Despite the current economic crisis, credit unions are doing quite well. This is perhaps partially due to the fact that many people are less trusting of larger banks after there have been issues with quite a few of them in the past. However, it can be extremely complicated and very expensive to run a credit union. First of all, there is a large volume of sensitive information that must be taken care of. For example, any credit union has the potential to amass a huge amount of paperwork and forms. One way that credit unions can reduce their overall costs is by making the wise choice to take advantage of purchasing and procurement options in the cloud. That begs the question, if a credit union can save so much money by turning to purchase to pay services, why isn’t every credit union out there already taking advantage of this option?
The answer may be as simple as that many credit unions are just not aware that cloud-based procurement software exists or that it is truly a proper option for those in credit unions. More and more credit unions are jumping on board and are beginning the process of upgrading their practices and procedures in order to save money by eliminating heaps of paperwork and printing equipment from their printing budgets. The following information will explain why those who are in a position that involves making decisions regarding purchasing needs for a credit union can wow their superiors by taking action to cut costs dramatically by taking their purchasing needs into the cloud.
Purchase-to-Pay Services For Credit Unions Eliminate the Need for a Purchasing Department
Many credit unions choose to have a dedicated department that is specifically tasked with purchasing duties. For a smaller credit union, this job may be assigned to one dedicated individual who is required to take on all inventory and purchasing needs as they arise. Other small credit unions that cannot afford to hire a specific person to take on inventory and purchasing needs will divvy up the duties between several different individuals or department which can lead to issues like having an excess of some items and a severe shortage of other essential items due to miscommunications between departments. For example, three different individuals may see that the printers are running low on ink and then each person may place an order for ink for the printers. On the other hand, no one may notice that the supply of printing paper is running low, thus creating a situation where there is a surplus of ink but nothing to print on.
Cloud-based purchase to pay services and software can make the purchasing and inventory control process for a credit union much easier to manage. With such a system, any items that are needed are ordered well before they are needed, saving time and money and lessening the amount of headaches overall tremendously. In addition, no one will be blamed for shortages of supplies, making the workplace happier for all who work there.