How Can Efficient Cloud-Based Procurement Platforms Save Time & Money?

Procurement software

Since cloud-based procurement solutions are becoming prevalent, some businesses may be on the fence about utilizing them. In addition, companies with established infrastructures may not see the benefits of a cloud-based procurement system.

Regardless of the depth and range of their operation, a cloud-based solution can help them cut down costs and save time in different areas, some of which we’ll address here below.

Saving Money

Cloud-Based Procurement Platforms Save Time & Money

When it comes to a cloud-based procurement system, there is no one-size-fits-all. However, the right one can help significantly lower operational expenses. Here’s how an efficient cloud-based procurement system can help you cut down costs:

  • Labour: As you transition a chunk of your manual operations to a cloud-based solution, there will be less need for hands-on labour, and you can save money on staff salaries. Plus, rather than hiring cloud experts to manage your procurement systems, you have a skilful team of professionals, which drastically reduces the costs of vetting, interviewing, engaging, and training.
  • Maintenance: With a third-party cloud-based platform, there will be no server and hardware maintenance or repair costs.

Saving Time

Some companies may insist they’re well-equipped and well-trained to carry out their operation in the shortest amount of time. However, even the most trained professionals and internal platforms can’t match the speed and efficiency of a first-rate cloud-based procurement system. Here are some of the benefits of a cloud-based procurement system, as far as time-management is concerned:

  • Higher Productivity: With traditional procurement, human agents are involved in every step, naturally a time-consuming process. However, an automatic solution can quickly monitor the supply chain, handle catalogue management, analysis, negotiation, and significantly lower the error rate.
  • Faster Transaction: Instead of being limited to office hours, a cloud-based system can initiate, complete, and approve transactions in real-time and submit every purchase order to the respective suppliers. For example, a cloud-based procurement system can authorize the reception of an order, process the invoice, and pay the vendor.

Bottom Line

In a world where businesses must keep up with changing market demands, all of their success or failure boils down to two things: time and money. An efficient cloud-based procurement platform can help businesses streamline their cycle and upgrade their operations.

However, it’s essential to choose an e-procurement solution that covers enough ground to meet your demands on every level. Fortunately, with Penny, you have access to a wide range of solutions tailored to your requirements. Contact our team of experts to nail down exactly what you need and pave your road to success!



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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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