Small and medium-sized businesses (SMBs) have unique procurement needs and require solutions that are tailored to their specific needs. Some of the key features that SMBs need in a procurement solution include:
- Affordability: SMBs often have limited budgets. They require procurement solutions that are affordable and offer a good return on investment.
- Scalability: SMBs often have changing needs and require solutions that can scale and grow with their business.
- Ease of use: SMBs often have limited resources and need procurement solutions that are easy to use and require minimal training.
- Integration: SMBs often use multiple systems and need procurement solutions that can integrate with other systems, such as accounting and inventory management software.
- Reporting and analytics: SMBs need procurement solutions that provide detailed reporting and analytics, which can help them to better understand their spending and identify areas for cost savings.
According to a report by The Hackett Group, SMBs typically lack the resources and expertise to fully leverage technology and best practices, which can result in higher costs and inefficiencies. A study by the National Small Business Association found that SMBs spend an average of $83,000 annually on procurement, with small businesses (those with fewer than 20 employees) spending an average of $53,000 annually.
Here are some examples of user stories that demonstrate the pain points and benefits of procurement solutions for SMBs:
- As a small business owner, I was struggling to manage my purchasing process manually and needed a solution that was affordable, easy to use, and could integrate with my accounting software. I found a procurement solution that met all of my needs and helped me to streamline my purchasing process, resulting in cost savings and improved efficiency.
- As a manager of a growing SMB, I needed a procurement solution that could scale with our business. We implemented a procurement solution that was able to grow with us, and also provided detailed reporting and analytics, which helped us to better understand our spending
- As a small business owner, I was struggling to manage my suppliers and inventory. I found a procurement solution that could integrate with my inventory management software, which helped me to effectively manage my suppliers and reduce the risk of stockouts.
In conclusion, SMBs have unique procurement needs, and require solutions that are tailored to their specific needs such as affordability, scalability, ease of use, integration and reporting and analytics.
FactWise Source-to-Pay can help SMBs streamline their purchasing process, resulting in cost savings and improved efficiency.