Procuring the right products and services is vital for business success, but for many organisations, purchasing is still mired in administrative overheads and lengthy approvals. Streamlining authorisation processes and improving contract visibility, e-Signature technology creates a user-friendly experience for the procurement team and external vendors. Discover how Adobe Sign can create efficient digital document workflows that improve interactions with and within your business.
Procurements many factors
To ensure products are fit for purpose and value for money, medium-to-large organisations have formal procurement processes that involve more than just ordering something with a credit card over the phone.
Procurement is a business function that includes processes such as specifications development, value analysis, supplier market research, negotiation, buying activities, contract administration, and inventory control, according to the Institute for Supply Management.
Moreover, research firm Gartner notes that buyers are pressured by changing and conflicting vendor pricing, deployment, and financing models, so innovative procurement strategies can drive real business outcomes.
Procurement managers are faced with long contract completion times, challenges with scaling procurement resources and the legal risk that comes with paper-based processes.
For staff to get real value from a product or service therefore, the more procurement can be streamlined the better, and greater agility means better deals.
Accelerate workflows while keeping security
Paper-intensive procurement practices slow business response times and create a compliance risk. Let’s consider how e-signatures can streamline procurement for real business outcomes.
• Better deals: it might not seem obvious, but an agile, well-organised procurement department can secure goods and services at the most competitive prices and on the best terms. One of the best ways to develop that agility is to digitise processes and eliminate manual intervention that slows procurement. By going digital, procurement departments can speed contracting cycles by as much as 500 per cent and secure the best deals at any time. Adobe Sign helps accelerate the pace of business by working with your existing processes and systems to expedited transactions.
• Compliance: in addition to the lengthy time spent on manual and paper-based procurement, human error and lost documents can expose a business to significant compliance risk. Moving to e-signatures greatly reduces, if not eliminates, this risk, as there is an audit trail that is vastly easier to search and retrieve information from compared with paper documents. Adobe Sign protects your data with industry-leading security standards.
• Collaboration: procurement, particularly in larger organisations, can be siloed into a department, resulting in a disconnect between the many line of business and procurement staff. Procurement is relevant to every area of a business and with a standardised, digital document process procurement, departments can better distribute common tasks throughout their organisation. There is a big incentive for procurement departments to get all areas of the company on board with the best procurement practices. With a standard digital procurement process, the workload that would normally fall solely on procurement staff can be redistributed. Adobe Sign makes 100 per cent digital workflows a reality with trusted, legal electronic signatures across any area of the business.
Procurement is one of the most important functions for a business to get right and organisations stand to gain far more than just process efficiencies by bringing it into the digital era.