One of the biggest bottlenecks for the industry is obtaining raw materials for manufacturing and wholesale businesses. Teams were traditionally assigned to research multiple sources and vendors for the best price when purchasing goods.
The approval and payment process takes days or weeks after the supplier has been identified, so raw materials are not received until after the approval has been granted.
A high volume of incoming procurement data, including emails, faxes, online queries, paper catalogs, and snail mail, has to be managed manually, calculated, and approved, wasting valuable time and money.