With the explosion of new technology providers in procurement, a number of new market segments are being created. These segments help each provider define exactly what they do and differentiate their offering from other solutions in the marketplace. One such market segment was the focus of a recent Art of Procurement podcast.
Inefficient processes waste a significant amount of time at all levels of the organization and damage procurement’s internal brand. With increases in software and services spend, more functional teams need to be involved in each purchase/contract if the company is to realize the desired ROI and guard against risk. The resulting approval process is cross-functional in nature, and requires interaction with legal, IT, and data security teams – at a minimum.
The intake-to-procure process centralizes the initiation of purchasing requests and ushers them through lateral approval management (with tracking) across procurement, sourcing, data security, legal, IT, budget owners, and other teams.
A well-managed intake-to-procure process offers the following benefits:
- A consistent procurement intake and triage process
- Minimized maverick/non-compliant spend – even through self-guided buying
- Compliance at speed and scale with a full audit trail
To learn more about the intake-to-procure process, listen to our recent podcast featuring Michael Denari (Canva), Liem Hua (Hopin) and Rujul Zaparde (Zip Intake-to-Procure) or download our free ebook, written in partnership with Zip Intake-toProcure: