In the complex process of procurement, the stages of purchase requisition, approval, and the issuance of Purchase Orders (POs) are essential steps in a quality procurement process. While Sage Intacct provides the core functionality required to manage these aspects of the procure-to-pay (P2P) cycle, there is still a very real opportunity for optimisation. Kloo, an innovative solution that integrates seamlessly with Sage Intacct, brings AI-powered enhancements across the P2P process. This blog explores how Kloo transforms the procurement process, addressing the inherent challenges and offering a more intuitive and efficient pathway for finance professionals.
The Challenges of Purchase Requisition and POs
The procurement process, especially at the stages of purchase requisition and PO issuance, involves various stakeholders across an organisation, many of whom may not be well-acquainted with Sage Intacct. This lack of familiarity often leads to significant delays in initiating spend requests. Research shows that 51% of businesses report instances where purchase requests are made after spend has already been committed. This disconnect not only introduces bottlenecks in approval workflows but also impedes the timely dispatch of POs to suppliers, ultimately slowing down the entire procurement cycle.
Natural Language Purchase Requests
A key aspect of streamlining the purchase requisition process is making it accessible to all stakeholders, regardless of their familiarity with financial systems. Kloo innovatively addresses this by enabling the raising of purchase requests through natural language via email. This intuitive approach significantly reduces the barrier to engagement, allowing individuals without a finance background to easily initiate requisitions and improve user experience. By simplifying the process, Kloo ensures adherence to procurement policies, minimising issues like unapproved spending and enhancing organisational efficiency.
Ease of Approvals
The approval process for purchase requests merits a detailed exploration of its own, which you can read here. Kloo offers highly customisable workflows that can be adapted to specific roles or users within the organisation. It uses AI-generated insights to provide approvers with valuable context, enhancing decision-making. Kloo's intelligent system can conditionally route purchase requests, based on various parameters such as expenditure thresholds or department-specific criteria, ensuring a smooth and efficient approval process.
Automatic PO Generation and Transmission
One of the standout features of Kloo is its capability to automate the generation and dispatch of POs directly to suppliers. This automation not only reduces manual intervention but also significantly accelerates the procurement cycle. By ensuring that POs are sent promptly and accurately, Kloo facilitates smoother transactions and strengthens supplier relationships, supporting a more effective supply chain management.
Key Takeaways
The integration of Kloo with Sage Intacct is a valuable tool for organisations looking to optimise their procurement process. By leveraging AI, user-friendly interfaces, and intelligent automation, Kloo addresses the nuanced challenges inherent in purchase requisition and PO management. For companies using Sage Intacct, Kloo presents a compelling solution that enhances efficiency, ensures compliance, and ultimately, improves procurement outcomes. As organisations look to rid their back-office operations of inefficiencies, tools like Kloo are crucial in enabling organisations to navigate the complexities of P2P processes with greater agility and insight.
