The previous article<\/a> in our \u2018Moving From Purchasing Thinking to Procurement Thinking\u2019 series explored the benefits of digitalisation and automation for procurement optimisation.<\/p>\n This article will take things one step further, revealing the specific technologies that support best-in-class procurement.<\/p>\n The current manufacturing and supply chain climate demands more of businesses \u2014 what was enough yesterday will not suffice tomorrow. To compete with industry leaders, organisations must leverage the strategic potential of every business function, procurement included.<\/p>\n Anyone who works in procurement understands that it does not operate in a silo. Instead, it is an integral part of a company that involves operations, finance, logistics management, supply chain, and vendor relationships. Procurement thinkers know digital technology is key to unlocking mutual benefits from these business areas while mitigating ongoing external risks, such as rising inflation.<\/p>\n That\u2019s not all. Technology can enhance operational and procurement process efficiency while lowering costs. It can empower resilience through data collection and analysis, giving decision-makers access to a wealth of practical insights that shape best-practice management and ultimately pave the way to sustainable growth.<\/p>\n In this article, we will discuss the digital technologies available that support procurement optimisation. But first, how do you know if your existing software solution is enough? Or whether it\u2019s in need of an overhaul? Let\u2019s find out.<\/p>\n Selecting the right business software solution is vital for building a lasting competitive advantage in today\u2019s rapidly changing business environment. However, not all solutions are created equal. What may have seemed like the right choice for your organisation may no longer deliver the increased efficiency and improved profitability you need to achieve a positive return on investment (ROI).<\/span>\u00a0<\/span><\/p>\n Think about it this way: As businesses evolve and grow, their software requirements change. Like an old pair of shoes, the software doesn\u2019t fit anymore. It causes tension in all the wrong places and provides inadequate support for optimal performance. Worse yet, you\u2019ve changed your running technique. Your old faithfuls are simply built for a different kind of movement. With a new pair tailored to your specific needs, you can run further, race faster, and outpace your competition.<\/span>\u00a0<\/span><\/p>\n It\u2019s about more than just fit too. Technology moves fast, whether that means new lightweight materials for running shoes or more advanced capabilities in software solutions. What was cutting-edge five or ten years ago is lightyears behind the top tech today. If you are not regularly assessing your software solution to ensure it meets your current and future business needs, you are undoubtedly missing out.<\/span>\u00a0<\/span><\/p>\n Of course, determining whether your existing software is enough to enable your business to reach its potential isn\u2019t always cut and dry. It\u2019s a complex and nuanced process. To help you unravel the variables and gain clarity on where you stand, here are three of the most common signs to watch out for, according to the 2022 Epicor Industry Insights Report:<\/span>\u00a0<\/span><\/p>\n Enterprise resource planning (ERP) software is a powerful solution that consolidates various parts of a business into a single secure and centralised platform. It provides unparalleled visibility into business operations, enabling companies to achieve their DIFOTQ targets, reduce waste, and empower their employees.<\/span>\u00a0<\/span><\/p>\n By integrating financial, supply chain management, planning, customer relationship management (CRM), product management, project management, business intelligence, and analytics capabilities, ERP software creates a seamless, all-in-one system that streamlines operations, improves decision-making, and enhances business performance.<\/span>\u00a0<\/span><\/p>\n When it comes to procurement, an ERP must provide end-to-end support, enabling procurement teams to save time and costs across all steps in the process. Crucially, it must allow the essential convergence of procurement and supply chain. This is a big ask, and software solutions in the past have failed.<\/span>\u00a0<\/span><\/p>\n But now, accelerated innovation has resulted in software that seamlessly integrates ERP and procurement software. This advancement is huge news for procurement thinkers who acknowledge procurement as a core business function. An ERP system adapted for tighter operational control through advanced requisition management<\/a> awards procurement leaders and decision-makers greater flexibility in purchase management and significant efficiencies in their procure-to-pay process.<\/span>\u00a0<\/span><\/p>\n In addition, cohesive and unified procurement and ERP software ensures seamless requisition management and efficient workflow solutions. Together, they maximise automation, delivering immense time savings that not only supercharge ROI but also empower people \u2014 the heart of every organisation \u2014 to innovate, think critically and creatively, and use their talent to propel your business forward and upward.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/precisebusiness.com\/NL\/wp-content\/uploads\/sites\/3\/2023\/10\/Procurement-optimisation-image.svg” alt=”Harness the Value of Large and Complex Datasets” title_text=”Procurement technology features” _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.20.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Text” _builder_version=”4.20.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”0px||||false|false” global_colors_info=”{}”]<\/p>\n Implementing new software will almost always be met with resistance and roadblocks. Growing pains are normal but should not cause long-lasting impacts on your business and its people, customers, or bottom line.<\/span>\u00a0<\/span><\/p>\n When automating and digitalising procurement, the key to overcoming challenges and obstacles is fairly simple: choose the right software implementation partner.<\/a>\u00a0<\/span>It might even surprise you to hear that making a decision about which company you choose to partner with is just as important as selecting the software itself.<\/span>\u00a0<\/span><\/p>\n The right partner understands the common challenges businesses face and won\u2019t impose unrealistic expectations or demands on you or your team. The right partner also recognises its role in improving the employee experience and easing pressure.<\/span>\u00a0<\/span><\/p>\n Importantly, they are prepared to dive deeply into the issues unique to your operations, team dynamic, and goals. They proactively anticipate obstacles and devise mitigation plans before minor hiccups escalate into unscalable mountains. In short, they become a partner in every sense of the word, someone whose genuine industry expertise and comprehensive understanding of ERP software becomes <\/span>your<\/span><\/i> competitive advantage.<\/span>\u00a0<\/span><\/p>\n How do you find the right implementation partner? Get clear on your goals and make logistical decisions about the type of software you need. Then, research potential solution providers that tick your boxes. Finally, reach out to prospective implementation partners. Take note of how they interact with you. Do you feel heard, understood, and valued? If not, look elsewhere.<\/span>\u00a0<\/span><\/p>\n For more on navigating ERP system change management, check out these articles:<\/span>\u00a0<\/span><\/p>\n We hope you enjoyed reading our article series on the journey from purchasing thinking to procurement thinking. The insights we shared are designed to help you shift your mindset towards a more strategic and holistic approach to procurement. Adopting this approach can unlock a whole new world of possibilities for your organisation, from driving innovation to achieving cost savings and mitigating risks.<\/span>\u00a0<\/span><\/p>\n We are excited for you to start implementing these learnings and seeing the positive impact they can bring to your business. Here\u2019s to future success!<\/span>\u00a0<\/span><\/p>\n Find all the articles in our \u2018Moving from Purchasing Thinking to Procurement Thinking\u2019 series below:<\/span><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Text” _builder_version=”4.27.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” min_height=”94px” custom_margin=”-35px|||||” global_colors_info=”{}”]<\/p>\n Book a Discovery Call<\/a>\u00a0with our ERP expert in the Benelux region to learn more about how an ERP system can transform your business.<\/p>\n Subscribe to our LinkedIn Newsletter<\/a>\u00a0and get alerts when we post about topics that matter to you.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Procurement is an integral part of a company that involves operations, finance, logistics management, supply chain, and vendor relationships. Procurement thinkers understand digital technology is key to unlocking mutual benefits from these business areas while mitigating ongoing external risks. <\/p>\n","protected":false},"author":412,"featured_media":32965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":" Thirty-five days. Just over one month. That's all the time you have to submit the first aged care provider Quarterly Financial Report (QFR) after\u00a0the end of the July-September quarter.\u00a0<\/span><\/p>\r\n It might seem like a long lead time, but extracting and compiling data across many different business areas is time-consuming - especially if you don't have a single source of truth to tap into or a system that connects all business processes and enables automatic extraction of relevant data.<\/p>\r\n Instead, what lies ahead is hours and hours of manual data collection. You will need to check and double-check for human error. You will need to gather in-depth information from HR, Payroll, Operations, Governance, Facilities and Asset Management, IT, Food and Nutrition Services, and Finance. You will need to sift through reams of spreadsheets to extract the information you need. The thought of it is mind-boggling.<\/p>\r\n Your current processes only add to the complexity. They don't allow you to capture all the information required to meet stringent accountability, reporting, and record-keeping obligations, let alone the quality of care compliances tied to funding.<\/p>\r\n You've got 35 days, but you've done the math, and your quarterly reporting requirement could take four weeks to compile. To make matters worse, you are already operating with limited staff resources, and the extra admin work introduced following the Aged Care Reform<\/a> has left you struggling with the new pressures.<\/p>\r\n The future is overwhelming. Once this reporting period is finished, there's little time before the entire process is repeated. There is, however, a silver lining.<\/p>\r\n The data-gathering process will reveal a goldmine of information you can use to shape a business case for investing in improvement measures. An easier approach is needed - there's no denying it - and you've decided an ERP software system could be the answer. The right ERP<\/a> will equip your organisation with the tools needed to produce compliance reporting, pull together reporting data, and increase productivity and efficiency. All this equates to significant time and money savings.<\/p>\r\n A single source of truth is not a pipedream. It can be a reality. Here's why the new Aged Care QFR doesn't have to be a taxing time.<\/p>\r\n <\/p>\r\n The QFR has five distinct sections:<\/a><\/p>\r\n Residential aged care providers must submit four of the five sections, including the viability and prudential compliance questions, quarterly financial statements, residential care labour cost and hours reporting, and quarterly food and nutrition report.<\/p>\r\n Home care service providers must complete three of the five sections, including viability and prudential compliance questions, quarterly financial statements, and home care labour cost and hours reporting.<\/p>\r\n How difficult and time-consuming the reporting process is will depend on several factors, one being how you store your information. If you data is not stored in a unified systems, or can be easily extracted and consolidated into a central data store, you will have to invest more resources into your QFR process.<\/p>\r\n For example, you may have to draw from several source pools, including your CRM, payroll and accounting software, project management tools, and human capital management. If you can't easily navigate these tools yourself, you'll need to speak with various area managers and wait for them to response with the correct data.<\/p>\r\n From there, you'll need to collate the data, read through the information, identify relevant insights, and manipulate the data into spreadsheets. then, you'll need to double-check that you've entered everything error-free and that your formula's are working as they should be. Finally, you can submit the information to the department's online portal.<\/p>\r\n All government-funded aged care service providers must meet the Aged Care Quality Standards.<\/a> The QFR is one aspect of ensuring your organisation meets these stringent regulations. Even if human error is to blame, failing to provide accurate information can have far-reaching consequences, including:<\/p>\r\n Many of our prospective customers have shared business inefficiencies, challenges, and pain points with us, all of which have impacted their ability to generate accurate QFR's. So as you undertake your reporting tasks keep an eye out for the following. These are tell-tale signs your organisation is in need of a systems refresh.<\/p>\r\n The above pain points are all too familiar and investing in a system transformation is the only way to change things. If you feel compelled to present a strong business case highlighting the time and cost savings an ERP could deliver, here are three tips to sharpen your business case and secure buy-in for change:<\/p>\r\n Need help formulating your business case for a new ERP system? We can help.<\/p>\r\n Precise Business Solutions have extensive aged care industry-specific experience and purpose-built software to meet your unique requirements. We can help you find which parts of your organisation that are starting to hinder your efforts to grow. In a one-to-two hours hands-on workshop, we can help you uncover the root cause of your critical business challenges and lay the groundwork for project success. The best bit? It's absolutely FREE of charge.<\/p>\r\nSigns Your Current Business Software Solution Needs a Makeover<\/strong><\/h2>\n
\n
How Does an ERP Solution <\/span>Optimise<\/span> Procurement?<\/span><\/span>\u00a0<\/span><\/strong><\/h2>\n
Beat Procurement <\/span>Optimisation<\/span> Obstacles with the Right ERP Implementation Partner<\/span><\/span>\u00a0<\/span><\/strong><\/h2>\n
\n
Make Your Move from Purchasing Thinking to Procurement Thinking Today<\/span><\/span>\u00a0<\/span><\/strong><\/h2>\n
\n
Inspired to Act?<\/strong><\/h2>\n
![\"\"](\"https:\/\/precisebusiness.com\/wp-content\/uploads\/2022\/08\/QFR-deparmental-requirements-.png\")
<\/a><\/p>\r\nWhat Information is Needed for Quarterly Financial Reporting?\u00a0\u00a0<\/strong><\/h2>\r\n
\r\n
How Difficult is it to Produce and Submit the Required Reports Manually?\u00a0<\/strong><\/h2>\r\n
What are the Risks of Reporting Manually?\u00a0<\/strong><\/h2>\r\n
\r\n
Take Note if you Experience These Manual Reporting Pain Points\u00a0<\/strong><\/h2>\r\n
\r\n
Three Tips to Improve Your Business Case for a Transformation\u00a0<\/strong><\/h2>\r\n
\r\n
Start Building Your Business Case to Drive Change Today\u00a0<\/strong>\u00a0<\/strong><\/h2>\r\n