When faced with uncertainty, a leader’s priority is to run the businesses efficiently, focusing on robust bottom lines as much as revenue growth. That means now is the time to proactively manage inventory to focus on high-margin items, contain labor costs by automating tasks and minimizing human error and adjust budgets to control spending in the face of rising prices. Updates delivered in NetSuite’s 2022 Release 2 can help you with all those challenges. The system will serve as the functional data foundation on which to develop insights and focus on what you can control, instill confidence and prepare for the future.

Procurement software automates most manual tasks — from purchase requisitions to vendor management and invoicing. A procurement solution makes it easier to keep track of buyer-vendor communications and to enforce compliance by requiring that purchases be made only through contracted vendors and setting limits on spending and the types of purchases that can be made based on the user’s role.

As companies authorize more people to make purchasing decisions, controlling expenses becomes more difficult. Lack of visibility into what is being purchased, poor coordination among departments and insufficient management oversight can lead to unsustainable operating costs.

Companies can avoid many of these problems by standardizing the procurement process and making sure it’s consistently followed by the entire organization. And since you can’t manage what you can’t measure, having the right metrics and key performance indicators (KPIs) in place is also critical for success.