The procurement process is easier than ever in today’s market, thanks to the internet. Before the advent of the internet, procurement was tedious and time-consuming. It consisted of many phone calls, meetings, paper trails and stuffed filing cabinets. Today’s business owners can instead use procurement software to meet the needs of their business and experience many benefits along the way.
Procurement software is also crucial for dentists and their dental offices. Dental procurement software enhances your operations and provides a cascade of benefits that will change your business for the better. Read on to discover how procurement software can reduce costs while providing a host of other advantages for your dental practice.
What Is Procurement Software?
To fully understand the advantages of procurement software and the reasons to use procurement software for your dental practice, you need to understand the term. Procurement software, or procurement management software, gives businesses access to advanced digital tools that help them manage their essential purchasing processes. These tools include cloud-based data management and organization, process automation, deep data analytics and more.
Procurement software comes in many types and configurations. It’s a highly customizable solution created to meet different budgets, business needs and organizational objectives. It can be a single application, a purpose-built customizable suite of applications or an addition to an existing software environment. Procurement software is what you need it to be, and you can access the features and processes that will help your business — specifically, your dental office — thrive.
There are many types of procurement software that you can utilize. These include the following:
- Spend management and analytics
- Purchase order software
- Supplier relationship management
- Supply chain management
- Contract management
- Procure-to-pay optimization
- Source-to-pay optimization
- Electronic sourcing
- Electronic invoicing
You may already be thinking about how the above software types would fit into your business model. If you’re using old-fashioned methods for doing any of the above processes, you could be missing out on some incredible benefits that will streamline your business. But to make it more personal, you need to know how procurement software will specifically benefit your dental practice.
Why Should Dentists Use Procurement Software?
Procurement software can help your dental office save money, cut costs and achieve new levels of growth. In short, you want to increase your profitability for yourself, your employees and your shareholders. You also want to streamline as many aspects of your dental practice as possible to achieve greater operational efficiency.
Dental procurement software can help you achieve these goals. With mounting financial pressure, high levels of overhead, constantly changing inventory and the potential for unexpected supply chain issues, you need a system that keeps all the moving parts of your dental practice on a single, easy-to-use platform. Procurement software for dentists is that platform.
With dental procurement software, you get so much more than software that can enhance your operations. You can use it to reinvent your finances, shaping your present and your future as a dental practice. Take your dental operations to the next level by opening yourself up to the benefits of procurement software.
Features to Look for in Procurement Software
As you decide what kind of procurement software will be best for your dental practice, there are some standard features you should look for. Ensure the following features are present in any procurement software you consider:
- Spend visibility with helpful filtering options including geographical region and categories
- Contract management tasks and alerts
- Supplier management notices and tasks
- Savings tracking
- Category management
- Procurement intake requests
Besides having the above features, your procurement software should be intuitive to use. Having maximum transparency across the software helps you get familiar with it, increasing your procurement software literacy. An easy-to-use procurement software will also aid communication and collaboration within your office as well as with your suppliers. Software that is hard to use can have the opposite effect by stifling communication and making it difficult to achieve your growth goals.
Benefits of Procurement Software
Now that you have a better understanding of dental procurement software and why it’s important for dentists, it’s time to discover the many procurement software benefits you can enjoy as a result of using it for your practice. These benefits come together to provide a comprehensive solution to aid you on your journey toward growth as a dental practice.
Here are six procurement software advantages that can help you achieve your goals.
1. Increased Efficiency
The increased efficiency you can experience with procurement software makes it immediately valuable to your dental practice. Here is a breakdown of some of the ways procurement software can increase your efficiency:
- Automated processes: Automated processes avoid the potential for human error while speeding up tasks that were once time-consuming. Your team will be able to focus on patients and other parts of your operation, knowing purchasing processes are happening in the background.
- Optimized approval processes: Old-fashioned procurement processes often involved tight lines of communication and complex approval processes. Automation allows your team’s finance managers to easily create online forms that can jump-start the process of ordering the products you need, getting each party’s approval through the software.
- Better communication and governance: Self-service portals and automation rules do more than improve communication channels. They also ensure all procurement requests adhere to your organizational rules and can trigger alerts if unauthorized parties attempt to make an order request using your procurement software. This helps you avoid situations that could stall or halt your operations so you can stay efficient along the way.
- Templates: Your whole team will have an easier time placing orders using dental procurement software, thanks to the available templates. All you have to do is fill out the required fields and use auto-input features to ensure you send legal, accurate purchase order forms to your suppliers.
2. Access to a Strong, Strategic Supply Chain
Dental procurement software brings together supplier relationship management with vendor management tools to help you foster strong, strategic relationships with your vendors. These relationships help you achieve a vibrant, resilient supply chain you can count on at all stages of your operations. Instead of being reactive in your procurement, you’ll be able to collaborate and consult with your suppliers through the procurement software.
Procurement software also gives you access to vendor portals. These portals let you view transparent vendor catalogs that help you with your budgeting and planning processes while providing helpful information when selecting the right vendor for your situation. You’ll also have the opportunity to collaborate on new products with vendors so that they can help you meet your exact needs.
When you combine these features with the previous benefit of process automation, you’ll also ensure every payment you make is to the correct vendor with the terms and price points you agree upon. You’ll enjoy the increased confidence in your supply chain along with the opportunities for collaboration and clear, concise communication.
3. Versatile Scalability
You want to grow your dental practice. Procurement software makes it easier to scale by helping you fully utilize your budget wherever you are on your growth journey. Here are some examples of how procurement software gives you greater versatility as you scale:
- Integration with existing software: Many procurement software providers allow you to integrate their services with your existing software to eliminate downtime while helping you grow and stay productive during the transition stage.
- Bottleneck elimination: Procurement software will reveal the places in your operations where you’re bottlenecking so you can make better adjustments to help you expand and grow as a dental practice.
- No need for on-site hardware or servers: Part of business growth is being able to expand without worrying about bulky hardware or complicated servers. Procurement software is fully online and hosted by your procurement software provider. This means you can keep the same service as you grow, whatever your rate of expansion.
- Customizable features: If you’re a small practice that only needs a few procurement software features, you may be able to pay less for your subscription. As your practice grows, you can begin implementing more features that meet your needs and scale your software as your business expands.
4. Cost Savings
One of the biggest advantages of procurement software for dental practices is the opportunity to save money. Here are some of the ways procurement software can help you cut your operational costs:
- Real-time spending visibility: Knowing where your money is going in real time can help you respond to issues and eliminate errors before they arise. You’ll also be better able to invest in your supplier relationships to foster business continuity.
- Digital filing and information storage: With procurement software, gone are the days of paying for paper and ink to print out forms and storing your document in bulky, expensive filing cabinets. Save on those costs with the fully digital lifestyle provided by dental procurement software.
- Elimination of wasted time and resources: Avoiding physical documents also helps you reduce wasted time and resources. Your team can focus on helping your clients instead of spending time behind a desk sorting through paperwork.
5. Usable Data Gathering for Greater Strategy and Financial Planning
Today’s worldwide market has increased the need to rely on data to streamline operations. Procurement software utilizes and streamlines data-gathering processes to give you the insights you need to create actionable strategies for growth along with better financial plans to reach your goals. You’ll be able to stay competitive thanks to the data you gather, ensuring your dental practice can stand shoulder-to-shoulder with your competition.
Here are some of the ways procurement software can help you create and implement greater strategy and financial planning in your dental practice:
- Centralized data management: Procurement software gives you all the data you need on a single platform, helping you get the necessary information at the moment you want it. You can also compile, send and print reports on-demand, giving you a clearer picture of your business for strategy and financial planning purposes. Your stakeholders will especially enjoy your ability to present reports that are easy to read and access.
- Mobile compatibility: Your business operates in an age where smartphones set the standard for software implementation. You can access and use your procurement software from the comfort of your phone, which means you can interact with your data from anywhere with an internet connection. The user interface will be intuitive to smartphone navigation, which makes reading your data easier than ever.
- Analytics for actionable insights: The best part about procurement software is that it makes the data gathered easy to understand. You’ll find actionable data about your dental practice — data you can actually use to improve and grow as a business.
6. More Peace of Mind
As the owner of your own dental practice, you deserve more peace of mind through every step of your growth journey. This can feel hard to come by in an ever-changing world of volatile markets and unexpected economic events. The good news is procurement software can help you experience better peace of mind as you navigate running and growing your dental practice.
One of the first areas where dental procurement software can offer more peace of mind is by giving your practice more resiliency in the face of worldwide disasters that impact the economy and supply chain. Your procurement software keeps you in close contact with your suppliers so you can know what’s coming and make preparations in advance. When other dental practices struggle to keep their inventory stocked, you’ll be better equipped to meet client needs and take on new clients.
Procurement software also helps you avoid accidental purchases by preventing access from unauthorized users. You can worry less about purchasing the wrong items and focus more on your tasks at hand and serve your clients better, knowing the right items are on the way.
With Synergy Dental Partners, You Get Free Access to Method
Every member of Synergy Dental Partners gets free access to Method, an excellent procurement software that can provide many incredible benefits for your dental practice. Method makes the procurement process easy. It’s intuitive to navigate and connects you with the best suppliers to meet your needs.
With Method, you’ll have a clearer picture of how your dental practice spends money, where the money goes and how you can tighten up your budget to help you reach your growth goals. Method is so much more than a platform to help eliminate inventory oversight. It will help you reimagine how your dental practice handles its inventory and processes new and recurring purchases.
Contact Synergy Dental Partners Today
Synergy Dental Partners is ready to help you take the next step on your dental practice’s growth journey. We are a group-purchasing organization that helps dental practices like yours save money on the products you need. By becoming a member of Synergy Dental Partners, you can pool your purchasing power with other dentists while gaining access to cost-saving solutions like Method procurement software.