Embracing Purchasing as the Heartbeat of Your Business

As we approach Valentine’s Day, it’s not just love in the air – it’s also an ideal time to think about the heart of your business — its supply chain. Imagine your business as a living entity, with the supply chain as its beating heart, pumping life through every operational vein. That’s why keeping your supply chain healthy and free-flowing is essential. And we all know that the supply chain begins and ends with purchasing.

It’s time to embrace procurement as the real heartbeat of your business — and there are two ways to get started. One is to get friendly with Key Performance Indicators (KPIs). Think of KPIs in the same vein as you would your watch’s activity tracker — an instant way to check on your health. Another way to show your supply chain some love is by automating purchasing approvals so your energy and efforts can be used to strengthen the rest of your operation.

What KPIs should you be tracking and why? How can approval workflow automation lead to better procurement? We answer those questions and more in our upcoming webinar, Fall In Love With Better Purchasing, on February 14, 2024. Until then, here’s a glimpse into what we’ll cover.

Monitoring the Vital Signs of Your Supply Chain

  1. The Pulse: Real-Time KPIs

Just as doctors rely on monitors to check vital signs, businesses need real-time visibility into their supply chain and purchasing operations. These KPIs are the pulse of your supply chain, offering live insights to keep your business’s heart healthy and robust.

Our webinar will showcase which purchasing KPIs to monitor to inform your decision-making process and how to configure visibility dashboards to display them — ensuring a steady and strong business pulse.

  1. The Rhythm: Importance of an Approval Workflow

A healthy heart beats with a consistent rhythm, just as a well-oiled business operates with an effective purchasing approval workflow. Approval workflows set the pace for efficient and error-free purchasing operations. But we’re not just talking hearts and roses — implementing an automated procurement approval workflow will save your organization money.

Aberdeen Research found that companies implementing procurement automation see a 25% reduction in procurement costs and a 15% reduction in procurement cycle time. If that’s not enough to convince you of the importance of automation, how about this: the average return on investment (ROI) for procurement automation is 220%.

  1. The Blood Flow: Supply Chain Significance

A heart is only as good as the blood it pumps. Similarly, a business thrives on the lifeblood of a well-managed supply chain. We’ll discuss the integral role of the supply chain in keeping your business alive and thriving, especially in today’s rapidly changing market landscape.

  1. The Oxygen: Integration and Accounting/Cost Control

Just as the heart needs oxygen to function, your purchasing approval workflow must breathe the same air as the rest of your business processes. (That’s a fancy way of saying they need to talk to each other).

Some third-party procurement automation applications work well and can be integrated with your accounting or ERP application. Alternatively, Acumatica has built-in approval workflows, ensuring compatibility and further streamlining approvals. Our webinar will delve into how effective integration and cost control are akin to providing your business with the oxygen it needs to breathe and expand.

  1. The Strength: Enterprise-Level Functionality at Tier 2 Cost

It is possible to equip your business with the strength of enterprise-level functionality without the burden of hefty costs. It’s about giving your business the power to compete with giants while maintaining the agility and cost-effectiveness of a nimble organization.

Thanks to modern, cloud-based ERP applications like Acumatica, even small to mid-sized businesses can access enterprise-level purchasing functionalities at an affordable cost. We’ll answer your questions on this topic during the webinar.

Join us on February 14 in this heart-to-heart session as we unravel the secrets to a healthy purchasing process and the KPIs that keep it beating strong. In the spirit of Valentine’s Day, let’s give your business the love and attention it deserves. Register for our webinar today and ensure your business’s heart remains healthy and vigorous for years to come.