Manual processes can often serve to hinder rather than aid the productivity of procurement professionals.
A procurement manager will often have to deal with a number of RFPs (requests for proposal) simultaneously – with each involving its own set of stakeholders and defined timeline – and executing contracts, onboarding vendors, and managing relationships via paper can be an unwieldy, and slow process.
Procurement teams may have to handle a variety of contract versions before contract signing, and can often have to bear with costly printing requirements and contend with delays due to overnight shipping of documents for sign-off.
All these factors are helping to drive a shift away from paper-based systems to digital workflows that reduce cost and simplify processes. Incorporating eSignature processing can be a vital component for progressing this transition, and enable processes that could in the past run into days and weeks to be completed within hours and minutes.
Procurement processes can often involve requests to and approvals from employees in various locations across an organisation. With an eSignature solution such as DocuSign, users receive alerts and notifications to their inbox, informing them that an action is required, and thereby promoting that timely processing.
And as DocuSign provides native support for iOS, Android, and Windows Mobile, requestors and approvers can fulfil requirements from anywhere, at any time.
A paper-based system makes tracking documents difficult, particularly if a NDA, master service agreements, or a vendor contract is out of department awaiting a physical signature. With an eSignature solution, the procurement team can identify exactly where each document is and the names of approvers yet to sign. Dashboards enable the team to track status, with reports giving overall progress tracking and analysis statistics.
By employing eSignatures, a procurement team can execute contracts faster and ensure customer compliance with internal policies, signing levels and authority, and document retention. Secure, tamperproof documents, provision of audit trails, enterprise-level administration controls, and document retention options further enhance compliancy.
Delay in obtaining signatures for statements of work can be eliminated, and by automatically integrating information into back-end systems means, data entry error significantly reduced. Procurement teams are also able to streamline processing for putting in place master service agreements for vendors and partners, collating agreements centrally for 24*7 availability from anywhere.
The purchase order (PO) process becomes easier and more cost-effective, and financial compliance furthered through use of shared templates with pre-set routing and approval workflows.
Systems incorporating eSignature processing aid organisations with managing complex RFP processes with vendors and consultants, promoting observance of milestones, and adherence to NDAs, and contract terms.
DocuSign can help procurement departments streamline the management of supplier and contract processes, while lowering costs and removing risk from the supply chain – helping teams to execute contracts more quickly, and increase compliance.
We’re publishing a series of blogs looking at how DocuSign can help businesses improve efficiency within various industries and organisational departments.
We’ve also created an eBook, Creating a compliant & truly paperless process with eSignatures