Scrambling to find the right documents, working with multiple versions of the truth, or duplicating work that has already been completed can all slow sourcing and procurement down and make it more costly. An incomplete picture of inventory on-hand, for example, can then lead to over-purchasing, stockouts, and disruption in manufacturing operations. For procurement, inconsistent data can lead to longer order cycle times and increased transaction processing costs. But organizations that successfully leverage technology to store, access, and update data relevant to purchasing in real time across the enterprise can expect significant gains in terms of cost and efficiency.
From APQC’s Sourcing and Procurement Blueprint for Success, this article details the importance of providing real-time access throughout the enterprise to relevant procurement data. These findings are supported by APQC’s Open Standards Benchmarking results and real-world examples from top performers.