Do you know how well your sales representatives are reviewing every contract prior to signing it? Does their performance meet your expectations for a quality customer experience? Are they following all the correct processes, remaining compliant, and getting the outcomes you want?
The only way to answer all these questions is by learning how to set up and streamline an effective offer evaluation.
Traditionally, procurement has been viewed as a function of the back office, but this area is now the target for intelligent automation. In fact, many organizations are expanding procurement into playing the role of a strategic partner for driving enhanced cost savings, efficiency, market resiliency, and business objectives. In addition, intelligent automation can empower this particular transformation.
Unquestionably, procurement should be focused on improving business process speed so that employees will have more time on their hands to focus on higher-value projects. As such, this is where much of intelligent automation’s value can be found – by dramatically reducing the number of error-ridden repetitive tasks and processes.
How to set up and optimize an offer evaluation
The core procurement process chain leaves a lot of room for automation to make a relevant impact. The key is to put a spotlight on smart automation opportunity zones. How to set up and streamline an effective offer evaluation?
Processes with the most considerable potential for cost savings should be the highest priority on the intelligent automation list. Automation has potential benefits for all parts of the sales lifecycle and is really only limited by the consideration of where your company can benefit the most. This includes processes that would be easy to automate as well as processes that demonstrate where benefits can outweigh costs.
With the aforementioned in mind, it is important to consider how smart contract automation is better than outdated legacy systems and error-prone manual processes. With requisition-to-PO, employees must hand data dealing with RFPs, RFQs, purchase orders, agreements, emails, and more. Where other systems or software are not fully integrated with the offer and documentation, Trakti seamlessly plugs into your existing procurement process to capture and store vital data. This makes it possible to perform a multi-round evaluation with an integrated review process.
And since smart contracts can be further programmed to analyze data and spot trends, you can dig deep, carrying out root-cause analysis to identify broken processes, common pitfalls, and agent successes.
It’s a fantastic way to encourage engagement and empower your workforce to perform at their best. It is about tying it all together to create a digital procurement environment. Naturally, implementing a robust digital transformation in procurement requires time, resources, a vision, and the right tools. While the steps can vary from business to business, it is understood that digital steps must be taken to reflect the business’s evolving needs and the market.
Have a look at Trakti and our features page to explore how we can help your company become even more successful.