Streamline your procurement process with Purchase Order Management
In an organization, purchases in IT happen in huge numbers. It is one of the key responsibilities of the IT team to keep track and manage these purchases to optimize spending. But manually tracking these purchases and updating stock using spreadsheets is tedious. It causes blocks in the purchase order process and can lead to discrepancies and human errors.
The problem is the lack of an efficient tool to manage purchases. The absence of a proper procurement process in place due to a lack of tool causes:
- Unclear or lengthy requisition or approval process,
- Poor communication or transparency between Procurement and Finance team
- Data inaccuracies for suppliers, orders, payments, etc.
- Lack of visibility/control overspending
- High maverick spending
According to a study on digital procurement, “More than 60% of companies either use no tools at all or still rely on systems primarily based on Microsoft Office to handle their workflow and supplier relationship management (SRM)”.
The ideal solution to the problem is to incorporate an efficient purchase order management tool with an added advantage of residing within the same ITSM tool used. We realized this scope and built the Purchase Order Management module within Freshservice.
Purchase Order Management in Freshservice, enables IT agents to manage their entire asset lifecycle and streamline the purchase process, without the use of multiple tools and with minimum or no human errors.
How the Purchase Order Management module within an ITSM tool is an ideal solution to manage purchases?
Both IT asset management and IT procurement must work together in order to optimise spending on resources. The procurement team needs a tool which helps them identify asset utilisation. This connection would provide full visibility on:
- Choosing the right type of assets to purchase
- Tracking warranties and licenses for renewal
- Recording usage history of assets for tracking trend
Having the Purchase Order Management module within an ITSM tool bridges the departmental silos between IT asset management and IT procurement thereby reducing the IT spending and optimising IT costs.
Benefits of Purchase Order Management
Seamless Procurement Process- Lack of purchase order management causes workarounds that results in process delays, discrepancies in auditing, underutilisation of resources and inefficiencies in the overall process. There is also a lack of visibility among procurement team, finance and IT teams. Purchase Order Management module helps to keep a track of all the assets purchased through a purchase order and notify the stakeholders about the different stages of purchase.
Single source of truth- In place of lack of a tool, information regarding purchase is cluttered and spread across multiple sources. Purchase Order Management module helps to bring all this information at one place thereby eliminating the need to use multiple tools for raising a purchase order.
Avoid human errors- As all the information regarding a purchase is available at a single source, it provides enough context while making decisions thereby reducing the chance of Procurement Managers making an error.
Purchase Order Management in Freshservice serves as the one-stop, integrated solution for managing purchases. It’s time to get started with this feature.
Reach out to us if you have any queries at email@example.com
Cover Design: Nidhi Shah
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