How to Monitor & Keep Track of Each Purchase Order Efficiently?

Introduction

Purchase order management is complex, especially when done manually. Manual processes lead to more complications, increased error chances, and compromised accuracy. They consume significant administrative resources, time, and cash. Projects get delayed, confusion increases, and it becomes difficult to know what is happening. Efficiently tracking every purchase order is essential, and this is where purchase order tracking software, like Infizo Procure, comes into play. In this blog, we will explore what a purchase order is, how purchase order software can be beneficial, and how Infizo Procure can streamline your procurement process. Let's begin!

What Is a Purchase Order?

A purchase order (PO) is a legally binding document sent from a buyer to a seller, specifying the details of the goods or services to be purchased. This includes the quantity, price, and delivery date. The major benefit of a PO is that the buyer does not have to pay in advance; payment can be done later as agreed with the seller. In large organizations, POs are created after the purchase requisition process is complete and approved. Each PO has a unique identification number that helps in tracking orders, ensuring both parties can monitor the status and payment.

According to Business Wire, “The global procurement software market held a market value of USD 5,635.6 Million in 2020 and is forecasted to reach USD 9,654.8 Million by the year 2026, registering a CAGR of 9.4% over the projected period.”

Key Information in a Purchase Order System

Seller organization name
Purchase order number
Brand name
Quantity
Delivery date
Delivery location

How Can Organizations Track Purchase Orders?

Organizations can efficiently track purchase orders with purchase order tracking software like Infizo Procure. This software alerts users when new purchase requests are raised or when there are updates to existing purchase orders. It supports a multilevel approval workflow to prevent fraud and suspicious activities. The software also converts purchase requests into purchase orders in realtime, providing accurate, uptodate information.

Main Features of Infizo Procure Purchase Order Software

1. Automated Purchase Order Creation

  Saves time by automating the creation and processing of purchase orders.
 Converts approved purchase requisitions into purchase orders with a few clicks.
 Reduces human error and increases accuracy through automation.

2. Cloud & Mobile Technology-Enabled

  Enhances productivity by enabling work on the go.
 Allows access to the software from anywhere, ensuring work continuity outside the office.

3. Alerts & Notifications

  Keeps users informed with realtime alerts and notifications for any updates in purchase orders.
 Facilitates coordination with the team, even when away from the office.

4. Multi-Level Workflow

  Prevents fraudulent activities by implementing a multilevel approval process.
 Ensures that only necessary purchases are made, avoiding unnecessary expenses.

5. Reports & Analytics

  Provides valuable insights into vendor performance, purchase order timelines, and more.
 Helps identify areas for improvement and make informed business decisions.

Conclusion

Efficient purchase order management is crucial for businesses to ensure smooth operations and accurate procurement. Infizo Procure offers a comprehensive solution that automates the purchase order process, improves accuracy, and enhances productivity.

By leveraging its advanced features, organizations can streamline procurement, reduce errors, and optimize their workflow. Embracing these best practices with Infizo Procure will help your business achieve greater efficiency and cost savings in the long run.

Frequently Asked Questions (FAQs)

What Is a Purchase Requisition?

A purchase requisition is a form filled out by employees to request the purchase of goods or services. It is sent to the manager for approval and, once approved, forwarded to the purchasing and finance departments. If the product is available in stock, it is allotted; otherwise, a purchase order is created.

What Problems Occur in Manual Purchase Order Management?

Manual purchase order management can lead to:

1. Long and hectic procedures
2. Higher error rates
3. Inaccurate information
4. Lack of coordination
5. Reduced transparency

Are There Any Other Benefits of CloudBased Purchase Order Management?

Cloud-based purchase order management offers several benefits:

1. Access from anywhere with an internet connection
2. Enhanced data security managed by the service provider
3. Cost-effectiveness
4. User access control to maintain data safety