Product Spec and Invoice Approval at Your Fingertips
A Document Management System (DMS) archives documents, including invoices, product specifications and delivery slips, in one central location. You can compare proposals and product characteristics with just a few clicks. It’s also an excellent way to simplify and speed up your invoice authorisation process, improving the overall quality of your data.
- Worldwide inter-departmental access to all documents with one click
- Simple integration in third-party applications
- Seamless and transparent business processes, increased productivity
- Boosts employee satisfaction by eliminating wasteful searches
- Tamper-free archiving
- Frees up storage space
Comparison Shopping Difficult?
As part of your job, are you buying replacement parts and components? How do all those bits and pieces compare among vendors? Will they work together, even with parts from a manufacturer who is no longer in business? There are so many questions and lots of specifications to research. Unfortunately the answers lie in documentation that is buried in folders and binders around the company. The search is on and as usual, time is of the essence.
Is Cheaper Always Better?
Comparing proposals can be tough. Would switching to a new vendor really be beneficial? Are production costs overseas really cheaper, or was the lower price only possible by accepting a lesser quality? What happens when a circuit board is covered with cheap components? Cheap doesn’t always mean good value for money.
Sometimes proposals look very similar on the surface, even the conditions could be the same, but the end result from a vendor can vary greatly. The larger problem is that your historical vendor documents haven’t been filed systematically to make searching quick and easy. Without the missing pieces, it’s very difficult to compare like-for-like.
Key Benefits for Purchasing
- Simple integration with ERP or logistic system – seamless information flow
- Fast, secure quality control
- Detailed proposal comparison through full-text searches
- Shorter search times due to a central document pool
- Transparent processes via electronic stamps
- Faster invoice approval means early payment discounts
- Increased physical storage space
Paid Too Much, Received Too Little
You receive a shipment with a delivery slip in the warehouse and an invoice soon follows. This can mean making multiple copies. For instance, while the receiving clerk will need a copy of the delivery slip to verify what was actually received, other departments may need the slip for inventory control and stock pulling for manufacturing purposes, and you need a copy to verify the invoice for payment. This is an inefficient use of time and resources, and isn’t very sound environmentally.
As far as quality of your received shipment, at first everything may look in order, but what happens when there’s a problem with a part? Purchasing may have the documents regarding the actual purchase, but who sent the vendor the original manufacturing spec? Are these documents easily located for a quick resolution? Without having detailed documentation on hand to prove your order was placed correctly, your company may bear the additional costs.
Analysis of Product Details
The purchasing department needs to analyse and consider all kinds of parameters. If they don’t, expensive mistakes are on the horizon.
Access Product Specs Anytime, Anywhere
Product specs from decades past can be retained in a well-structured manner and archived with index criteria, such as type, date and vendor. Need to access a specific document? It’s easy to search and locate via index entries. Another option is to run a full-text search based on specific details like part numbers. Armed with the right information, you’ll avoid expensive mistakes when re-ordering or switching vendors.
It makes no sense to compare apples-to-oranges when purchasing. If proposals from various vendors aren’t organised in a meaningful way, your company could end up spending much more than it needs to.
A Powerful Analysis Tool
Your proposals can be safely stored for decades and you can check previous proposals to compare them with those requested recently. Documents can be retrieved in seconds by clicking on index criteria like proposal title or vendor name. You’re now empowered to analyse pricing and performance, market trends become transparent and it becomes easier to make solid choices and money-saving decisions.
A lot of time can pass between receiving an invoice and actually paying it. The process in between can be quite cumbersome – copies of invoices made by purchasing often have to go through multiple personnel. Sometimes it’s just one detail missing from a contract or delivery slip that holds things up. An effective DMS ensures waiting and processing times are reduced, the authorisation process is transparent and trackable, and early payment discounts are taken advantage of.