Four Things to Look for in a Purchase Order Management System

Companies within the electronic manufacturing industry that implement a purchase order management system find that automation can transform their previously manual processes by streamlining their business, and giving valuable time and resources back to their team to focus on high-level strategic initiatives.

Purchase Order Management System

Often times, request for quote (RFQ) or purchase order (PO) intake requires manufacturers and distributors to manually generate, track, process and  manage massive amounts of data.

Manual processing may include the sorting and validating of thousands of lines of global purchasing data, which can results in human-error and reduced delivery time. Inefficient methods make it difficult to manage inventory, and can impact the bottom line of your organization.

43% of financial managers recognized that their organization’s formal purchase order system has “major inadequacies."

What is a Purchase Order Management System?

A purchase order management system is software that automates the order lifecycle and provides businesses with vital technology to manage POs and buyer-supplier partnerships. This software is disrupting the way electronic manufacturing companies manage, fulfill, and track purchase orders.

By eliminating manual data entry and tracking data fluctuation, purchase order management systems enable manufacturers, and distributors to move quickly and accurately.

What To Look For In A Purchase Order Management System:

1) Ease of Implementation

This technology is supposed to simplify things at your organization, so the platform should be easy to implement. Make sure the software is not only easy to roll out on computers company-wide but user-friendly so you can quickly train your employees and reduce downtime.

2) Integration

If your organization utilizes any existing systems or processes to organize data (API, EPI, or Excel) integration capabilities should be a top priority. The software should allow for seamless integration with your existing systems and spreadsheets so you can store your information on a universal platform.

3) Secure Data Transfer

Your purchase order management system should provide a secure platform to transfer and store highly sensitive data during the PO lifecycle. Protect your data from any security breaches and gain peace of mind.

4) Real-Time Data Analytics

Data analytics are constantly improving the electronic component supply chain. When evaluating a purchase order management system, make sure to verify that the software facilitates the real-time data insights and analytics your organization needs. This data can enable your company to improve its productivity and empowers employees to make strategic pricing decisions and accurately estimate the time to respond to POs. Learn more about how 

Orbweaver Advance is an automated PO solution that allows your company to streamline the PO workflow. On the secure platform you can easily create, approve, and process POs quickly, track spend, and access data and reporting to improve your bottom line.

Download the Advance Solution Sheet

Integrating the Orbweaver Platform as your purchase order management system can enable your company to:

  • Improve efficiency and productivity

  • Easily build RFQ and improve the RFQ process

  • Electronically manage and centralize documents

  • Improve delivery times

  • Streamline inventory management

  • Make data-driven decisions to help reduce costs

Discover how Orbweaver Advance can enable your business operate more efficiently while saving money. Request a free consultation with an electronics industry expert today.


Sources:

https://www.nintex.com/blog/automating-purchase-order-system-will-save-money/