Lack of visibility, lengthy cycle-time, maverick spends, manual paper-based transactions, limited control and non-compliance are few of the difficulties that usually leads organizations to switch to Procure-to-Pay solutions.
Catalog Management has been designed for easy accessibility of indirect goods purchasing. It helps the buyer search for the goods/services through various suppliers, place an order and track them efficiently through the eProcurement system. It not only streamlines the requisition processes but also results in indirect cost reduction by compliance savings.
Are you a Top Performer?
- Top performers have shorter cycle times for processing orders and use catalogs to a greater extent, bypassing longer requisition processes. For instance, it takes top performers five hours to complete a purchase-order, versus 15 hours for the peer group; invoice cycle time is six days for top performers versus 11 days for peers.
- Top performers order 43% of indirect line items through eCatalog versus only 20% of peers.
- It has been observed that the top performers in the world enabled eCatalogs for a significant portion of their suppliers which contributes to 80% of their spend.
How to achieve Efficiency & Compliance through Catalog Management?
According to a recent Hackett report, the indirect procurement benefited the most from the use of eCatalogs in procurement, with an average of 20% increase in compliance.
Here is how eCatalogs can help organizations achieve Efficiency and Compliance:
- Automated Catalog Search: Automation eliminates the manual work required in purchasing goods/services in the organization. With the help of Catalog Management, the buyer can search through the catalogs seamlessly by just typing the product/service required, and the systems scan through all the catalogs and displays every option possible.
- Classification of Catalogs: eCatalogs automatically classify into categories for users to quickly browse through their requirements. The artificial intelligent platform correctly classify all catalog items for hosted catalogs and punchouts items.
- Catalog Punch-outs: Suppliers benefits too. eCatalogs allows suppliers to publish regional, buyer-specific or global punch-outs through their supplier portal provided to them.
- Catalog Comparison: eCatalogs lets you compare different catalogs for price discrepancies, discounts received, payment terms and policies. This helps in achieving savings from each purchase made.
A good Catalog Management offers an end-to-end catalog life-cycle that help organizations with efficiency and compliance.
To know more about eCatalogs, you can check out Zycus Catalog Management Software.