How to Transition from a Traditional Procurement Platform to a Cloud-Based One

Procurement software

We’re way past the old days when paper invoices and receipts got lost. The arrival of cloud-based technologies has started a new chapter in procurement and has changed businesses for the better. 

Today, companies can organize and manage their pricing, choose the most suitable suppliers, decrease manual transactions, and naturally lower error rates.

Despite these benefits, carelessly stepping into such unknown territory carries risks. Hence, we need to know how to move from a traditional procurement system into a cloud-based procurement platform.

how to transition from a traditional procurement platform to a cloud-based one

Prepare Yourself & Your Partners

To successfully transition into a cloud-based procurement platform, you need to involve all key stakeholders from the outset. You need to educate them on the benefits such as budgeting, security, user experience, and error reduction. Make sure that everyone in the organization is aware of the opportunities and potential threats of moving away from a traditional procurement system. 

Mitigate Risks

Moving to the cloud is a vital decision for many businesses. Therefore, people in charge of making such transitions need to carefully determine what sections of their data or services they want to transfer to the cloud. 

They also need to ensure all members involved in the transition cycle have enough training and experience working with cloud-based procurement platforms.

Define Selection Criteria

Just because moving to the cloud-based procurement platform gives you many benefits doesn’t mean that every platform fits your line of work. Select the right platform, get the best value, and gain an edge over the competition!

Bottom Line

A traditional procurement system won’t get the job done in today’s fast-moving digital economy and markets. But, hurrying into a decision to choose the first cloud-based platform won’t do you any good either. You need to prepare the entire organization and educate them on the risks and possibilities. Luckily, Penny offers a range of digital procurement products and a team of experts who can figure out what you need and guide you towards the most suitable solution. Contact us right away to get started!

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Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

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