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The most basic purpose of a cart is probably to move. That’s may be the reason why we always show it with wheels. When it comes to eProcurement or as many would call it, the Purchase-to-Pay in the business-wide everyday buying, it has to do much more than just move.
And that brings us to Procure-to-Pay software. They are able to make the cart much more procurement-smart! By procurement-smart, I mean all the seemingly ‘cart-impossible’ things that only an advanced software can help with. eProcurement software consists of the basic eBay-ish and Amazon-ish capability and some super-cart advantages like induced compliance in any and every of the many random purchases by a multitude of the employees from different departments in the company. Induced is an important term here and it depends a lot on the catalogue features and requisition-to-myriad approvals-to-order cycle. And that is where the procurement algorithm figures in.
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 Zycus’s innovative technologies are revolutionizing procurement processes and driving efficiency in the Philippines and beyond. Watch the Video to Learn More!
The procurement algorithm consists of all the meta-cart factors that are decided and configured by you much before the thousands of user-log-ins and passwords are distributed to your employee community. These meta-cart factors are approval hierarchies customizable not just by the workforce design of every department, but also by expenditure limits and urgency exceptions. For globally operating companies, the cart bills can be allocated to a given region in auto currency convertor informed by the latest market rates on the cloud. Supplier checks and ratings can guide a requisitioner to prefer one supplier over the other and even raise an eSourcing requisition for seeking a new commodity or a new supplier for existing commodity. Ordered units can talk to your contracted spend database and tell you just how much the employees and departments utilized from the total allocated budgets. All this leads to more responsible buying and more control for you over the long-tail spends.
In the internet of wearable technology, the procurement cart doesn’t just dart, but at every step it also remains very procurement-smart.
Related Read:
- Blog – 5 Cognitive Technologies to Look Out For in the Future
- Blog – Procurement Analytics- Empowering the Future of Procurement
- Blog – Is Zycus Procure-to-Pay Suite a Future-Ready P2P Solution?
- Large-scale Sourcing Cheat Sheet: Essential Guide to Sourcing Optimization
- White Paper – The 11 Most Important KPIs to Unlock Sustained Procurement Performance in 2023
- White Paper – Procurement Analytics: Empowering the Future of Procurement
