Procurement professionals have historically had to cope with manual processes that in many cases have hindered rather than helped them in their roles.
A procurement manager can be found juggling several RFPs (request for proposal) at any one time – each with its own set of stakeholders and timeline. Executing contracts, onboarding vendors, and managing relationships using paper-driven processes can be cumbersome and slow. Procurement managers may have to draft and manage several versions of contracts before any agreement is signed.
Procurement teams are also faced with high costs for printing and unnecessary delays from overnight shipping of documents for sign-off.
All these factors are contributing to a shift from paper-driven environments to fully digital workflows that reduce cost and simplify processes. Implementing an eSignature solution can play an important part in the transition, and processes that once required days and weeks can be executed in hours and minutes.
Procurement processes can rely on requests and approvals from employees scattered throughout an organisation. With an eSignature solution such as DocuSign, users receive alerts and notifications in their inbox so they can quickly and easily move requests along. Advanced workflow capabilities can even enable requestors to customise co-signers’ order.
Plus, DocuSign provides native support for iOS, Android, and Windows Mobile, so requestors and approvers can conveniently review and sign purchase documents anywhere, any time.
With paper-based methods it can be hard to track where things are in the process, especially when documents such as NDAs, master service agreements, and vendor contracts are out for physical signature. Using eSignatures, the procurement team can see exactly where each document is and who has yet to sign. Dashboards let the team track status, while reports enable the tracking and analysis of progress over time.
Importantly for any procurement department, users can execute contracts faster and ensure customer compliance with internal policies, signing levels and authority, and document retention. And secure, tamperproof documents, audit trails, enterprise-level administration controls, and document retention options also make compliance one less thing to worry about.
There are other benefits, too. Organisations can reduce delays in obtaining signatures on statements of work, and automatically integrating the information into back-end systems means fewer data entry errors. They can also streamline the process for putting master service agreements in place for vendors and partners, bringing all agreements together in a single place for 24/7 access from anywhere.
The purchase order (PO) process is also much easier – and more cost-effective – to manage when it is paperless. Organisations can ensure financial compliance by using shared templates with pre-set routing and approval workflows.
Critically, eSignatures help organisations manage complex RFP processes with vendors and consultants, ensuring adherence to milestones, NDAs, and contract terms.
Procurement professionals are looking to execute contracts faster, reduce risk, and increase compliance. Using DocuSign can help them streamline the way they manage suppliers and contract processes, while lowering costs and removing risk from the supply chain.
DocuSign delivers services across industry and department, and this blog is the sixth in a series describing the benefits of implementing eSignature processing within various organisational departments and industries.
Previous blogs in the series:
DocuSign eSignatures for IT/Operations
DocuSign – eSignatures for HR and Facilities
DocuSign eSignatures – for sales and marketing
DocuSign eSignatures - for legal and finance
DocuSign eSignatures are transforming businesses - across every department