Over the last few weeks, we've been discussing what corporate procurement can learn from the B2C buying experience, the importance of a Search-Buy-Pay strategy, and the changing metrics of modern Procure-to-Pay.
To continue our discussion, we have taken our experience with our blue-chip customer base to create a multi-part series around the value of Search - Buy - Pay to the Procure-to-Pay process.
Search - Buy - Pay Briefs
The series, started a few weeks ago, is broken into 4 separate briefs, each discussing Procure-to-Pay technology across various subject matter:
Competitive Differentiation: This brief explores the history of corporate procurement technology as well as the fundamental disconnect between today's existing P2P architectures and today's best-in-class B2C technologies. This brief also arms procurement professionals with the information they need to better understand what differentiates leading procurement teams and technology solutions in today's dynamic, rapidly changing, business and technology environments.
Defining Customer Value: This brief explores the metrics that truly matter when building your business case for P2P technology, with a view to applying B2C metrics to the B2B purchasing experience.
Delivering Customer Value: This brief defines the path to achieving P2P excellent through BuyerQuest technology. Included in this brief is a value ramp which clearly identifies stage by stage milestones focused on rapid time-to-value through the incremental addition of capabilities. The brief also shares examples of customer successes and a sample return on investment.
Solution Overview: This brief describes the simplification of the core phases of corporate purchasing - Search, Buy and Pay - with a focus on taking the best of B2C purchasing and applying it to the corporate buying process. This brief identifies the features and benefits of BuyerQuest eProcurement with an eye to achieving measurable success through improvements in spend under management, contract leakage, and user adoption.
Procurement Transformation is Needed
Procurement is at a crossroads. Technologies have not delivered on the promised savings or process improvements. Now is the time to truly transform the Procurement organization and apply B2C principles to corporate buying. Only then will user adoption grow, increasing on-contract spend along with a myriad of classic performance metrics that till now have plateaued.
Search - Buy - Pay for High Volume Bill of Materials
For procurement organizations that think applying B2C capabilities to their Search - Buy - Pay process won't work because of the inability to scale and support larger orders, things have changed and technologies like BuyerQuest are specifically designed with scalability in mind.
Consider a company that needs to procure a large bill of materials. With current technologies and processes, this function is riddled with fulfillment errors and lack of visibility into inventories. The buyer has to split orders, do offline, manual “optimization” to determine what to pull from inventory and what to order, and finally transform that into the actual orders in the system. The result is delayed projects and higher costs. As common as this type of purchasing process is, most existing technologies are limited in their ability to support this process with both scale and efficiency.
Buyers need to focus on what the BOM contains, not how to buy it. The system should manage the process. With BuyerQuest, the process is simple. BuyerQuest offers unique capabilities to streamline this process with the ability to support large, complex shopping carts with configurable, automated workflows to drive approval, PO creation, invoicing and payments.
BuyerQuest Makes it Easy
With BuyerQuest, large bill of materials can be rapidly ordered by simply uploading the list. The system will take care of searching, validating and ordering the BOM into one or many purchases as required. In addition, items with multiple hits, no hits or configurable items are highlighted, allowing the user to bulk search for the items to fill the cart.
For BuyerQuest users, this cumbersome, time-consuming, and often manual processes is transformed into an efficient, easy to use activity, saving time, money and resources.
If your procurement organization is struggling with large, recurring purchases, contact BuyerQuest today.