Benjamin Franklin famously said, “Beware of little expenses; a small leak will sink a great ship”. While companies do not realize the little expenses they incur in the traditional procurement process, it is possible that these expenses will increase over a period and hence, might lead the company in an ocean of red.
Time and Operational Cost Savings
The purchase to pay (P2P) cycle is long and complicated when done manually – right from acquiring raw materials, selecting the right vendors and creating a requisition to the final payment. At times, a lot of money goes unaccounted for in this complicated cycle. Further, the approval process can go on for days which leads to a waste of time. Even when the approval process is done, it takes ages for materials to be delivered i.e. the lead time is high.
The problem with traditional procurement is that there are processes and operations in the purchasing cycle which are redundant, tedious and have reached a point where it screams automation. Due to these problems, companies might lose out on their competitive advantage. If this is of relevance to you, Eyvo’s eProcurement solution can help and add strategic value to your company. Not only this but, being backed with innovation through automation will be an added advantage.
Automation can help your company free up a lot of time and will boost innovation. Innovation brings about a lot of change and promotes creativity which leads to business results. Along with innovation, automation can lead to cost and time savings and efficiency in your organization. Incorporating an eProcurement software in your organization to streamline the purchasing process will only lead to better efficiencies – be it time, cost or performance.
There is abundant scope for savings and, we can help you to bring down costs in the procurement cycle. The primary intention of your savings through our eProcurement software is to reduce costs, decrease the prices of the products and build on supplier terms.
How can Eyvo’s eprocurement solution help you save?
- Increased Spend Visibility / Transparency
We help you to keep an electronic record of every spend that has happened in the procurement process, which makes it easier to track that spend and know exactly where the money has been spent. We also make it effortless for you to analyze reports, which ensure that the procurement procedures are done correctly.
- Reduced Costs
Because the traditional procurement process was so complex, duplicate spending was common. Also, volume buying was not planned and hence, led to wastage. With our eProcurement software, everything is transparent and there is a record of even the smallest of spends.
- Higher Productivity
With Eyvo’s eProcurement software in place, automation will save a lot of time. Since everything is stored in our system, looking for information of suppliers and comparing them is seamless.
- Less room for Error
The presence of human error in the traditional process was high as one person did all the work. Our eProcurement software makes the entire process uninterrupted and hence, it becomes easier to check for errors as our system prompts if there is any problem whatsoever.
- Lower Lead Time
Since the approvals happen within a matter of minutes, the purchase order is created on time and received by the supplier immediately. This means that, with our software, the lead time is significantly reduced and the transaction speed is increased.
- Unnecessary purchases will be avoided
Repeat orders are common in the traditional process. With our eProcurement software in place, all the purchase requests are consolidated and there are no repeat orders created. This makes sure that only necessary purchases are made.
- Better handling of stock
It is essential that the inventory is reviewed on a timely basis. Our eProcurement software notifies you when the inventory has reached the re-order quantity and hence, helps to keep a better tab on stock levels.
Most organization’s objective is to add value to support its overall strategy. An eProcurement software should be able to help your organization to reduce costs and improve efficiencies which will impact your bottom line.
By streamlining all aspects in the procurement process, saving time and cutting down on costs, Eyvo’s eBuyerAssist software will be saving money for your organization all around.
Contact us for more information!