Procurify: Optimizing Spend Management from Source-to-Pay
Aman Mann, CEO
The procurement story in most of the organizations usually goes on the same lines where a team member who is in dire need of equipment or a solution, buys the product without waiting for approval of the procurement team. Managing this expenditure without any purchase order or shipment documents can be a daunting task for the accounts team, as they cannot track the product from source-to-pay. This is where a Vancouver, Canada based company, Procurify comes to the rescue of organizations with an innovative platform that empowers them to manage their spend culture. The Procurify platform keeps all purchase requests on a single, integrated environment, allowing the clients to review and approve any purchase request in a seamless manner. Aman Mann, CEO and Co-Founder at Procurify says, “There are many spend solutions available in the market. Procurify is designed with people in mind, with usability as the central product-design philosophy.”
The Procurify platform is a cloud-based centralized spend management solution that enables its clients to track purchases across the organization, helping them to improve productivity and boost growth. The spend management solution effectively collects, categorizes, and evaluates the spend data to reduce procurement cost, improve efficiency, control workflow, and regulate compliance. The platform also allows businesses to manage their purchase order requests in real-time across devices and makes the purchase management robust through custom approval structures. The integrated procurement solution of Procurify empowers its clients with speed and accuracy that helps them to authenticate deliveries, track the status of purchased products, and ensure quality in a single environment.
The innovative technology tools of Procurify help its clients to improve workflow, internal communication, and create a centralized system of records to gain insights into financial decisions. The company uses web technology to create an experience similar to the single page application that helps them to enhance the user experience in various business processes like purchasing list, requisition cart, inventory management, and branch management. For instance, Procurify enabled Samumed, the world’s largest biotech startup, to efficiently manage their rapid growth through its scalable, and integrated spend management platform.
There are many spend solutions available in the market. Procurify is designed with people in mind, with usability as the central product-design philosophy
The biotech company relied on a labor-intensive spreadsheet-based system to manage its expenditure that did not provide any visibility to the accounts team. The implementation of the Procurify platform helped Samumed in enhancing the purchasing experience for all of their user groups. The integrated cloud-based solution helped the biotech company in managing their orders, payments, and deliveries, mitigating any chances of human errors. It also offered comprehensive visibility into the processes that helped the accounts team to troubleshoot any inconsistencies in the system.
To further enhance its solution portfolio, Procurify acquired VendorBase, an online buyer-supplier platform, and rechristened it to Procurify Exchange (PEx). PEx is a two-way marketplace exchange that enables buyers to get in touch with the vendors through a request for quote (RFQ) process. The buyer-supplier platform is an accessible, convenient, easy-to-use, and standalone platform that helps in the efficient management of the RFQ process, enabling buyers to send out requests, view the summarized quotes from the vendors and communicate directly with them.
Moving ahead, Procurify plans to evolve from a spend management solution to a smart spend hub that manages all the spending as well as purchases on a single platform. Procurify is also researching the possibilities of implementing intelligent technologies like artificial intelligence, machine learning, among others to improve the user experience and enhance visibility.