Your spend data isn’t just about the numbers. Procurement leaders striving to improve cost savings and increase spend compliance need to stay on top of their supplier relationships with contract expirations, certificate management, pricing templates, and much more. Without a way for these procurement leaders to tie all their documents to related spend, their spend visibility tools fail to help them reach those strategic goals.
EDMS enables you to store documents related to suppliers, categories, and subcategories as well as directly link your documents to the respective spend data. RFP templates, contract templates, and market studies are all linked directly to the relevant suppliers, categories or subcategories. This enables your procurement team to access all the data and information they need to manage their suppliers, categories, and subcategories all in one place.
Using EDMS, you can gain the following benefits:
Centralized repository: EDMS allows you to share and control documents across your company, your suppliers and your logistics partners in one workspace. Everyone has access to the most up-to-date versions, and information is always secure. The centralized repository enables you to:
Contract visibility efficient: A large percentage of your spending is typically contracted. Experience shows that savings leakage is primarily due to disconnect from contract and procurement processes. EDMS can help you track:
Stay ahead of your contracts: EDMS enables tracking of your contracts’ lifecycles. Appropriate users will receive email notifications on upcoming contract expirations and upcoming auto-renewals and have the capability to export lists of those contracts with expiration dates to excel files.
Collaboration: Through EDMS, you can collaborate with others to enable a quick search and filter relevant documents to empower your procurement department, your suppliers and your logistics partners.