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Procurement and Document Automation: The Perfect Match

Procurement and Document Automation: The Perfect Match

Procurement Departments ensure their companies receive the best goods and services at a good price with the lowest possible exposure to risk.  From drafting and executing documents like purchase orders, contracts, and invoices, to maintaining document records and key dates, there are plenty of opportunities for a good document automation tool to reduce paperwork and maximize efficiency. Document automation software allows procurement teams to spend less time working on repetitive administrative tasks, and more time finding ways to help their company save money.

Here are just some ways that automation can help.

 

  • Document Automations

Automated drafting of Request for Proposals, commercial contracts, and other agreements quickly turn out documents to potential and existing vendors. Typically, organizations have strict rules for negotiating contractual terms, and the right automation tool will provide a clause library, and approved alternative clauses.

Documentation, including receipt of goods and services, or invoices, generally follow a standard formula.  Rather than an individual spending valuable time entering data manually and increasing the risk of error, an automation solution integrates with external sources to quickly populate the documents with information pulled from a separate database, or from previously generated documents.

 

  • Collaboration, Communication, Transparency

Procurement teams work with different departments across an organization, including legal, finance, and compliance. Clear communication is key, as well as a reliable method for tracking the progress of any documentation. Automated Workflows move vendor documents through a predefined route, each workflow automatically selected depending on the subject matter.  No longer is time wasted trying to determine who is responsible for what, and a transparent, reportable review process, makes it easier to define opportunities to further streamline processes and increase efficiency.

A well-designed procurement document automation process gives vendors the option to complete automated templates of Request For Proposal forms online via shared URL links.  Without worrying about forms being lost in email, or bundles of forms missing key documentation, a shared automated template allows documents to be created instantaneously, with the relevant attachments. The final documents are generated directly in your database, and automatically pushed into a workflow review process.

 

  • Tracking & Organization

Procurement teams handle a lot of data and forms. Keeping track of all that information is just as important as locking in the best deal. Automatically extracting key document information, such as key dates can prove incredibly useful for setting up expiration and renewal notifications. Instant collection of information on key terms, increases the ability to manage a company’s rights across a number of documents.

Streamlining efficiency in a procurement department saves time, and reduces costs for the team, and these savings will of course translate for savings across the company.

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