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Xponential Digital
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Procurement Management Solution

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Procurement software enables you to make timely, safe, and accurate purchasing decisions, ensure proper payments for all expenditures, provide transparency to suppliers by sharing details of supplier performance and payments on one screen. Our solution provides a comprehensive end-to-end procurement solution that provides a real-time view into spending and vendor performance improves visibility and enables clear communication throughout the procure-to-pay process. All procurement-related information including records, spending, and performance reports are all easily managed from the procurement dashboard.

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Procurement management is the strategic approach to managing and optimizing organizational spend and it involves acquiring quality goods and services from preferred vendors within a stipulated budget, on or before the deadline. The procurement management process includes sourcing, requisitioning, ordering, expediting, inspection, and reconciliation.
Relying on outdated, manual, paper-based processes to handle your procurement management activities is unlikely to offer your organization optimum speed, accuracy, or efficiency.
New age companies can benefit from automated workflows across all of your procurement activities. This means smarter performing processes with purchase requisitions, purchase orders, and invoices, making them easily trackable because they are automatically sent to the appropriate reviewers and authorized quickly and accurately.
Easily ensure your processes are legal and compliant and also benefit from a shared workspace to efficiently collaborate with your suppliers. The covid-pandemic has further accelerated the need for procurement automation and going digital definitely improves the efficiency of the process.
  • Improved spend under management
  • Eliminate maverick spends
  • Reduced processing cost and time
  • Remove approval bottlenecks
  • Enhanced spend visibility
  • Improved compliance
  • Purchase Requisition
A purchase requisition system offers requesters a guided requisitioning experience. Right from listing preferences or frequent purchases to suggesting the best vendor, it embeds purchasing policy in the process and guides the requester in the right way.As policies are enforced in real-time and any missing or misleading information in the purchase requisitions are spotted instantly, there is no room for errors or inaccuracy in purchase requests. A procurement management software that offers electronic data capture, routing, and approvals will help organizations keep the requisitioning experience consistent every time.
  • Purchase Order
With a procurement management system, there is no need for manual paper-based purchase orders or data re-entry. Purchase requisitions are automatically converted to as many purchase orders as required (depending on the number of line items).Since purchase order software offers complete transparency into the process, stakeholders can easily find out where a PO is located in the purchase order approval chain at a specific point in time. A procurement management system will ensure that purchase orders list out every important detail a stakeholder needs to take an effective decision and process the PO swiftly.
  • Invoice Approval
Invoice approval and processing is a prominent procurement process that can be made more efficient, and more accurate with the help of procurement automation. Whenever a vendor submits an invoice, the procurement management solution will process the paper invoice, digitize it, and cross-check it with available information like supplier name, PO limit, and contract payouts.In case of discrepancies, the invoice approval system will prevent the invoice from being paid and decide what to do based on the predefined rules. If everything is in order, the procurement management system will automatically forward the invoice to a desired human operator for approval and final payout.
  • Vendor Management
The vendor management and selection process are often manual, repetitive, and lengthy. A procurement management software can automate several tasks in this process like background checks, supplier RFQ review, and follow-up in case of missing information or documents. Automated vendor management systems can enhance supplier collaboration by performing all steps in vendor onboarding with increased accuracy and timeliness. Additionally, procurement management software can perform due diligence across a number of stages—processing, reviewing, and scoring of vendors—in a fraction of the time it would take manually.
  • Contract Approval
Manual contract approvals take forever to process. Generally, contract management involves collecting and managing contracts across the organization and storing them in a secure location. A procurement system will review these contracts, compare them against pre-defined templates, and point out fluctuations in terms and conditions. Automated contract management systems can monitor contracts over time to spot nonfulfillment of terms, contract expiration, and other issues that could lead to a dispute if left unnoticed.