Many organizations consider vendor documentation management as a critical component of success. The task of documentation is necessary, but it can also be a major challenge for businesses to implement correctly. Particularly for organizations with multiple clients or requisition requirements. In the past, the primary methods of managing vendors and documenting vital information included working on numerous apps or manual spreadsheets, which are time-consuming, cumbersome, and error-prone. The pain of being in charge of dozens of complex spreadsheets continues to be a source of torment for procurement teams everywhere. 

Now, with the digital revolution in full swing, a more efficient option is cloud-based project procurement software. How does this software tie into vendor and procurement documentation, and why is it so important? Read on as we discuss why documentation management is essential for project procurement teams.

What Is a Vendor Documentation and Management System?

We created Current SCM to address a huge gap in the market for project-based, third-party procurement software. In fact, Current SCM is the first software of its kind for third-party procurement, able to eliminate inefficiencies while making the entire process faster, easier, and more accurate. This includes the ability to rapidly scale documentation with projects and integrate them seamlessly with your business processes. Learn more by checking out our documentation page.

With a software documentation system, you can automate the entire document procurement process and control every aspect of your projects from one centralized location. It allows for effortless management of complex purchasing workflows, complete with posting third-party payments across many different client organizations. Ultimately, using a vendor management system streamlines the entire process and eliminates outdated, time-consuming, and error-prone methods like manual spreadsheets.

Why is Properly Managing Documentation Essential for Procurement Teams?

1) Allows for Document Recovery/Backup

An important advantage of using documentation management software is gaining a secure document backup and recovery method. As you may know, the physical storage of paper documents isn’t just expensive—it’s risky. All it takes is one disaster, like a fire or flood, and your most crucial documents might be gone forever. And maintaining a database on an excel spreadsheet risks losing the entire file from human or computer error.

With cloud-based software like Current SCM, all of your critical documents and paperwork regarding vendor management are on hand whenever you need them. So, even in the worst-case scenario, all of your documents are safe and sound. Plus, such software eliminates the risk of misplaced or incorrectly filed paperwork because every record is secure in a digital archive so there is a single-source-of-truth.

2) Save Time and Money

With a fully automated system for workflows and vendor management, your procurement team can save time and money across the board. Not only will you be eliminating or drastically reducing the cost of physical document storage, but you’ll also be making it easier to identify hidden costs by increasing the visibility of projects. With a clear picture of where your purchasing workflows need improvement, you can improve efficiency and reduce costs.

In addition to cost reduction, utilizing a vendor management system like Current SCM will save time. Instead of searching through multiple apps, paper files, or complex spreadsheets, your procurement team will  be able to easily search for the document they want with just a few keystrokes, allowing them to find the exact information they need in a fraction of the time.

3) Streamline Workflows for Fast and Accurate Procurement

With a centralized hub that contains complex purchasing workflows for multiple different client organizations, you’ll be able to streamline operations for fast and accurate procurement. You’ll no longer have cumbersome and error-prone spreadsheets or need to use ten different apps for the same purchase approvals.

Instead, your team will be able to access and control the entire workflow from one location, making it easy to retrieve and share activities, notes, tasks, and documents among and between each other for seamless collaboration with no process bottlenecks. In addition, you can view and manage orders from the same central hub across multiple projects and run reports based on real-time data.

4) Increase Security

Another reason why automating vendor documentation is so crucial for a third-party procurement team is that it strengthens security. Leaving sensitive information open for any team member or employee to access is a huge security problem, and a breach can have serious consequences for your organization.

Using software like Current SCM for vendor and purchasing management will ensure that your most sensitive data stays within a secure system. Team leaders can restrict or widen access with just a few clicks and quickly see who has modified or viewed a document at any time, which also increases employee accountability.

5) Contribute to Effortless Scaling

The ability to scale and ramp up or down purchasing workflows is a huge benefit to an organization. Using an advanced, automated procurement system, you can quickly scale your approval workflow process and update your purchase orders—whether they have one item, hundreds, or even thousands of items.

Current SCM is a cloud based system that gives you complete control over every client and project for effortless scaling of your operations without additional costs or time-wasting. You can manage multiple clients easily using custom procurement workflows, even if they all have different projects and requisitions. Instead, you can alter business rules and conditions for each client, allowing you to meet unique accounting needs quickly and easily.

Enjoy Seamless Vendor Documentation and Management with Current SCM

Current SCM is software borne out of a need for a simple, secure method for streamlining complex purchasing workflows and managing vendor documentation with ease. Using software for vendor documentation is not only important but can be the key to your continued success as an organization.

Implementing a vendor document management system has numerous benefits, regardless of your organization—from increased security and reduced costs to effortless scaling and automated workflows. With one centralized dashboard for seamless collaboration, Current SCM is a game-changer for project-based, third-party procurement.

Contact our team at Current SCM today to schedule a demonstration and learn how our software might help your organization eliminate inefficiencies for long-term success. Drop excel hell and get Current.

Related Reading: Introduction to Cloud Procurement for Projects