Procurement Management for Canadian Businesses: Key Steps

Manual procurement is full of issues, from lost documents to sluggish approvals and high processing costs. Supplier relationships can also suffer from poor management, late payments, and inefficient dispute resolutions.

The bottom line is that if you want to run a successful accounting department, your procurement managers need a solid procurement management plan in place.This helps build an environment that tracks purchases, creates opportunities, enables growth, and controls spending.

What is Procurement Management?

Procurement management involves vetting out quality products, services, and vendors from a set budget within a specific timeframe. 

For Canadian organizations like yours, this also means navigating a specific set of rules. Think of the Financial Administration Act – a key piece of legislation, especially if you’re handling public money.

And if your work involves getting rid of surplus property or equipment, you’ll want to be familiar with Public Services and Procurement Canada (PSPC) – they’re the go-to folks for that.

What is the Purpose of Procurement?

The main purpose of procurement management is for a company to source and acquire the best possible goods and services to fulfill business objectives. 

When done correctly, a procurement team can save a company time and money by negotiating favourable terms and prices with potential suppliers. Your purchasing department is responsible for tasks like:

• Purchase orders
• Develop term contracts
• Acquire supplies and services
• Dispose of surplus property and equipment

The procurement department is very conscious of all project requirements and accountability in the expenditure of public funds.

Beyond these core tasks, Canadian organizations also benefit from leveraging resources like Supply Chain Canada and the Canadian Public Procurement Council (CPPC). 

These groups offer valuable insights and best practices tailored to the unique challenges and opportunities within the Canadian procurement landscape. Think of them as your allies in navigating everything from negotiating with suppliers to understanding complex regulations.

Benefits of Cloud-Based Procurement Solutions

Everything is better in the cloud, and your procurement solution is no different. 

Businesses can handle the process of requisitioning, sourcing, procuring, and paying more efficiently. Modernizing procurement services provides a variety of benefits that can include:

1. Improved Spend

Cloud-based procurement management is incredibly cost-effective. You don’t need to pay huge upfront costs or maintenance fees for a SaaS procurement solution.

This enables an organization of any size to streamline its procurement process while keeping operational expenses at a minimum. 

For Canadian businesses, this also means easier compliance with Canadian cost accounting standards, accurate handling of GST/HST/PST, and streamlined processes for claiming those valuable Input Tax Credits (ITCs).

2. Enhanced Visibility

Procurement management solutions typically come with an intuitive dashboard that provides a 360-degree view of the entire procure-to-pay process. 

Users can check the status of any purchase or deliverables at a glance. This helps a business spot gaps in the process and fix them in real-time to enhance efficiency. 

With this improved visibility, you’re also better positioned to meet Canadian data privacy and security regulations, like PIPEDA. Plus, you’ll have the tools to address any specific data residency requirements, a common concern for many organizations here in Canada.

3. Focused Collaboration

A cloud-based procurement system enables a seamless flow of information throughout an organization. This happens irrespective of a specific role, department, or location. 

By giving employees access to cloud-based procurement systems, you are allowing a cohesive space where everyone can get exactly what they need.

4. Ease-of-Use

The flexible nature of cloud-based procurement management means a faster time-to-market. Project schedules are shortened. Less time is taken to implement and tailor a product/service around processes while ensuring time and cost savings. 

Think about how this helps you respond to the ever-changing Canadian market, adapting quickly to new regulations, for example, upcoming payment changes like with the Real-Time Rail (RTR).

5. Continuous Integration

Procurement software that is licensed often comes as a disconnected piece of code that stands apart from existing procure-to-pay tools. 

Today, more platforms gravitate towards cloud management. This allows for seamless integration opportunities and capabilities through API integration. 

This is where selecting a system compatible with your existing Canadian accounting and ERP software becomes absolutely crucial. And for smooth electronic funds transfers, you’ll want to ensure it adheres to CPA Standard 005.

6. Employee Satisfaction

Cloud-based procurement can also benefit the employees of an organization. Giving people the autonomy to make their own purchases and the ability to control spend elevates employee engagement and job satisfaction. 

When workers have the tools to immediately utilize approved vendors, it makes for a better experience all around, especially when it comes to following processes that adhere to Canadian compliance and regulation rules like the CASL.

What is the Procurement Lifecycle?

In order for a business to work effectively, management must fully comprehend the system in which products and services are obtained.

Much like sales or marketing, the procurement process has a definitive lifecycle that requires both public and corporate funds to be managed responsibly. 

There is a step-by-step strategy used to identify requirements for a desired product or contract. The procurement lifecycle is important to follow as it ensures the company is successfully meeting its objectives and goals.

Step 1 – The Recognition of Need

The procurement process always starts when a business realizes it needs to obtain goods or services from another company. 

So, a “need” is the universal catalyst for procurement planning. 

The product or service that presents a solution can be sourced from either internal or external places. It can be an item that needs to be reordered or a completely new brand. 

Starting with “need” will lay the foundation for the procurement lifecycle process.

Step 2 – Defining the Need

Now it’s time to drill down on exactly how your business needs can be met. This is where you get into details to find the product and/or service that gets the job done. 

Finding the right product or market is a critical step in reaching business success. 

There is a possibility a company has ordered the same product in the past.

Once this is done, you should also research the surrounding market. This can help you scope out the positioning of a product and identify potential competitors. 

Keep in mind that certain products may also need to meet Canadian standards, like those set by the CSA Group, so factor that into your specifications.

Step 3 – Sourcing Options

Now, it’s time to consider a list of suppliers.

Some companies will generate a list of approved vendors. This is a great idea as long as it is continuously updated with new information or changes. 

In Canada, it’s also increasingly important to consider Indigenous businesses and suppliers. The Procurement Strategy for Aboriginal Business (PSAB) provides a framework for this, and aligning with the Truth and Reconciliation Commission’s (TRC) Calls to Action demonstrates a commitment to economic reconciliation. 

You might also want to check out organizations like the Canadian Council for Aboriginal Business (CCAB) for certified Indigenous businesses. And, of course, consider whether a supplier is Canadian-owned – it’s a factor that many organizations prioritize.

Step 4 – Negotiating Terms

Once you have selected the perfect supplier, it’s time to talk business. This stage is important because it’s where you agree on a price. 

After a complete statement of work, a business can put in a request for proposal, which will prompt the negotiation process. However, contracts go beyond pricing. You should also consider stipulations like terms and conditions timelines.

Both parties should always keep a copy of the contract so it can be easily referred to throughout the job.

Establishing Price and Terms

Finding the best price and terms often depends on the direct needs of the company. A business should also consider products that are already in stock and any specialized materials required. 

It is normal for a business to look at three different suppliers before making a final decision. It’s important to poke around and do the research rather than settling for the first vendor you come across.

Remember that contract law can vary across Canadian provinces, so ensure your agreements are compliant with the relevant jurisdiction. Also, be aware of the Canadian Free Trade Agreement (CFTA) and its impact on interprovincial procurement, particularly if you’re sourcing goods or services from other provinces. 

And you should be knowledgeable of the Canadian Government Pricing Framework.

Step 5 – The Purchase Order

The next step is to establish an order for purchase between the two parties. A purchase order (P.O.) is put in place to allow for the purchase of materials from the seller to the buyer. 

A P.O. defines many factors of the procurement process and includes: 

• P.O. number for reference
• Description of goods and/or services
• Specifications of the product
• Quantity
• All pricing and costs
• Approval workflow
• Terms and conditions
• Any additional obligations.

Understanding the project manager’s role is critical in procurement. The contract on a job generally agrees to the whole collaboration, while a purchase order contractually agrees to individual jobs.

Once a purchase order is approved internally, it is shared with the supplier so they can prepare the order and sort payment.

Step 6 – Invoice Processing

Once a vendor has received a purchase order, the business will receive an invoice detailing the agreed-upon price and instructions on how to pay. 

An invoice will contain details of the order, so make sure you always keep a record of these for future reference. 

Paying invoices upon receipt will also ensure suppliers are compensated on time. This helps establish a continually positive rapport between both parties.

In Canada, be mindful of standard payment terms, and be aware of any prompt payment legislation that might apply, whether federally or in specific provinces. Make sure you’re set up to handle the intricacies of Canadian sales taxes – GST, HST, and PST – as they’ll appear on your invoices.

Step 7 – Delivery and Order Audit

Now comes the time to fulfill the purchase order. Delivery can be done by person, mail, or email, depending on the goods or services rendered. The specific delivery method should always be written in the purchase order. 

It’s critical to always double-check the delivery once it has arrived. Never assume everything is there.

Standard practice should be that when the order arrives, all products are checked against the invoice. If something is missing, contact the supplier ASAP. 

A business can ultimately choose to accept or reject a delivery. If the items are accepted, it means you are agreeing to the responsibility of payment. A delivery can also be rejected if items are not up to par or of the quality expected.

Step 8 – Invoice Approval and Payment

If delivery is accepted, the shipping receipt and purchase order must then be matched to the invoice. This is sometimes called PO-matching or three-way matching. These documents are confirmed and agreed upon by both the receiver and supplier in order to complete the procurement process. 

Any problems that occur during this step must be resolved before the recipient moves on to pay the cost of what was received. Payment for products is usually done with one of the following methods: 

• Credit or debit cards
• Checks
• Bank transfers
• Electronic Funds Transfer (EFT)
• Interac e-Transfer (for smaller transactions)

Remember, if you’re using EFT, adherence to CPA Standard 005 is essential. Looking ahead, the Real-Time Rail (RTR) will offer another option for instant payments. For large-value transactions, you might also encounter the Lynx system.

Step 9 – Maintain Accurate Records

It is critical that a business retain all records from the procurement process in the event there is an audit. 

Maintaining records includes overseeing all procurement documents that can be used to verify tax information and purchase orders. 

These documents will help provide guidance on future purchases, like in the case of reordering. When this happens, the procurement cycle starts all over again. 

This is particularly important in Canada, where you’ll need to comply with the Canada Revenue Agency’s (CRA) record-keeping requirements. Keep those T4/T4A slips organized, too, as they relate to payments to employees and contractors.

Core Activities of a Procurement Management System

Here are the main components of a procurement management system.

• Supplier management
• Sourcing
• Contract management
• Requisitioning
• Payment
• Purchasing

The Modules of an Effective Procurement System

No matter what type of tool you use for procurement management, it should be able to perform some general tasks like:

Purchase Requisitions

You should be able to easily generate purchase requisitions and check the status updates in real-time, from anywhere.

Vendor Management

There should be a universal and centralized database to capture all vendor data and avoid duplication. 

Also, ensure your chosen system allows you to easily verify Canadian vendor information, including GST/HST registration numbers, and helps you comply with relevant regulations.

Purchase Orders

The procurement system you choose should allow users to generate purchase orders from approved purchase requisitions.

Invoice Approval

You should be able to cross-reference data in all requisitions, purchase orders, and invoices to get quick approval and clear, timely payments.

Flexible Integrations

The procurement management system you choose must allow for seamless integration with third-party business applications. 

Prioritize systems that integrate smoothly with popular Canadian accounting and ERP software – specifically, Canadian versions like QuickBooks Online Canada or Sage 50 Canadian Edition. This will save you headaches and ensure data consistency.

Metrics and Analytics

The ideal procurement system should drive actionable insights from the data captured during the procurement process. This enables a business to track key performance metrics and generate custom reports.

Procurement Planning

Before you even think about making a purchase, you need a plan. Procurement planning is all about being proactive and strategic. It’s about aligning your procurement activities with your overall business objectives and considering things like potential risks that can come up.

Key Procurement Documents 

Several key documents are used throughout the procurement process to ensure clarity, transparency, and consistency. Here’s a breakdown of what each key procurement document is for:

Request for Information (RFI)

This is your starting point for gathering information. Think of it as a way to explore the market and find potential suppliers who can deliver what you need, when you need it and at a price that works for your budget.

It’s an initial screening process, helping you narrow down your options.

Request for Proposal (RFP)

When you’re looking to contract with a vendor for a specific project or service, you’ll send out an RFP. 

It’s an invitation for potential suppliers to present their solutions and show you how they can meet your needs. 

Request for Quotation (RFQ)

This is used when you know precisely what you need, and you’re primarily focused on price. You’ll ask vendors to submit their price quotes for specific items or services, allowing you to compare bids and choose the most cost-effective option.

Purchase Order Template

While not a formal solicitation document like the others, using standardized templates for Purchase Orders can significantly improve efficiency and consistency. 

Here in Canada, you have to make sure your procurement documents can be easily accessed by everyone. Especially if you are working in the federal government procurement, they need to be available in both English and French.

Contract Management 

Signing a contract is just the beginning. Effective contract management is crucial to make sure both you and the supplier live up to your agreements. It’s about actively monitoring performance, handling any issues that pop up, and ensuring you’re getting the full value from the deal.

There are different kinds of contracts you might run into:

Fixed-Price Contracts

These are used when you know exactly what you need and the scope of work isn’t likely to change. The contractor is responsible for getting the job done, and you track progress to make sure they deliver. 

The price is set in advance, giving you budget certainty.

Cost-Reimbursable Contracts

These are used when the scope of work or the costs are uncertain. You reimburse the contractor for their allowable costs, plus an additional fee. 

Time and materials contracts are a common type of this. This approach gives you flexibility when things are still up in the air.

Progress Payments and Change Management

During the contract’s lifespan, progress payments are disbursed to vendors and suppliers. Change management is essential for monitoring alterations, recording their specifics, and formulating a change order.

Different Contract Clauses

It’s also essential to know about specific contract clauses, and what they mean for your organization. Examples are representations and warranties along with indemnification and dispute resolution clauses.

And remember, here in Canada, you’ve got options for resolving disputes: negotiation, mediation, arbitration, and, if it comes to it, litigation. 

Knowing about the Arbitration Act in your province is a good idea. For construction projects, be especially aware of prompt payment adjudication – it’s a quick way to resolve payment disputes. Keep in mind the Supreme Court of Canada has also ruled that contracts are to be handled in good faith.

Top Features to Look for in a Procurement Management System

To find the best solution for your procurement process, a business should first understand the types of features this software can offer. 

Here are some of the more common benefits of an effective procurement system:

Cloud-Based Access

If you’re looking for a fast approval process, there’s no other way to make it happen. Opt for a system that works through the cloud. You should be able to access the platform at any time, from anywhere, and on any device. 

This enables a business to receive real-time notifications, and return with quick approvals, every step of the procurement process. 

For Canadian operations, pay close attention to data residency. Does the provider offer an option to store your data within Canada? This can be crucial for compliance, especially in regulated industries. 

Look for certifications like SOC 2 Type II and ISO 27001, and, if you handle sensitive government information, consider whether the system meets Protected B (PBMM) standards.

Customizable Dashboard and Workflows

Every organization has a different purchase order process. The system you choose should allow a company to customize controls, tailor the dashboard, and mold workflows around its unique process.

Invoice Automation

The accounting software must be able to automate three-way invoice matching. This means verifying and matching the data from purchase orders, receipt notes (GRN), and invoices to ensure there are no discrepancies. 

Make sure the system can flawlessly handle the complexities of Canadian sales taxes – GST, HST, and PST – and that it provides the necessary data for accurate reporting and Input Tax Credit (ITC) claims.

Budget Tracking

An effective procurement management tool will enable a business to make smarter purchasing decisions and speed up the entire approval process. This gives you the right data, at the right time for stakeholders to say “yes” on a budget.

Easy Integration

Your procurement system should allow for seamless integration functionality with third-party accounting tools in Canada. This means you can easily connect existing ERP platforms and keep the workflow moving. 

Supplier Lifecycle Management

Mitigating supply chain risk and managing supplier relationships is one of the primary functions of procurement. That’s why the solution you choose should be able to onboard, monitor, and manage a supplier’s performance at all times. If anything changes, automatic alerts can notify you with current data. 

For Canadians, this includes being aware of regulations related to anti-money laundering (AML) and “know your customer” (KYC) requirements. Organizations like FINTRAC provide guidance in this area.

Customized Visual Reports

In order to drive actionable results, you need to visualize efforts. The most effective procurement management platforms allow a business to extract and generate custom reports. 

Visually rich reports help a business better understand operations and make more precise, data-driven decisions. 

These reports should also provide the information you need for potential CRA audits, giving you peace of mind and demonstrating compliance.

The Five Pillars of the Procurement Process

Whether you are doing business with a vendor down the street or buying goods from across the globe, there are still some universal tenets and standards built into the procurement process. These are called the “Five Pillars” and are as such:

1. Value for Money

It’s not always the vendor with the lowest price that should win the bid. If the lowest price means an inferior product, you may want to think again. The product or service should always present good value for your money.

2. Open Competition

Everyone has a reasonable chance to compete for your dollar. Ensure that the procurement process is transparent and fully understandable. There should be no favouritism toward any bidder. 

Keep in mind Canadian regulations that promote fair competition, including those outlined in the CFTA, especially if you’re involved in interprovincial procurement.

3. Ethics and Fair Dealing

No bribes or gifts should be accepted from potential suppliers. This can muck up the waters of an honest procurement system. 

This is not just good practice as it doesn’t adhere to Canadian laws like the Corruption of Foreign Public Officials Act (CFPOA), which has serious implications for businesses engaged in international dealings.

4. Reporting and Accountability

You must always be able to account for actions and plans. Effective reporting methods must be utilized, and all parties must be held accountable for procurement actions. 

If you’re in the public sector, remember the Treasury Board of Canada Secretariat’s guidelines for federal government procurement. Transparency and accountability are paramount.

5. Equity

Promote business with disadvantaged individuals. Any good procurement policy can play a bigger part in the development of a better economy and diverse community. 

In Canada, this includes actively supporting supplier diversity initiatives, with a particular focus on Indigenous businesses. Refer back to the Procurement Strategy for Aboriginal Business (PSAB) and the Truth and Reconciliation Commission’s (TRC) Calls to Action – they provide a strong ethical and practical framework.

Yes, the existing text of “Why Managing Procurement is Important” should be adjusted to create a smoother flow and better integrate the new subsections. Here’s a revised version of the entire section, incorporating the subsections and making necessary adjustments:

Why Managing Procurement is Important

Managing the procurement process is typically divided into four major components: 

• Planning
• Selection
• Administering
• Closing

Procurement is one of the most critical systems in business because it deals with the obtainment of resources. Without the procurement process, your company would have no materials or tools to work with. It is a strategic function that works to improve profitability on all fronts. 

Procurement activities help a business to: 

• Reduce material prices and costs
• Identify better sources of supply
• Keep operations running smoothly
• Ensure all items and services are properly acquired
• Save time and resources
• Maintain a good relationship with suppliers

In essence, everything during the procurement lifecycle serves to increase the bottom line. Proper procurement ensures all projects and processes can proceed efficiently and have the resources to achieve success. 

In Canada, consider how well-managed procurement can contribute not only to your company’s success but also to the overall strength and competitiveness of the Canadian economy.

Conversely, think about the potential negative impacts – project delays, cost overruns, or even
compliance issues – that can arise from poorly managed procurement within the Canadian context. And public sector procurement accounts for a substantial percentage of the GDP.

Make-or-Buy Decisions

A key part of managing procurement effectively is making smart make-or-buy decisions. This means deciding whether to contract out work to external suppliers or to do it in-house with your own resources. 

You need to consider factors like cost, the scope of the work, and your project schedule. Sometimes, leasing equipment or materials might make more sense than buying them outright. 

Make-or-buy analysis helps your procurement team make these important strategic decisions, leading to cost reductions and improved project efficiency.

Finding and Choosing Suppliers

During this stage, your procurement team puts the plan into action and gathers bids from potential suppliers. It’s where the rubber meets the road. Your internal legal team should guide the procurement team on how to evaluate the different options and negotiate those crucial procurement contracts. 

Once a vendor is selected, your procurement team negotiates and signs a contract, spelling out all the details: price, quantity, and delivery timeline. The process wraps up with a purchase order – that’s the official document that outlines the terms of the agreement.

Tracking Results

In managing procurement, it is essential to track progress and measure results. A few Key Performance Indicators you can track are how much you are saving on costs, how quickly it takes to finish the process, and how well your suppliers perform. 

You’ll also want to build solid relationships with your suppliers. Think about classifying them in terms of how critical they are and creating a plan for managing your relationships.

If you are working in the Canadian public sector, the government has systems to track vendors’ work, where they may get graded on performance or even face actions if they do not keep up with the contract. 

Best Practices for Procurement Management in Canada

Moving from theory to practice, how can you actually improve your procurement processes in Canada? It’s about more than just understanding the regulations and challenges, but about implementing concrete strategies that deliver real results. 

To really excel at procurement in the Canadian context, here are some best practices to keep in mind:

• Establish clear procurement policies and procedures and make sure they’re well-documented and communicated to everyone involved.
  
• Embrace cloud-based procurement solutions. They’re the key to automation, efficiency, and getting a clear view of your spending.
  
• Prioritize data security and compliance with Canadian regulations – PIPEDA and any relevant provincial privacy laws are crucial. Pay close attention to data residency requirements.
  
• Develop strong supplier relationships and actively manage vendor performance. Use data and regular communication to drive continuous improvement. Think about categorizing your suppliers to understand who is most critical to your business.
  
• Implement robust contract management processes. Track key dates, obligations, and performance metrics.
  
• Continuously monitor your spend and identify cost-saving opportunities. Techniques like spend analysis can be incredibly valuable.
  
• Foster collaboration across departments involved in procurement – make sure everyone’s on the same page.
  
• Stay informed about changes in Canadian procurement regulations and best practices. This includes prompt payment legislation, evolving standards, and any new government initiatives.
  
• Consider the social and environmental impacts of your procurement decisions. This is about being a responsible corporate citizen. Think about supporting Indigenous businesses and suppliers.
  
• Consider the entire procurement lifecycle and how everything connects.
  
• Always work to improve the procurement process. Find ways to do better and keep up with best practices in the field.
  
• You should also make sure to stay up to date with and utilize the best technology.
  
• Find ways to get and keep skilled procurement professionals.
  
• Always make sure to comply with Canadian regulations, focus on ethical practices and consider the diversity of your suppliers to do what is best for Canada.
  
• Keep data secure and private and make prompt payments.
  
• Be sustainable in your practices.

Cost Savings Strategies in Procurement

Optimizing costs is at the heart of effective procurement, and several strategies can help you achieve significant savings. But it’s not just about finding the cheapest supplier – it’s about taking a holistic approach to managing your spending and maximizing value. 

Let’s explore some key strategies to improve your organization’s bottom line:

Spend Analysis to Optimize Cost

Spend analysis is all about understanding where your money is going. It is a process that identifies procurement savings opportunities. 

Finance analysts review data from invoices, contracts, receipts, purchase orders, and other sources and use those insights to optimize spend allocation and negotiations. 

It’s like shining a light on your spending patterns to find areas where you can be more efficient. You can try techniques like Pareto Analysis to find which suppliers account for most of your spending.

Digitize and Automate Wherever Possible

This one’s a no-brainer. Digitizing and automating your procurement processes saves valuable time, reduces administrative costs, and boosts efficiency. Think about automating workflows with digital invoices – it helps you keep track of all your purchases in one place and easily review your spending history.

Build a Vendor Lifecycle Management Program

A vendor lifecycle management program is about building strong relationships with your suppliers and getting the most value from those relationships. It helps you monitor their performance by collecting and analyzing data on past purchases. 

This information then lets you identify your top-performing vendors – the ones delivering good value and quality service – and potentially award them more business or negotiate even better terms.

Other Strategies to Consider

While the above methods are important, a full-fledged cost-savings approach goes even further. Dig deeper and consider all aspects of your procurement spending by exploring these additional strategies:

• Total Cost of Ownership: Make sure to examine the total cost, from start to finish.
• Negotiation: Look to find savings beyond just the initial price, working together with your suppliers to find mutual benefits.
• Tax Optimization: Find ways to reduce and recover taxes.

Automating the Procurement Process

The ultimate goal in modern procurement is to automate as much as possible. The more remedial tasks you can “set-and-forget”, the easier life will be. 

Manual procurement management is rife with things like: 

• High processing fees
• Uncontrolled costs
• Messy management processes
• Lost or misplaced documents
• Sluggish approval cycles
• Missed discounts

Additionally, supplier relationships can suffer from late payments, poor management, and inefficient dispute resolutions. Relying on manual tools creates an inaccurate and non-uniform process that causes leakage of revenue, missed opportunities for growth, and outright theft. 

For Canadian businesses, particularly in the mid-market, these inefficiencies can be especially challenging. Think about the time and resources spent on manual invoice processing, chasing approvals, and dealing with the intricacies of Canadian sales taxes.

More than adding convenience, automating these keeps businesses alive and growing in a competitive landscape.

The Future of Procurement

As technology advances within Canada, digital procurement techniques are becoming increasingly popular. Not only do these tools cut down on errors and delays, they help skilled buyers do their job more efficiently. 

Data storage systems and low-cost cloud computing are completely reshaping the procurement management process. Today’s shifting landscape allows for more advanced cloud and mobile capabilities, while the IoT (Internet of Things) is exponentially changing the way daily business operations are conducted. AI and machine learning also help streamline processes even further.

Relevancy means staying abreast of these new technologies to determine the best course of action. 

To prevent the ubiquitous loss of time and money, organizations need to integrate all procurement functions, track purchases, control spend, and develop an environment that leverages supplier relationships and stimulates growth. 

Taking Control of Your Procurement in Canada

Effective procurement management is no longer a luxury for Canadian businesses – it’s a necessity. By embracing automation, understanding the unique regulatory landscape, and prioritizing strong supplier relationships, you can transform your procurement function from a source of potential problems into a driver of efficiency, cost savings, and sustainable growth. 

Learn how to streamline your PO processing, vendor onboarding, and invoice workflows, and how to handle multi-entity, multi-currency, and multi-subsidiary accounts payables by exploring Tipalti’s Procurement Software Automation.