Technology is great if it works; if it is fit for purpose and if it makes an impact on your bottom line profit. If you are investing in technology in 2015 do it for the right reasons and make sure you make the most of the current technological advancements out there.
When it comes to using technology to control your purchasing process, the most important advancement to hit businesses right now is the advent of live-supplier pricing; this uses the power of being online to compare costs between your local suppliers and those who are nationwide, to ensure you are continuing to buy competitively (or can negotiate better rates with your exiting suppliers using relevant and current data). The next evolution in purchasing technology lies within the management aspect (whereby your admin and finance tasks are automated and processes are joined-up as part of the whole purchasing process), and of course the emphasis being on ‘paperless’ is another area where technology is making big changes.
Technology also has to be about self-improvement; if you can use a system that reduces the time users spend on managing and operating the purchasing process, even better. Technology is also evolving to ensure businesses have purchasing control over their allocated budgets and can avoid persistent overspending. This can be achieved by setting individual spending allowances across anyone and everyone who spends money on behalf of your business – but technology has progressed so that this can be controlled gently in a tactful and flexible way. In short, make sure your technology works for you, fits around you and delivers a return on investment.