Paramount WorkPlace Review

Complete visibility over company data

With Paramount WorkPlace, you can automatically track and manage purchase orders, complete with documentation about revisions, approvals, and more. You can view a dashboard of purchase order data, so you always have an insight into PO authorization compliance. Its powerful reporting metrics allow you to choose from more than 15 charts, then export your data and use this to optimize your operations. When dealing with vendors, the tools allow you to compare committed amounts and quantities against contract budgets. You can also compare quotes by delivery date and price to ensure you get the best possible deal for your company.

Improved control of corporate expenses

The advanced budgeting engine of Paramount WorkPlace allows you to configure budgets for strict compliance and create approval rules when purchases exceed your company budget. With its dynamic rule engine and approval workflow, you can set up an unlimited number of approval rules such as entry rules, position-based approvals, variance tolerances, and more. This lets you create a level of control as you see fit for your organization. To control company spending, Paramount Workplace also can be configured to let requesters know when their request exceeds the budget and allow approvers to check the status of the budget.

Reduced processing costs

Paramount WorkPlace has punchout capabilities, so you can directly order from your preferred supplier’s catalog from a website they maintain for you. Once you check out the item, the order information is pulled into your requisition, which speeds up the ordering process. It also allows you to enjoy lower procurement costs as you buy from catalog items using vendor-negotiated pricing. Moreover, it has a vendor self-service portal where vendors can submit invoices, respond to requests for quotation, and update their contact information. By supplying this information themselves, your payables team eliminates duplicate entries and avoids manually keying in information, which translates to reduced internal processing costs.

Simplified onboarding for procurement staff 

The Paramount WorkPlace user interface is designed with a modern look and feel that aid organizations in promoting the tool’s adoption. It was built for easy navigation and is capable of fast page-load times. It also features lookup suggestions so users can accomplish data entry quickly. With context menus, you can hide secondary actions until you need to access them. All these features help users learn the tool faster so they can embrace it while reducing the need for intensive training for new users.

Real-time integration with your ERP

With spend management integrated into your ERP, you can get real-time updates to your item stock levels. You can then order, fulfill, or transfer stock between inventory locations and even automatically create requisitions to replenish inventory. Paramount WorkPlace also gives your requisition and procurement users a convenient way of requesting new vendors while keeping a list of approved vendors within your accounts payable system. The vendor addition and approval process is easy and intuitive and gives you the benefit of achieving greater efficiencies within your procurement process.