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This meant that implementing one of the full end-to-end spend management suites was not feasible from a cost and change management perspective. The most significant impact of implementing a spend analytics solution was providing the visibility and details behind the dollars spent on various Indirect spend categories.
The software automates workflows and approvals, manages supplier catalogues, and provides real-time analytics for better decision-making. The module also includes features such as contractmanagement, invoice processing, and payment processing. They are not an end-to-end procurement software suite.
Or alternatively, as senior managers we only see the end results of procurement as figures on a spreadsheet or a financial statement, with little awareness of how they are arrived at and how they can be improved. To understand whats really going on we need, first, to step back and get a holistic view of the end-to-end process.
Tasks such as vendor selection criteria, contractmanagement and compliance initiatives should be clearly defined. Procure-to-pay (P2P) software links procurement practices to accounts payable and can streamline steps such as supplymanagement, purchase orders and invoicing. Be flexible.
The software was founded by a group of seasoned procurement professionals who have developed a full-suite spend management platform with two overriding principles: time to value and ease of use. FRDM FRDM is a software company specialising in supply chain risk management. The platform assists you in finding available parts.
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