Can an eProcurement solution really benefit you? The answer is YES with Eyvo!
The advantages of e-procurement have now become even more evident as gradually people have started understanding its concept. The major reasons for numerous companies to embrace e-procurement are to offer visibility to their every day transactions, enhance productivity and offer easier solutions to users to buy supplies and services.Here are a few of the many ways e-procurement can benefit you: Cost Reduction
eProcurement assists in cost reduction for the businesses by leveraging volume, maintaining structured relations with suppliers and through utilizing system improvements.
It helps in reducing external spending while enhancing the quality and supplier performances.
Control internal spending – employee expense management, is a good example
It reduces the chances of errors, rework and paper work.
Through e-procurement, centralized transaction tracking allows complete reporting on payments made, processed orders, purchased items and requisitions – and allows full transparency and auditability.
Ensures proper compliance with established, existing and potential contracts.
It enhances the productivity of the business as internal consumers can attain their desired products from the catalogue which shows the approved items via an online ordering system and requisition.
This reduces the work load of the procurement staff from managing low value transactions and processing orders and instead allows them to concentrate more on strategically sourcing and making improvements on supplier relationship.
Formal work flows and processes of standardized approval ensure the application of precise authorization level on every transaction made.
Compliance towards policy is enhanced as customers can easily locate their desired services and products from their preferred suppliers.
The advantages of e-procurement can be fully appreciated when all processes and systems of managing it are at one place.
Different software tools are used for creating standard procurement documentation like electronic requests for quotation (e-RFQ), requests for proposal (e-RFP) and requests for information (e-RFI). These procurement software solutions are proven ways to source items and create framework agreements offering best prices.
A fully integrated approach of for procurement is required for complete success. Other programs and software provides the structure for the databases of suppliers and management spending as well as keeping vendor information and being an electronic depository for contracts.
The long term cost reduction benefits will enables you to redirect their resources towards more strategic initiatives.
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