The typical purchasing costs within a purchasing department can run up to 70% of every revenue dollar spend on items ranging from raw materials to services.
A typical Purchasing Life-Cycle consists of the following six processes:
- Identifying the need
- Generating Purchasing Requisition
- Approval
- Generating Purchase Order
- Goods / Service Receipt
- Invoice Match / Payment
By following the right procurement process we are able to identify many cost savings opportunities than make a great difference to a company's bottom line.
Some of the benefits that Revobid can help your organization achieve include:
- Reducing transactional costs
- Significant improvements in operational efficiencies
- Improving compliance
- Greater user and supplier satisfaction
- Increasing procurement visibility and reducing maverick spend
- Reducing invoicing issues
- Standardizing content to meet strategic sourcing initiatives
- Eliminating orders for duplicate or obsolete materials
- Shorten order fulfillment times
- Avoiding errors that cause repeat orders
- Ensuring contract compliance
- Reducing staff time involved in purchasing
- Reducing operational costs