Well-documented purchasing activities help ensure transparency, control, and the ability to measure ROI and performance of procurement activities. To keep a thorough track of all purchasing activities, every business needs a centralized data hub (ideally, procurement software) that records all the purchasing documents (requisitions, purchase orders, invoices, GRN) and all pertinent supplier information.

The purchase order tracking module in the procurement software will help monitor the status of every purchase order from creation to payment. A robust procurement software will help in continuously monitoring supplier performance metrics like lead time, quality, compliance, and more to generate in-depth reports.

The reports would not only be exclusive to supplier metrics, but they can also be customized to cover all procurement KPIs. The in-built AI module within the procurement system will help stakeholders identify spending patterns, spot areas for improvement, and more.