Can Industry Focused Solutions Save Procurement
Prior to 2020, supply chain operations was a business function that primarily operated in the background. Businesses worked with their pre approved vendor list, placed orders, tracked shipments, paid invoices, and tried their best to renegotiate for the lowest process possible at renewal time. The VP of Procurement continuously strives to shave off 4%-8% of spend, but the CFO rarely sees it on the bottom line.
Enter, 2021. As businesses large and small search for ways to reduce costs and optimize company-wide performance, procurement takes the stage as a top contender for reinvention.
However, taking on a procurement revamp initiative is not an operational and financial strategy only reserved for the Fortune 500. With supplies representing 80% of a company’s cost,  businesses of every size and across every industry realize there are more efficient and cost-effective ways to run the company. And why not start with one of the largest expenditures, supplies.
While the procurement department can potentially be the pot of gold at the end of the rainbow, organizations must remember the supply chain is a highly traditional model with the scales tipped slightly in favor of the distributor. In the same breath, the industry is ripe for disruption and technological innovation.
Anyone, from the CIO to a Procurement Manager, has the opportunity to look at sourcing, procurement, and payment with a fresh lens and find solutions that bring comprehensive visibility and accountability to an integrated and essential business function.
The one-way sure-fire way to start is to find a single solution that covers each area of the procurement life cycle – sourcing, procurement, and payment. There are clunky software solutions out there that service one or two of these areas. Still, in the end – companies need a platform that understands industry-specific nuances - and is easy to use and scale regardless of the number of offices or locations.
A one size fits all model may work in project management or accounting software. But, sourcing, procuring, and paying for supplies in a highly regulated industry cannot be solved simply by reskinning an existing product. Organizations need a partner that understands distributor negotiations; how to source supplies that meet regulatory requirements; empowers employees with the freedom to order what they need when they need. And, more importantly, give executives the visibility they need to stay on budget across the entire enterprise while paying for supplies that actually arrive.
Ignoring these details is not only costly to the organization but can eventually lead to employees resisting adoption and reverting to older habits ultimately reducing revenue and valuable resources.
However, one space that seems to be coming around is the dental industry. As dental organizations were forced to cease operations at the height of the pandemic, reducing overhead and improving processes floated to the top of the priority list. Technology adoption became essential, and one industry-focused solution began to stand out – CureMint.
CureMint is a leading procurement software helping dental organizations scale and gain more control over their procurement ecosystem. CureMint has shortly become known as one of the most intuitive and easy-to-use software solutions on the market today. Not to mention it is helping dental offices reduce procurement-oriented task time by 75% while also giving unparalleled visibility into company-wide spending across every office in the organization.
Furthermore, CureMint is empowering offices to become more competitive during vendor negotiations and achieve the lowest prices possible for their businesses with modern supply chain methodologies and company-wide spend dashboards. Even more recently, CureMint released it’s Pay Module that allows for the accounting department and office admins to be in lockstep. AP can approve POs and keep track of invoices while also ensuring every supply was delivered to the right office across the entire enterprise.
From increasing formulary compliance and budget management to providing staff with e-commerce like shopping and shipment experiences, dental offices are embracing and endorsing the solution across the country.
And, with an affordable subscription model to boot, it's easy to see why CureMint may be the front runner as the latest addition to Gartner's Magic quadrant.