Why is Purchase Control Such a Valuable Asset?
You’ve come to a point in your business where purchase control has gotten out of hand. For years the paper-based system in your company has been the system that kept the business running in a forward motion and the odds and ends didn’t matter as much as reaching that long worked for goals. The processes are running even and there is even a little profit showing at the end of each month. It seems though that you have hit a wall in how to get over the next hurdle of actually cleaning up the debris that is keeping your business back from making a real profit. Getting your product to impress the masses takes a lot of research and a lot of putting in the extra legwork.
“When you start with what’s at stake for the buyer, you earn the right to their attention.” — Jake Sorofman, analyst digital marketing strategy
How to go about cleaning up the debris
In etymological terms debris was borrowed from the French word débris, itself from dé- (“de-”) + bris(“broken, crumbled”), meant in Middle French (14th to 17th century): debriser — to break apart, shatter, burst. The Indo-European language, Proto-Germanic: brestaną — to break, burst, from Proto-Indo-European: bhrest — to separate, burst. Old High German: bristan — to break asunder, burst. Old English: berstan — to break, shatter, burst.
To know where words come from might not be why you have read to this point! Nevertheless, the point is knowing what to focus on and where to start from to get to your next step of making your business extraordinary and lasting through time, is in fact, where to start from.
Debris, as explained throughout time, is the extra parts of dead weight that keep your moving force from moving forward and eventually slows your business down to shatter or break apart. Unless you get rid of the debris holding your businesses future in the balance.
Why is Purchase Control such a valuable asset?!
The plain and simple straightforward answer is it eliminates wasted spend. Yes, you know that Andrea in the finance department has picked up the slack of lost purchase orders and saving the delivery date days, but even she can’t stop all the holes that have shown it’s face on the businesses sweater. Your business needs help Andrea needs help and probably some rest!
Purchase Control is a small word but has such a big impact on everyday decisions made by every department in your company, that by the way, you can’t keep track of all the time!
It is the valuable asset or pink diamond that you forget to protect with your best guards.
Click to Tweet: Your business success has always been in the business strategy that you create to run every process in the business.
Purchase Control is controlling all the purchasing processes that your organization uses to manage its expenditure in a disciplined way. Every department is part of the spend happening in your business and needs to be part of the process that’s put in place but also needs to be monitored at all times.
A good place to start is to conduct a thorough spend analysis of your business, so you can identify gaps in your purchasing processes. The next step would be to put an action plan in place to prevent wasted spend.
Why Use Electronic Purchase Control Software?
Introducing a smart spend application like Rubberstamp.io to your company’s purchasing process can help your company achieve sustainable growth through efficient spend management. It controls the spending while you focus on other aspects of your project that needs attention.
How does the app achieve this?
- Budgets are set beforehand by the appointed manager.
- All purchases are run through a set approval routing process, whereby managers who make the decisions, can approve all purchases with the click of a button.
- You never have to wonder what has been spent on what and by whom as every step is recorded.
- Reports are updated in real time and can be downloaded at any time.
- Vendor management — so your team can’t use suppliers you don’t like.
- You can view the budget remaining per project before purchases are approved.
- Basic and fast, but with a load of functionality under the hood.
- Adaptable with tailored reports and a customizable Pdfs.
- Approval rules can also be set per budget and project.
- Comments can be made and steps can be corrected right away if needed.
- Crew members or managers can load POs from the site.
- The app is available on Android and iOS applications.
- Same day company-wide implementation.
- Customer success team available 24 hours a day.
- Straightforward easy to use application that anyone of your staff members can master in a few minutes, so all your departments can spend responsibly.
“The easiest way to control spend in any sized organization, and even easier for all staff and employees to learn and understand!” — Luke Moon, Chief Financial Officer, RB Sellars
“Great simple tool for budgeting purposes. It works well for the reasons we put it in place, which was overspend. So at least now we can hold people accountable for their spend behavior.” — Monica Mathis, General Manager, Harmoney Limited
Your business success has always been in your hands, not in its advertising capabilities or in the revenue it could generate in the long run but in the business strategy that you create to run every process in the business. Every business just like every person has its own fight and it’s up to you to make the right decisions and use the right equipment readily available to win the fight and lighten the load on the way there.
Originally posted: By Mullanie Mulder on Jul 03, 2017