If you run a business that requires a purchase of goods or services on a regular basis, then you need to find a way to track all your orders. More specifically, you are in a desperate need of a purchasing order system. A purchase order (PO) refers to the intentions of a buyer to buy a specific product or service at an agreed price from a supplier. You might be wondering how purchase orders work and why you would need a PO software to manage all the processes? A purchase order system aims to liberate you from time-consuming tasks and improve your supply chain management. Keep reading to find out all the benefits that a PO software offers.
Benefits of Using a Purchase Order System
If you deal with stock and inventory management then you know how important productivity is. Purchase ordering process requires a lot of time and effort, not mentioning the huge amount of paperwork it involves. In the era of technology and innovations, the last thing your business needs is more paperwork. That seems to make all the processes extra complicated. The purchasing order system is here to simplify the whole process of ordering. Below are the top 5 benefits of using a purchasing order system.
- Save your time
Using a purchase order software will save you so much time and energy. Firstly, you’ll get rid of all the paperwork that is extremely time-consuming and confusing. You’ll save your and your employees’ time because the software will handle the whole process. From calculating the PO number and making an order to the check-up process when the products arrive. When your supplier sends an invoice that displays your PO number, you won’t need to check the legitimacy of the bill. The purchase ordering process already ensures that the bill is legitimate and the invoice will be added to your accounting system referencing the original PO. The purchase ordering process is simplified.
- Find the best suppliers
A proper purchase order system can help you find your best suppliers. In fact, many companies don’t even know who their best suppliers are. Businesses don’t stress enough the importance of knowing who their best suppliers are and tracking who they order from the most. A purchase order system is a smart solution to maintaining a better and more transparent relationship with the suppliers, which is crucial for your business success. With a PO software, you’ll get detailed reports on all the processes, including information on who you order most of your products from. This will allow you to achieve business control and clarity.
- Get all your orders right and achieve legal protection
When you send a purchase order to your supplier, you provide them with a record of what exactly your order and at what price. Once the supplier accepts it, you create a contract which is supposed to protect you from ordering confusions. So if a dispute or disagreement arises, you can refer to the purchase order documentation. It lists the item description, price, quantity, and delivery instructions. Purchase orders act as a legal document that gives an enforceable record of exactly what you ordered and protects you from unexpected price increases. It’s crucial to ensure that all the details in the purchase order are correct to avoid any issues in the future, such as receiving the wrong quantity or product type and having to pay the wrong amount.
- Streamline your stock
Inventory management is a process that’s very hard to keep control of. You can’t have full clarity over the processes if you’re not using a PO system. Using a reliable PO software would ensure that the internal operations are carried out efficiently. You’ll get a chance to streamline the process, monitor every order, and track your budget and spendings all at the same time. A purchase order system will show the current inventory stock levels, reorder levels, free stock, and stock that’s on hold. Businesses usually don’t have clear inventory visibility which creates costly problems, such as inventory stockouts.
- Create accurate records and reports
For the long-term success of your business, you need to closely monitor all the operations and processes. That’s how you get to know what’s working well and what’s implemented poorly. When you use a PO system, you can track all your expenses and see how your investments and spendings impact the overall success of your company. A PO system will put all the data together and help you plan your budget via detailed reports generated by the software. The size of your business doesn’t matter when it comes to budget planning and managing for achieving the best results. A purchase order system creates and maintains accurate records of all your operations. This way you won’t have to worry about your data storage.
Intuendi – Your Best Purchase Order Solution
Intuendi offers the best inventory management software which is packed with various solutions, such as demand and sales forecasting, inventory and budget optimization, and omni-channel demand planning. Now, we introduce you to our new big feature: the purchase order system. Our PO software is packed with the best benefits that an inventory management tool can offer. This feature is new to Intuendi and it will revolutionize the software and make it wholesome and effective for every business type. From now on, Intuendi customers will get the chance to implement the whole purchase ordering process with a smart and optimized system.
Companies spend many hours on generating daily and weekly POs using a traditional ERP. They generate a forecast, which is a rough guess on the future sales, match it with the inventory status, make a hypothesis on the new stock needs, and transfer everything to the ERP for the PO generation. With Intuendi, they get the chance to do all of that in a single place. The biggest advantage is that they will get insights and suggestions from our advanced AI-based technology. So not only our customers will save time, but they’ll make better purchase decisions. Intuendi’s purchase order system is a vital tool for small and big businesses.
The best benefits of working with Intuendi’s PO system include:
- A Faster Purchasing Process – manage your locations, assess your inventory needs, create your POs and send them to your suppliers with just a few clicks.
- Advanced MOQ – Intuendi helps you with assortments and product groups, so you’ll get POs approved by both suppliers and customers.
- Smart Purchase Order Suggestions – our software automatically generates a PO filled with the right inventory needs to prevent stockouts and meet your customers’ demand.
Fast and effortless inventory management is possible with Intuendi.