Successful companies employ a variety of purchase order management tools. Those who don’t will often struggle to stay on top of their industry, and many will eventually go under. To remain competitive, businesses need to have some kind of purchase order system solution.
If you continue to try to create, monitor and fulfill purchase orders manually, you will likely lose business, miss out on opportunities, and end up quite frustrated. There is a better way that can simplify your business processes and offer you centralized control and management of your inventory and purchase orders: purchase order software. There are three things you should be looking for in any PO software, and this one in particular:
- Visibility – You should be able to view everything about a digital purchase order at a glance.
- Simplicity – It should not require a rocket scientist to create purchase orders.
- Flexibility – You should be able to order items based on their price, delivery time, or other variables that help to keep your business on track.
With a PO system like Fishbowl, your purchase orders are visible in both the warehouse and the office. People in the warehouse can see what is on the incoming orders, which vendor it is coming from, and what date they should arrive on. Accountants can see each payment term and when accounts payable are due. Everybody is happy under this setup. Everything you need to know about managing purchase orders or order history is at your fingertips.
You can greatly simplify the purchase order process by setting inventory level triggers that tell the automated PO system when to create purchase orders based on your known lead times and other factors. This ensures that you never experience stockouts. This can be extremely helpful when the numbers of unique inventory items are at such high levels that they are too hard to track manually.
How do you want to manage your purchase orders? Maybe you want to buy from the lowest cost supplier. Or you might prefer to not hold inventory longer than necessary and order from a vendor that ships quickly, but at a slightly higher cost. What might be best is a mix of both. It all depends on your sales history and customer base. No matter what you choose, purchase order management software gives you the flexibility to manage your inventory, procurement process, and business the way you want, giving you the ability to compete at a higher level than ever before.
The bottom line is your small business or enterprise will run much smoother with the right purchase order management software in place. You’ll increase revenue at the same time as developing stronger and more productive relationships with customers, prospects and vendors. You’ll reduce stockouts and overstock. Human error from double and triple data entry will be a thing of the past.
Fishbowl Manufacturing and Fishbowl Warehouse offer user-friendly purchase order management software and many other useful features to help you manage your inventory more efficiently.
Purchase orders are documents companies use to buy more parts and products from their vendors. Inventory management software can help them keep track of their purchases by making it possible to quickly find all of the information in one place, simplify the purchase order process, and be flexible when ordering.