5 Steps to Easily Customize Your Procurement Software and Maximize Value

May 1, 2022 | Procurement tools and solutions

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May 1, 20223 min read

Customizing procurement software streamlines processes, improves efficiency, and offers accurate data. By tailoring the software to specific needs, organizations can save money and stay up-to-date with technology. Work with the software vendor, implement customizations, and continuously monitor and improve for optimal performance and user adoption. This leads to improved efficiency, cost savings, and better supplier relationships.

Procurement software is a powerful tool that organizations use to streamline their procurement processes. This type of software is designed to make complex procurement processes easier to manage, allowing organizations to make the most of their resources. However, it is important to recognize that no two organizations will have exactly the same needs when it comes to their procurement software. As such, it is essential that organizations customize their procurement software to fit their specific needs and goals. 

Assessing Your Organization's Needs and Customizing Software 

This assessment should include an understanding of the organization's current procurement processes, as well as any areas that may need improvement. Additionally, it is important to assess the organization's budget, as this will have an impact on the type and quality of software that can be purchased. Once this assessment has been completed, it is then possible to begin customizing the procurement software accordingly. 

 The customization process will involve selecting the features and capabilities that best suit the organization's needs. Many organizations choose to purchase software that includes a wide range of features and capabilities, even if they may not immediately use them. This allows organizations to be prepared for any changes or additions in the future, while still making sure that they are utilizing the software to its fullest extent. With FactWise, teams can switch between subscription plans easily, as per their requirements. Customizations are easy to do on-the-go on the Customizations plan, and an organization that does not require this capability, can choose a different plan until their requirements possibly change. 

 It is also important to consider the user experience when customizing procurement software. The software should be easy to use and understand, so that users can quickly and efficiently complete their tasks. FactWise ensures excellent user experience and intuitive workflows for complex procurement processes and easy customizations by end-users. Additionally, the software should be able to integrate with other systems and applications that the organization may use, such as accounting or inventory management software. This will ensure that the organization is able to get the most out of their software and that all of their processes are running smoothly. FactWise integrates swiftly and seamlessly with ERP and other third-party systems in under a month, to help organizations derive an almost instant time to value and leverage significant ROI within the same financial quarter or year. 

Understanding the Benefits of Customizing Procurement Software 

Customizing procurement software provides numerous benefits to organizations, including streamlined processes, improved efficiency, and more accurate data. Streamlining processes helps organizations save time, allowing them to focus more on their core business activities. Additionally, customizing the software ensures that it works in the most efficient way possible. This can result in fewer errors and improved accuracy, meaning that organizations can trust the data they receive from their software. 

Customizing procurement software also allows organizations to tailor the software to their specific needs. This can help organizations save money, as they can purchase only the features they need. Furthermore, customizing the software can help organizations stay up to date with the latest technology, ensuring that their processes remain efficient and effective. Finally, customizing the software can help organizations ensure that their data is secure, as they can add additional security measures to the software. FactWise offers a comprehensive suite of analytics across the procurement journey and empowers users to automate and customize report delivery as per their requirements.  

Utilizing Procurement Software to Improve Organizational Structure 

Customizing procurement software to fit the needs of an organization is important for optimal performance and user adoption. Here are some steps companies can take to customize procurement software: 

  • Identify specific needs - The first step in customization is to identify the specific needs and requirements of the organization. This can be done through stakeholder interviews, surveys, and focus groups. Companies like Amazon have identified their specific needs and requirements through extensive stakeholder engagement. 
  • Evaluate available options - Once the specific needs have been identified, it is important to evaluate the available options and features offered by the procurement software. Companies like Microsoft have evaluated various procurement software solutions to determine which options best fit their needs. 
  • Work with the vendor - The procurement software vendor should be engaged to determine how the software can be customized to meet the specific needs of the organization. Companies like Google have worked with their procurement software vendor to ensure their software is customized to their specific requirements.
  • Implement customizations - Once the customizations have been determined, it is important to implement them in a timely and efficient manner. Companies like Walmart have implemented customizations quickly and effectively to ensure their procurement software is optimized for their needs. 
  • Continuously monitor and improve - It is important to continuously monitor and evaluate the effectiveness of the customizations, and make improvements as needed. Companies like IBM have established a continuous improvement process to ensure their procurement software is customized to meet their evolving needs. 

By customizing procurement software to fit the specific needs of an organization, companies can ensure that the software is optimized for maximum impact and user adoption. This can lead to improved efficiency, cost savings, and better supplier relationships. FactWise is extremely customizable by the end-user – users can automate and customize workflows and approval flows to improve operational efficiency, assign user permissions and roles as required, and leverage the power of our modular, extensible end-to-end procurement platform to transform their procurement organization. 

About the Author

Stawan is the founder and CEO of FactWise. Before founding FactWise, Stawan was the NA TMT-Procurement Leader at McKinsey. Passionate about procurement, Stawan has 15 years’ experience in enabling clients of all sizes to achieve business impact via procurement.


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