Get Set Up for Success with Policy Guide

In the complex world of procurement, challenges are not uncommon. Procurement professionals often find themselves grappling with numerous obstacles before a sourcing event has even got off the ground.

In this article we will discuss the ongoing challenges Procurement teams face while trying to ensure other departments are adhering to policies, the risks posed by inaccurate or outdated guidelines, and how technology can play a vital role at this stage of your procurement lifecycle.

Time

Buyers at organisations with a decentralised procurement model will often face the uphill battle of navigating intricate Procurement policies and documentation when going out to market. Procurement policies can be long, extremely detailed and seemingly impossible to understand, especially for those that work outside of the space.

This is why many Procurement professionals note that they spend a significant amount of time answering process or policy related questions from Buyers outside of their team. This ultimately means that vital time is being spent outside of core tasks and strategic projects for both parties involved.

During a roundtable discussion we hosted at Melbourne’s Procurement Strategy Summit in March 2024, we found that, on average, organisations were losing 96 hours of productivity each month on Procurement related queries.

Compliance

When Buyers rely on Procurement to guide them through complex policies, another challenge arises when someone in Procurement isn’t available to address their queries. This leads to Buyers interpreting policies incorrectly, simply repeating what they’ve done previously (without checking for updates to policies) or going rogue and just doing what “feels right”.

All these avenues can lead to non-compliant sourcing events, which can have serious repercussions for organisations and individuals down the track.

Outdated documentation

But not all policy-related concerns arise from Buyers. Outdated policy documents or inaccurate guidelines poses a serious risk to the integrity of procurement processes. With any manual processes or policy updates, there is the potential for human error and Procurement professionals are not immune. A simple mistake like forgetting to upload the most up-to-date version of a policy to a shared folder can have knock-on implications.

Enter VendorPanel’s Policy Guide module—a game-changer that not only streamlines processes but also empowers Buyers with efficiency, compliance, and autonomy.

This innovative tool uses configurable workflows to guides buyers through procurement policies in real-time, right on their screens. The module simplifies complex documentation, housing multiple policies within simple workflows on a single platform.

The simple, yet powerful, bouncing ball navigation makes it accessible for non-procurement professionals, ensuring compliance with policies.

The benefits of VendorPanel’s Policy Guide extend far beyond efficiency gains. By ensuring compliance and reducing risk, this module can act as a linchpin in safeguarding the integrity of procurement processes and an organisation’s reputation.

The module can also be linked with third-party platforms, e.g. payment integrations, travel booking site, as well as VendorPanel’s other modules, like Procurement Planning or Go to Market, allowing seamless movement from guidance to action.

That being said, significant time savings are a tangible and immediate benefit of using Policy Guide, freeing up valuable resources, across Procurement and other departments, that can be redirected towards more strategic endeavours.

At VendorPanel, our ethos revolves around creating products that benefit entire organisations, rather than just Procurement. Our Policy Guide module does this by arming Buyers with a tool that sets them on the path to success from the outset of any buying activity.

By instilling confidence in both Buyers and Procurement teams, it ensures that purchasing activities remain compliant and aligned with specific organisational requirements, allowing compliance, autonomy and staff empowerment.

If you are interested in learning more about this simple but effective tool, please get in touch with us today.