Connect the Supply Chain with Procurement & Asset Management Alignment

If you had to configure your procurement and asset management technology capabilities today, how long would it take? Do you know how you would go about doing it? Is it possible?

If you’re using two separate platforms for these functions (procurement and asset management), that’s an unnecessary layer of complexity. These functions can and should be combined to streamline your workflow s and connect your supply chain.

Here are some tips for evaluating your procurement and asset management systems to see if there is a more efficient option.

Collaboration ALong the Supply Chain

When evaluating your options, the first thing to determine is whether a system is user-friendly. Can the average person sit down, begin using it, and become proficient fairly quickly? Or would they need extensive training to understand it?

Communication is important too. It’s vital that your system allows people to discuss things, ask questions, and otherwise collaborate within the platform. They shouldn’t have to take everything offline or create a long string of emails to conduct procurement and asset management tasks.

The right choice should help relieve the burden of supply chain management, not add to it. Using the platform should feel like a relief because it makes things so much easier.

Agile Problem-Solving

When you need to accomplish a configuration task, can you do it quickly? For example, let’s say you’ve been using a single vendor for a certain type of order for many years. But now you’d like to add some additional vendor options to the mix and evaluate them all against each other.

Consider whether vendor management could be done efficiently with your current system. Could you quickly add potential vendors and see how all their details stack up against each other? Could you compare on price, quality, selection, and other details - all at a glance?

Visibility Along the Supply Chain

It’s also crucial to consider whether your current setup allows transparency into the system, so you can see where things stand at all times. This transparency is a huge benefit in your day-to-day workflow.

If you have a hiccup in the procurement flow, you need to be able to pinpoint exactly where the problem is occurring. For example, a procurement problem may arise when things are constantly out of stock, sourced raw materials are sub-par and causing production problems, and/or customers are complaining.

With the right kind of system, you’ll be alerted to these issues long before a customer ever complains. Your procurement system gives you the kind of transparency and ability to be proactive that prevents inventory, production, and customer service issues.

Supply Chain Analytics-Driven Roadmapping

Finally, it’s important that your system helps you gather data to make better long-term business decisions. Your procurement and asset management platform should provide analytics and reporting, right at your fingertips.

For example, let’s say your company is doing an asset management task like budgeting for the upcoming year and your chief financial officer (CFO) needs to know what kinds of capital expenditures each department needs to make for new vehicles, equipment, and other expensive assets. 

Does your system allow the kind of deep insight that shows the predictable lifespan of every asset? If a piece of important and expensive equipment is approaching its end of life, would your system help you alert the CFO to add an item of capital expenditure for the coming year?

The answers to these questions show how well your current system supports your company’s profitability. Ideally, it should work as a partner in your business.

Better Procurement and Asset Management Connect the Supply Chain

If you’d like to review some new and innovative options for procurement and asset management, consider Stave ProcurementPath and AssetPath. These two sister systems work together hand-in-hand to help you manage your business workflow.

Both ProcurementPath and Asset Path are available in the ServiceNow Store. Here are some helpful resources that show how these platforms work:

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