Importance Of Punchout Catalogs In Procurement
Introduction Any company’s procure-to-pay process has numerous optimization opportunities that can be identified by procurement experts in UK. One such opportunity is punchout catalogs which connect the buying organization directly to supplier’s goods and services. Punchout catalogs are a reliable method to improve the speed and accuracy of purchasing processes as well as helps in supplier relationship management. Punchout catalogs provide a seamless and guided buying system. The hosted catalog is directly connected to the buyer’s system so it can automatically suggest the best items and best prices capturing negotiated discounts.
Benefits Of Punchout Catalogs Cleaner And Complete Data If your organization is planning to go for digital transformation, you will require high-quality, accurate data for process improvement, financial forecasting and reporting, and strategic decision-making and planning. With punchout catalogs: You can have the correct pricing and shipping details of the goods that your organization purchase. There is also an option to compare existing contract terms and pricing. Rogue spend and invoice fraud are reduced or eliminated. This improves cash flow management, forecasting and spend management. As the system is integrated with inventory management, it will help to eliminate duplicate orders. There is no need for manual data entry. Purchase orders and requisitions are faster, more accurate, and complete. There is a significant improvement in category management making it easier to streamline supply chain while using contingency-sensitive planning to protect business continuity.
Benefits For Suppliers Punchout Catalogs Are Beneficial For Suppliers Too In The Following Ways: Suppliers do not need to worry about manual updates to all the customers. They can update pricing, line item descriptions etc. in real-time. Optimal pricing, intuitive buying experience, and guided buying help to improve customer retention. Suppliers can offer special discounts and limited-time offers. Since invoicing becomes more consistent and transparent, supplier auditors have a better ability to manage cash flow, financial planning and reporting. Branded integration gives suppliers the opportunity to leverage intellectual property. Suppliers can upsell within the limits of contractual obligations and capabilities. Streamlined shopping experience
Streamlined Shopping Experience The buyers have access to product catalogs inside the company’s e-Procurement system. There are built-in shopping carts and discount codes so buyers can easily find what they need and check out quickly. Support for single sign-on (SSO) ensures that buyers can access the entire supply chain without needing to manage logins for different separate eCommerce sites. Procurement experts in UK see that the integration with the procurement application helps to automatically generate purchase order and route it for approval. There is a provision to set spend thresholds for automatic approvals to speed up the process.
Punchout catalogs provide a seamless B2B experience. Supplier auditors serve the information in various formats like OCI, CXML etc. instead of traditional papers. Punchout catalogs provide an opportunity to work directly with your suppliers and help to share data and insights.
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