E-Procurement is a process of purchasing goods through electronic means. It significantly adds to the efficiency of the purchase process and also lowers the operational cost involved in traditional purchasing. E-procurement software can be used by businesses, government agencies, and universities to reap the benefits of cost-effective purchasing.Does my Business need it?
If you want to cut down your operational costs and enhance purchase department efficiency, then yes!
Electronic procurement takes cares of all phases of the business cycle. The software makes the process of identifying vendors or suppliers, placing orders and the arrival of goods extremely easy. Various studies indicate that a firm can enjoy returns that may measure up to 300% of the initial investment, in just three years.
eProcurement Cutting costsAll businesses require making purchases at various points. Whether you deal in fabrics, or run a large automotive organization, even small errors in the purchasing process can adversely affect your business. Adopting automation at various stages of the supply process can help maximize e-procurement benefits to your company.E-Procurement: It’s not just about saving money!
Switching to E-procurement would not merely cut down the costs of your business. What you will get is a simplification of the whole process. The process lets you communicate your business’ optimized plans to the suppliers, quickly and effortlessly.
E-Procurement in a nutshell: Reduction of overheads, efficient control of inventories, significant improvement of the manufacturing cycle
Help Your Business Grow: Choose E-Procurement
Despite the obvious advantages of using this sophisticated technology for a better purchasing process, many organizations continue to use age-old paper based method for ordering goods. Using these antiquated methods results in unwarranted delays in ordering processes, accountability and cost overrun problems.
Using an e-procurement platform will not only overhaul the whole process, but also let you focus on core business matters. With an efficient platform in place, you would be able to spend time and energy on offering a better system to your stakeholders.Major Areas where E-Procurement Helps your Business
Apart from cutting down costs and offering you an easy approach for making purchases, there are three major areas the software is advantageous for.Better and Organized Process
Instead of using old paper method, utilizing Procure to Pay (P2P) creates an efficient set of business rules. It lets you create and manage business procedures and control points in a better way.
Requisition to Purchase cycle times can be lowered down from weeks to a matter of months.Contract Compliance
A major issue organizations face is a shortage of suitable means and reporting capabilities so that they can put their full potential to use. This makes it difficult for them to focus their constituents in using their sourcing contracts. Though, the employees are under pressure to cut down costs and keep a good check of the spending, they lack the proper resources.Keeping track of Expenses
E-procurement platforms let you keep track of spending with the proper reporting engine. The tool helps analyze spending patterns and let you know which the vendors doing well in the market.
Switch from paper to an E-procurement tool, and be in a better position to negotiate with your vendors.
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