How To Improve Procurement Lifecycle Management with DREAMS

 

Within the procurement departments of most companies, it is often likely to identify numerous simultaneous activities going on at one time, evidently making it difficult to keep track of every single one. 

While a challenging effort needs to be devoted to the actual acquisition side of things, just as imperative is the supplier management once onboarded.The procurement lifecycle management starts the second a contract is awarded to a supplier, and concludes with either contract renewal, or contract expiration. 

It’s common to see procurement professions being extremely focused on sourcing products and services from the best available vendors at the lowestrates imaginable. While this is a crucial aspect of procurement, it’s really only one piece to the puzzle, and only contributes so much to efficiency, and overall procurement savings. 

Savings and efficiency are also enhanced by a successful procurement lifecycle management strategy. This strategy should comprise not only of a procurement lifecycle management software but also a clear procurement lifecycle process and professionals whom which the procurement team can trust. 

Cloud Burst’s DREAMS Digital Busienss Platform, in partnership with AWS is capable of delivering powerful results and driving important business metrics.With functions like virtual signing, complete automation, and business intelligence, the procurement lifecycle management software by Cloud Burst's DREAMS is of the highest quality, aimed to lift any procurement team, by givingthe ability to provide workflow, governance, and reporting requirements. 

Key challenges that Cloud Burst procurement lifecycle management system addresses: 

1. Time-consuming – the manual system was taking close to a month for the process of vendor enrolment through contract sign-off and releasing thepurchase order. This was becoming a huge bottleneck in initiating a new vendorrelationship 

2. Poor vendor management – lack of auto-reminders in the existing manual system were resulting in a lack of visibility on contract renewal & termination, thereby impacting vendor relationships and the corporate image 

3. Rework – Any changes resulted in rework and the need for data to be re-entered 

4. Lack of physical security – all contracts and information wasstored in filing cabinets, posing a real security threat 

5. Adherence to governance and procurement processes 

6. Auditability of procurement engagements and spend 

7. Complex integration into existing systems 

8. Excessive paperwork and duplication of effort – due to the inability to track contracts and transactions, the same data was beingconstantly re-entered 

HOW WE DO IT: 

Cloud Burst is able to establish process and workflow automation for procurement services by leveraging manage in place technology and being able to access multiple data sources and content within the organisation. This enables the organisation to engage with procurement staff and organisations through any device.   

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