Data-Driven Insights: Transforming Procurement for Better Decisions
Introduction Data powers growth, efficiency, and competitive advantage in today’s fast-paced corporate environment. Procurement is crucial to every organisation. Fast-advancing...
Not all procurement is easy. Supplier onboarding risk, procurement policy compliance, and rogue spending are all dangers finance and procurement departments must avoid. If these problems keep you up at night, Intake-to-Procure technology may be the simple solution.
Modern procurement uses intake-to-procure to capture unmanaged spend and lead employees through purchase approval. Integration with existing systems and procedures provides a single front door for all procurement requirements, from purchases to contracts.
Want to know more? Jump in!
Intake-to-Procure solutions centralise employee procurement request, approval, and collaboration. This one-stop shop allows procurement, IT, controllers, security, legal, and executive teams to collaborate and approve. Intake-to-Procure lets companies complete their procurement processes.
Finance and procurement are always overworked. Employees must be able to evaluate, monitor, and approve purchase requests without manual intervention now more than ever.
Prior to Intake-to-Procure, procurement was delayed and choppy. Automation lets all employees participate in the intake process and see their requests through to approval while maintaining compliance.
Today, many procurement organisations use procure-to-pay or contract lifecycle management to handle purchase requests. These systems are difficult to use and adapt, especially for procurement players. Cross-functional approvals complicate matters.
/package
/package
/package
/package
/package
/package
/package
/piece
/package
/package
/package
/package
/package
/package
/package
/pair
/pair
/package
/package
/package
/package
/package
/pair
/package
/package
/package
/package
/pair
Zip Report surveyed 1,056 U.S. finance and accounting professionals:
For new software or vendor purchases, over half of firms need 6 or more cross-functional approvals.
32% of finance and accounting professionals say new purchase requests take 3 weeks or more to approve.
At their organisation, 57.7% of respondents make more than 50 B2B software or service acquisition requests per month.
48.4% of CEOs said their organisation needs six or more approvals for new software or vendor purchases.
32% of leaders reported approval takes 3 weeks or more.
For 27.1 percent of respondents, their organisation requires more than 10 approvals for new software or vendor purchases.
Procurement intake solutions accelerate employee adoption, efficiency, supplier risk reduction, and spend control by combining fragmented request and approval procedures.
All employees can use the same procurement front door with an Intake-to-Procure solution. A brief and straightforward presentation makes information more accessible. More employees on the platform improves oversight.
An optimised user experience can help your procurement staff capture more spend. Employees will have more compliance agency and buy-in from companies.
In starting use scenarios, intake can increase spend under supervision by 80% or push the conventional ceiling of 60%–70% to 90%+.
Considering a 9% savings for every new dollar under procurement control, focusing on adoption might save tens of millions. It changes the game quantitatively.
Knowing Intake-to-Procure’s automated systems are working lets procurement teams rest. Intake-to-Procure monitors and flags concerns throughout. It lets workers concentrate on other needs.
Companies run smoothly and quickly using Intake-to-Procure. One platform handles vendor onboarding, approval, monitoring, risk management, IT, and security checks. The procurement procedure is strong and healthy.
Zip helped Patreon cut approval cycle times by 50%.
Intake-to-Procure indicates dangerous circumstances. You can trust Intake-to-Procure to monitor your organisation from contract to delivery. increased staff using the platforms allows for increased process supervision and hybrid procurement arrangements.
Better efficiency and lower risk through Intake-to-Procure improve budgetary results. Intake-to-Procure solutions route requests to preferred vendors, letting firms choose who best meets their budgetary goals. The automated Intake-to-Procure processes yield turnkey results.
In his Margin Makers email, Zip Head of Research Nick Heinzmann stated, “the earlier you get involved in spending, the more you influence the spend.” We agree.
Many companies prioritise compliance in procurement. The stakeholder user experience of vendor onboarding and procurement intake suffers, hurting the organisation.
Intake-to-Procure streamlines procurement intake, vendor onboarding, and cross-functional approval to one view. Companies can optimise procurement using tangible KPIs from automation. Everyone has an amazing time when it all comes together.
An Intake-to-Procure solution provides:
The single procurement input front door in intake-to-procure solutions reduces purchase request cycle times. A simple interface for employees to submit procurement requests—purchases, contracts, renewals, or vendors—reduces uncertainty and friction, making the process more enjoyable for everyone.
Bottlenecks usually disappear fast in transparent, collaborative procedures that show requesters and approvers progress and status. Everyone knows what to do to move things forward if not.
Intake-to-Procure technology’s seamless interaction with P2P and ERP systems like Netsuite allows approved requests to be transformed into purchase orders or contracts without user involvement, which is crucial. System integration ensures data quality and accuracy by synchronising and reconciling data.
Having a single source of truth simplifies vendor management. An Intake-to-Procure platform centralises vendor data and simplifies data collecting, making supply chain and vendor management easy.
Alerts! The Intake-to-Procure application may notify vendors of renewal deadlines and automate renewal workflows with comprehensive vendor data, saving time, money, and headaches.
One procurement solution gives you early visibility into spend and trends. These insights can help you cut cycle times, optimise budgets, consolidate vendors, and other lifecycle efficiencies. It’s limitless with robust customisable data aggregation.
Given the continuous evolution of technology, AI-integration is essential for expediting procurement operations.
Confusion ensues with Procure-to-Pay, Intake-to-Pay, and Intake-to-Procure! These terms have diverse meanings and ramifications for procurement professionals and organisations.
Make it basic and understandable.
Executing and paying for accepted orders is called Procure-to-Pay (P2P). Purchase orders, receiving, invoicing, and payment are covered.
P2P’s key benefit is improving order execution and payment efficiency and accuracy, decreasing errors, delays, and expenses.
P2P doesn’t address upstream procurement operations including identifying needs, confirming requests, gaining permissions, and sourcing vendors, which is its main drawback.
P2P presume purchase requests have been approved and meet procurement policies and budgets. However, many procurement requests are made by non-procurement staff who may not follow procurement regulations or have authorization. Compliance oversight failure leads to mismanaged spend, non-compliant purchases, and missed savings possibilities.
Intake-to-Procure (I2P) captures and manages procurement requests from need to purchase order or contract.
I2P encompasses upstream procurement tasks such needs assessment, request validation, approvals, and vendor sourcing. Software like Zip supports I2P and integrates with P2P and ERP systems.
Original intake is the most significant and impactful component of procurement, hence Intake-to-Pay highlights it. By early involvement in procurement requests and giving advise and recommendations to maximise opportunity, I2P may help procurement teams influence and optimise spend.
Intake-to-Pay (I2P) captures and manages procurement requests from need to payment.
I2P includes POs, invoicing, and payment, as well as upstream and downstream procurement activities. By centralising the procurement chain, insights, visibility, and collaboration can be maximised, enhancing employee engagement and satisfaction.
However, business and larger organisations with many systems and workflows may need more work to establish, maintain, and train. Fortunately, Zip’s full-suite Intake-to-Pay solution simplifies procurement for your organisation.
Procurement intake involves multiple repetitive steps. Automated Intake-to-Procure tools streamline procedures.
Your organisation may implement an Intake-to-Procure solution like this:
Create a dynamic, complete intake form.
Depending on the request type and category, this intake form should ask different questions. The vendor name, nature of work, desired result, ideal completion dates, budget, contact points, and important approval stakeholders should be included.
Each purchase request’s approval procedure should include the chain of approval, criteria, and actions. The workflow should be transparent and collaborative, allowing requesters and approvers to track request progress and status.
The necessary stakeholders must be assigned duties to keep the process moving. Intake-to-Procure software like Zip automates contacting stakeholders and staff, setting deadlines and alerts, allowing comments and real-time feedback, and assuring transparency.
Make sure everyone can observe the process and raise questions regarding the request to keep things moving. Most of your team should have the information they need to move forward when using an Intake-to-Procure platform’s centralised ‘single source of truth’.
Key executives, the vendor(s), the finance team, and the legal team have been informed of the request. Nothing should surprise you when this process is done right.
Risk and barriers can occur, so watch them. A sophisticated approval management system can track, manage, and update approvals and detect compliance issues before they become issues.
Finally, evaluate the process’s efficacy. Intake-to-Procure platforms can provide extensive results and summaries to confirm the request’s success and tell your team of what worked, didn’t, and should be improved.
Let’s examine how Intake-to-Procure benefits each department.
The main procurement KPIs are quality, delivery, and cost-savings. Intake-to-Procure quantifies, measures, and improves all three. Dig in.
Quality, delivery, and cost-saving KPIs from Intake-to-Procure will make organisations healthier.
Introduction Data powers growth, efficiency, and competitive advantage in today’s fast-paced corporate environment. Procurement is crucial to every organisation. Fast-advancing...
Introduction In today’s competitive corporate climate, indirect procurement (IP) is crucial to operational efficiency and cost control but sometimes disregarded....
Introduction In today’s fast-paced business environment, regulatory compliance often carries a stigma, viewed as an unnecessary burden rather than an...
Introduction Data powers growth, efficiency, and competitive advantage in today’s fast-paced corporate environment. Procurement is crucial to every organisation. Fast-advancing...
Introduction In today’s competitive corporate climate, indirect procurement (IP) is crucial to operational efficiency and cost control but sometimes disregarded....
Introduction In today’s fast-paced business environment, regulatory compliance often carries a stigma, viewed as an unnecessary burden rather than an...
Get 10€ off on your first order!
Save 30% by buying directly from brands, and get an extra 10€ off orders over €100
Save 30% by buying directly form brands, and get an extra 10€ off orders over €100