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Digital Procurement = Digital Efficiency
Do you feel the need to digitize your supply chain management processes?
Do you feel the need to reduce the resources you are manually engaged with to avoid errors and inaccuracies?
Do you want to have your finger on the pulse of your procurement at all times?
We are certain the answer would be a solid YES !.
In today’s corporate world, the most valuable commodities are time and manpower. Companies would greatly benefit from the ability to integrate all of the data from their suppliers and customers while handling their internal approvals in real-time to optimize their procurement cycle.
The supply chain industry began to call this new change ‘Procurement 4.0’ as it revolutionizes the administrative and operational aspects of the end-to-end supply chain. There are many write ups about Procurement 4.0 from consulting companies to procurement companies. One recent book may be a good read: Procurement 4.0: A survival guide in a digital, disruptive world By Alexander Batran, Agnes Erben, Ralf Schulz, Franziska Sperl
Current market trends have well established that digital procurement is greatly beneficial to companies to reduce internal costs by procuring items, services and contracts at the best price available, improving supplier and customer experience while increasing the efficiency of internal and external users.
We, at Eyvo continue to see a considerable shift in the industry with chief procurement officers approaching us wanting to move away from the traditional methods of procuring to digitizing their business needs. In reality, every department works in tandem with other departments and streamlining processes and communications on a transparent standard platform will result in financial gains.
It’s easy to see the spectrum of tools that Digital Procurement brings to the table. Some key elements that will lead to the optimization of resources are:
- Integration of all data between the physical and digital worlds to be used proactively
- Reduction of lead times
- Reduction in inventory costs
- Increased collaboration between suppliers and customers
- Standard platform for all vendors irrespective of brand visibility, size, etc.
- Elimination of unnecessary paperwork
- Transparency in communications and deals
The increased output with the use of these tools leads to Digital Efficiency. Procurement 4.0 is rapidly taking over the way the processes are managed to reduce overheads and use existing resources more efficiently.
We also understand that the requirements of all organizations are not alike and the operational challenges are industry specific. This is where we, at Eyvo step in with customized solutions that can be incorporated into the existing system. Integration with ERP systems is another function that would tie up the end-to-end supply chain.
We feel it’s time that companies are encouraged to adopt the technological advances to meet their procurement needs and keep in line with others among the ever increasing competitive landscape. You just need to take the first step towards complete Digitization.
Contact us so we can guide you on this journey.