Remove the Pain out of the Purchase Order Process
What is so painful about the purchase order process?
Basically, there are 3 things:
Purchase Order process can get really complex due to sheer number of items or people involved in the process, and if your luck is bad, a combination of both. This complexity makes it a pain to follow, monitor & it gets stuck in possibly more than one place due to discrepancies between items or people or amounts.
b) Time constraint
Often times, it comes along with some burning urgency. This time constraint is another pain especially considering the fact that the process is already complex and still, it needs to be completed within the stipulated time period. The time constraint is just not helpful in ensuring seamless execution of the purchase order process.
c) Lack of tools (that work)
There’s as such no lack of tools for anything at all today. But, hardly anything works. The pain point for most finance teams is that there is not one tool that fits perfectly their requirement and managing this process is a horror movie in itself.
What needs to be done?
One cannot do much about the complexity of a process. However, breaking it down into a sequence of simple steps & defining some parameters can be helpful. These sequence of small steps unfolding into the bigger process makes sure that small chunks get work gets done in parallel. Here’s what you need to remove the pain of the purchase order process:
Once there is a set pattern in executing the process, it needs to be documented & followed throughout. At this point, it can be automated and applied across the organization spanning several functions. It streamlines the entire process & sets it like a pair of cogs in a wheel that runs in its own momentum.
B) Status Update
If there is one place where one can check the status of process progress, it will help immensely in identifying bottlenecks. This can help release the bottleneck & faster process completion.
Every process has immense scope to better itself. Purchase order process also has it’s own metrics that help in quantifying its effectiveness such as time taken to complete etc. This way, the entire process becomes more efficient, aids in better productivity of employees, the finance team and leads to faster approval.
These 3 things can help in removing the pain out of the purchase order process. What are the pain points you are facing? Feel free to let us know.