Institute of Certified Bookkeepers

An evaluation of the Purchase Processes should consider embracing the following digital solutions:

  • Online Ordering
  • Auto Purchase Prompting
  • Auto Confirmation
  • Online Payments
  • Auto Reporting
  • Electronic Catalogue Access

Future Artificial Intelligence services should supply:

  • Supplier Watch
  • Price Watch

 

 Explanation

  • Electronic catalogue access:

    This is a process whereby your software is connected to the online catalogue/shop/ordering system of your suppliers. The system should automatically update the current price for purchasing and provide a notifying system for price changes, special pricing opportunities and also be watching for notifications of supply issues.

  • Online Ordering:

    This allows connected interoperability between you generating of an order enquiry, supplier provision of a quote and response to the enquiry, you placing the order, then the invoice and delivery information - your software interacting with the supplier’s software, digitally. The software MUST provide notification, authorisation and approval processes.

  • Online Payments:

    Software has for years provided the ability to batch supplier payments and create an interaction with the bank through ABA files or other payment gateways. There is a growing ability to connect the payment process directly into effective connected software, removing the need for separate bank processing.

  • Auto Reporting:

    The software using what is being called ‘artificial intelligence’ i.e. access to more data, machine learning of behaviour, connected via the internet to more information and each other. The aim is for reporting of the trends, the impact of this behaviour on the business activity and the effect to the status of the business and future business activity.

    It should be reporting information on the suppliers and alternate suppliers, products and alternate products. Software should be watching employees, division ordering behaviour and reporting anomalies.

  • Updated: 11 January 2020
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