In most cases, corporations, governments, and large institutions have rigid policies for approved budget, preferred vendors, and department regulations around buying goods and services throughout the year. PunchOut helps organizations of all size streamline their procurement process with benefits like:
- Save Money: Electronic catalogs like PunchOut offer substantial savings on goods for B2B purchases due to the reduced labor costs and the automated process. These savings are passed on to organizations to secure discounted costs from large suppliers.
- Save Time: PunchOut eliminates the need to manually import a supplier catalog into your organization’s procurement system. The constant connection between your organization and the stores of your supplies means that you will save time, money, and resources since PunchOut automates the entire process!
- Real-Time Updates: PunchOut Catalogs use enhanced interfaces to display items, prices, and availability in real-time based on employee permissions. This means you won’t have to update vendor catalogs nor worry about outdated information manually!
- Improve Order Accuracy & Speed: PunchOut helps everyone throughout the procurement process. For buyers, this catalog makes it easier for employees to find approved items to buy. For sellers, a PunchOut catalog reduces the time and resources to process purchase requests and handles records and notifications with the buyer.
- Centralized Solutions: Organizations can benefit in numerous ways by using PunchOut to create a single solution for their procurement needs. With an automated system, companies can keep all information updated and manage vendor catalogs with ease.
Once items are purchased, PunchOut relays information about the shopping cart back to the organization to confirm financial approvals. This process also helps ensure purchases and approvals follow the organization’s standard workflow steps set out by the Chief Procurement Officer and department managers.