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Procurement has become a more critical business function since the start of the COVID-19 pandemic. With the current geopolitical unrest adding fuel to the fire, the supply chain operations continue to feel the heat. Companies reviewing their procurement profiles are compelled to still factor in the uncertain environment to contain the rising costs, consignment delays, and supply chain complexities and inefficiencies. A PwC survey reported that the situation has pushed 60 percent of COOs to change their company’s footprints, from finding local alternatives to reshoring. In this scenario, companies cannot afford to continue using traditional procurement methods, especially since their competitors are increasingly adopting digital enablers for the process.
Accelerating procurement modernization with low code application development
The complexities of using analog processes and legacy technologies for managing an ever-changing supplier list, communicating with multiple vendors for different RFPs, and processing invoices, while avoiding budget overruns is often overwhelming for procurement teams. This is why, companies are prioritizing actions that allow them to increase their supply chain efficiency, manage and reduce costs, automate their procurement functions, analyze the process for enabling greater productivity, and increase future resilience. It is no wonder then that digitalization of procurement has become an imperative – a Supply Chain Insider research revealed that 50 percent of procurement leaders are prioritizing their spending budget in digital transformation for potential savings in the future.
The focus is on developing a consistent and structured procurement workflow – right from researching, vetting, approving, and onboarding vendors to managing contracts, invoicing, disbursing payments, and handling inventories. As the entire process goes through multiple rounds of email communications, meetings, and spreadsheets, the workflow tool also needs to consider the back and forth throughout the procurement journey. To streamline the process, companies will need to develop a procurement software depending on their specific business needs.
Thus, all in all, Services CRM helps an organization maintain good relationship with its customers and manage the services effectively. It further helps streamline all operations and run them smoothly and easily. On the other hand, Sales CRM helps an organization to maintain its sales pipeline, sales forecasting, and customer contact and billing information.
Companies have multiple modernization options available to digitalize the procurement process. An off-the-shelf procurement tool may seem like a perfect solution, but as they say – one size may not fit all. So, buying just the tool may not fulfill all the requirements for your business. Then again, if you start to develop the software from scratch, chances are the process would be error-prone, and time, cost, as well as labor intensive. Companies need a solution that can avoid the disadvantages of these alternatives and cost-effectively accelerate tool development, while considering all specifications. Low code platforms have emerged as a game-changing tools for developing applications with reduced effort and resources.
Powering procurement app development with Appian’s low code platform
With its simplified, scalable, and modular approach, low code has been enabling the rapid production of enterprise-grade applications. A survey found that the low code development approach is over 50 percent faster than traditional software development techniques (See Figure 1). The technology is empowering developers and IT teams to take complete ownership of the system administration and security. It also facilitates the integration of disparate and complex systems, ensuring consistency across the business IT landscape. As a result, low code has become the enabler for leaders to accelerate time-to-market and reduce development costs.
How much faster is low-code development comparing to traditional development?
Figure 1: Survey about the state of low code / no code in 2021
Low code technology offers a variety of benefits to businesses – including the ability to quickly develop an application using pre-built functions, orchestration capabilities, and a user interface that can enable even non-developers to build enterprise applications. A business aiming to ensure seamless procurement operations must expect more from its low code platform.
An advanced low code platform, such as Appian, provides additional features, including collaboration tools, standardized complex business rules, engaging app building interface with visual cues, and facilities to incorporate advanced technologies like AI and automation. Along with ensuring an easy and convenient app building experience, the platform allows worldwide deployment. This is especially important as a global business will need to seamlessly run their procurement application across various countries. Also, given that most companies already have existing procurement processes, the platform with industry-approved connectors will quickly remove data silos and integrate all systems and software.
The widely renowned Appian low code automation platform is focused on delivering its promise of maximizing resources. A Forrester study reported that the platform could build applications 17 times faster compared to traditional development methods. Companies have realized savings of USD 13.42 million over three years by reducing development costs and maintenance costs, both by 50 percent. It is less wonder that Gartner recognized it as the “Customer’s Choice” for enterprise low code app development for large and midsized businesses.
Procurement 4.0 through Appcino’s Procurement 360
A major advantage of using the Appian low code platform is its community of application development experts that enable businesses to optimize their application design and functionalities. Companies are tapping into its extensive resources, engaging with partners, and learning about the new technological advancements right from the subject matter experts. One such specialist in low code app development of industrial solutions is Appcino. Appcino, a part of Xebia, has over a decades’ experience in developing enterprise solutions leveraging low code technology in Appian. Its Procurement 360 solution is well known for ensuring end-to-end transparent procurement process.
Procurement 360 has the capabilities to both integrate and optimize legacy operations as well as work as an independent system for running the company’s procurement functions. Its key benefits encompass all the critical requirements of a business, such as:
» Business spending controls to enable the company’s governance and compliance
» Established exception processes to monitor budget overruns
» Transparent functionalities for operational and financial efficiencies
» Dedicated supplier portal for streamlined business communications
» Data integration and analytics for increased decision-making accuracy
When it comes to digitalizing procurement operations, companies must prioritize streamlining the workflow in a single and transparent manner. Only then, they will be able to stay resilient amidst the unprecedented environment. With Procurement 360, the entire process is simplified, flexible, and scalable worldwide.
Benefit of Appcino’s Procurement 360
Appcino Procurement 360 comes with several benefits for the businesses
» Appcino is one of the most experienced, delivery-focused Low-Code COEs in the world with 380+ developers, and 1100+ implementations delivered to date
» Customized solution to handle exceptions in the process and better manage compliance
» Lower tech-debt: Revamp your processes by replacing age old legacy systems and through seamless integration to business applications
» Agile and Future-proof : While the focus remains on the workflow, we will deploy the right mix of digital workers (AI/RPA/Business Rule Automation/Intelligent Document Processing/Process Mining) to make your processes technology-rich.
» Lower TCO by 65%, with complete process automation solutions from Appcino
» Low Code is visual development – Devops at its best as the Business and IT teams get to collaborate seamlessly to bring the best solution out
» Last but not the least - The 8 weeks promise: Leave one of your critical processes with us and we will automate it in just 8 weeks for you!
» Stressed by rigidity and lack of visibility in your processes? The solution for your problems/pain areas could be just 8 weeks away, with us!
To learn more and book a POC, please contact https://xebia.com/about-us/contact/