The Importance of Purchase Management Technology

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Have you ever thought about automatically calculating the amount of safety stock you require based on your sales history? This is just one of the numerous benefits of purchase management technology! This groundbreaking tech helps with everything from automating the process of efficiently buying goods/services to detecting (and overcoming) obstacles preventing effective distribution.

If you’re curious to know more, here’s a look at some of the main reasons purchase management technology is a worthwhile investment, no matter what industry you’re in.

It Automates the Stock Orderings Process

One of the main benefits of purchase management technology is the ability to order stock automatically whenever it runs low. The software monitors your current stock levels and allows you to enter vendor contact details as well as select which vendor you prefer for what kind of product.

If stock for one of your products falls below the safety amount, a purchase order is automatically generated and sent to your preferred vendor. This frees up time for managers/owners to spend on other operations like marketing and client relations to drive up profits!

Safety Stock Levels Are Constantly Updated

Speaking of safety stock levels, imagine knowing exactly how much stock to keep on hand for the upcoming month at all times. Purchase management technology allows you to do just that! The software uses historical data and trends to calculate the safety amount so you can rest assured you’re always ordering stock as efficiently as possible.

For instance, suppose you own a furniture business. According to a study by the National Retail Foundation, furniture and home furnishing demand went up 7.2% in January 2022 despite inflation. If you use purchase and inventory management software, you’ll have the means to pick up on stats like these, and your safety stock level will automatically increase to

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AltheaSuite Provides a Modular Inventory Management Solution That Lets Clients Harness the Power of Purchase Management Technology and Much More

If you’re keen to invest in a cloud-based enterprise resource planning software that assists with purchase management, we invite you to check out AltheaSuite.

AltheaSuite is a multifaceted eCommerce inventory management software we’ve developed to help our clients automatically generate purchase orders and dispatch them to preferred vendors. We’ve also built in fantastic sales, customer relationship, and delivery management capabilities into AltheaSuite.

Message us now to experience AltheaSuite firsthand through a guided demo.

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