SaaS buying platform Vendr has launched Workflows, a new feature allowing customers to define, automate, and scale their procurement processes. The solution allows users to build custom, automated processes or select templates to easily start managing all purchases. The tool allows users to assign tasks, tag stakeholders, and share notes so teams know the status of a purchase. At the same time, automating intakes and approvals.
Vendr expects the solution to reduce admin tasks and provide better visibility. Workflows bring SaaS and non-SaaS procurement into one place. It enables collaboration across stakeholders and teams while ensuring standardisation and consistency throughout the entire procurement ecosystem.
Vendr suggests the traditional, manual process of managing contracts is inherently inefficient and riddled with mundane admin tasks. Workflows automate this process, allowing users to purchase software by tagging stakeholders at the optimal time. The platform tracks the linear progression of a purchase from intake, review, and approvals, to the negotiation that ends in a contract. With total software spend and management in one location, users make more impactful business decisions and achieve better outcomes.
Efficient procurement is critical
According to Vendr co-founder and CEO, Ryan Neu, “Buying and renewing software is a messy, manual process. It requires a major time commitment from procurement and finance leaders.”
“Workflows simplifies the intake-to-procure process and takes the repetitive, administrative tasks off finance leaders’ plates, creating delightful, compliant purchasing experiences. Vendr is in the business of giving time back to procurement leaders, and Workflows helps those leaders go from busy to strategic.”
Customers like InVision use Workflows to build, manage, and scale their procurement processes. The intuitive tool offers total customisation capabilities as well as easy-to-use templates that provide instant visibility into purchases. Auto-renewal options allow teams to set up email and Slack reminders in advance. This enables the opening of the door to renegotiate contracts as necessary. Companies that use Workflows alongside Vendr Explore benefit from a singular engine through which to find, buy, and manage software. Backed by a deep SaaS data set, from billions in spend processed from tens of thousands of deals and thousands of suppliers. Vendr’s suite of features supports procurement and finance professionals to focus on more strategic, meaningful work.
“Purchases previously required hours of manual management now flow through a single ecosystem,” says Tessa Hamilton, InVision’s IT Helpdesk Manager. “It provides unmatched visibility across our entire organisation. With the addition of Workflows, Vendr is not only managing the negotiation and purchasing pieces of our software procurement process. But the management as well, for a transparent and streamlined approach to getting my team the tools they need.”
Enterprise Times: What this means for business.
The main purpose of any new tool should be to make business and organisational life easier. The procurement process involves a number of back office systems, including procurement orders, supplier details, and budget management. In addition to the actual purchases themselves. The company says it provides visibility across the entire organisation and frees up time for strategic work. Vendr’s Workflow solution is an innovative solution. Its new procurement engine is expected to enable teams to set up automated processes easily. Businesses need to embrace automation. Furthermore, they need to make automation as simple as possible, enabling anyone in the enterprise to build or deploy integrations.
