A tier-two automotive parts supplier processing 3,000 purchase orders per month discovered during a customer audit that it could not trace the approval history for 40% of its procurement transactions from the previous quarter.
The orders had been placed, the parts had been received, and the invoices had been paid. But the trail of who approved what, when, and against which budget was scattered across email threads, spreadsheets, and verbal confirmations that nobody had documented.
The audit finding did not result in a financial loss. It resulted in something worse: a conditional rating that put the supplier’s preferred status at risk. [Read more…] about How Procurement Automation Creates Audit-Ready Supply Chains in Manufacturing
