With nearly every aspect of business moving to a digital format, companies that don’t have a digital document solution in place are behind. These software services make things like contract creation, contract management, and vendor proposals seamless. Companies save time, resources and money, all while keeping internal and external brand consistency and making and keeping vendors happy.
Let’s look at the top three reasons that supply chain professionals need to put a digital document solution in place.
#1: Enhance resources, save time & money
If the most important element of the supply chain process is the vendor, the next most important element is time. Supply chain managers spend lots of time on administrative tasks like contract creation and placing orders. What if those tasks could be streamlined, saving time and allowing employees to spend time on other, more important, tasks? Digital document solutions allow companies to pull data from Customer relationship management (CRM) and enterprise resource management (ERP) to populate contracts quickly, greatly increasing employee productivity.
Every link in the supply chain is held together by a contractual relationship. A common challenge supply chain professionals face throughout the contractual process is creating a sense of urgency with prospective vendors. They must help prospective vendors recognize their need for the specific product, creating urgency in the process. And when a prospect with an ideal need comes along, you must act quickly to close the deal – there’s simply no reason to wait. Contract management software has the ability to cut down on the length of the contract cycle. A reliable document workflow is important for companies of all sizes, but it’s especially important for the enterprise, where speed and accuracy can save valuable time and money.
Supply chains are complex and sensitive, as they depend on always-changing customer demands. A supply chain cannot ensure high value if it is without tools to maintain efficient organization and logistics. By utilizing targeted technology, such as a digital document solution, companies can save more money than by traditional cost-cutting measures, such as reducing employees or increasing workloads. With the heavily increased worker productivity, the amount of money a business can save annually can be huge for their bottom line.
#2: Ensure brand consistency & accuracy
While time is of the essence, accuracy is just as important to a successful close on vendor contracts. Imagine if your vendor received multiple documents from you with different versions of your company logo—that could instill insecurity about your services to the vendor before your relationship even begins. Before the rise of digital document generation, companies often relied on older technology like word processing and spreadsheet software to create proposals, quotes and contracts. The result was documents riddled with errors, inaccurate contract terms and more.
Today, the right document generation solution allows supply chain professionals to rely on the data in back office systems like CRM and ERP to populate contracts, reducing inaccuracies and ensuring vendors and customers get the right information exactly when they need it.
Neither speed nor accuracy can be achieved without the right document workflow. And that requires a template that provides a solid foundation for document generation, a tech stack that makes pulling data from disparate sources easy, and a central location to store each document and contract after it’s been created.
#3: Improve vendor experience
Technology is improving the ability to see and measure more supply chain processes. If you can see it and measure it, you can require it. The democratization of technology is also enabling smaller vendors to access more capabilities.
Knowing how to leverage data will become even more important as digital document solutions evolve. This will allow businesses to know which elements of the vendor journey to personalize, and which types of services and goods will be most effective for that buyer. That level of personalization requires data to become the foundation for an organization’s tech stack. When this is implemented, the vendor experience is greatly enhanced, resulting in happier clients who become repeat customers.
For companies that are looking for a way to accelerate the procurement process, deliver a better vendor experience, collaborate on contracts in real time and store completed contracts in a searchable repository, you should consider an all-in-one digital document solution. This will enhance the resources in your company, ensure brand consistency and accuracy, make and keep your vendors happy while helping you save time and money.