eProcurement solutions help you do a lot more with the people and resources you have to work with: They help make sure everyone is on the same page, streamlining project management. They make the whole ordering process more transparent for more people in your organization, which naturally helps with cost control. They make it easier for orders to be reviewed and approved from anywhere in the world.
And there’s another benefit of eProcurement: It helps you streamline the way you choose and manage your vendors.Keep tabs on your vendors
Did you ever find the perfect supplier for an item you thought would only be a one-time order, only to need to place a similar order, and then you couldn’t remember which supplier you had used? eProcurement software can help you avoid that problem by keeping detailed information on which suppliers use which items and categories of items.Better vendor communication
With eProcurement, there is a clear “paper trail” (well, an electronic one anyway) from the time the order was placed until it reached you, with a record of any internal communication or communication with the vendor along the way.
If there are problems with product quality or shipping delays, you’ll have a record of this information — and when the vendor knows that you have such a record, the quality of products and service is more likely to improve.Contacts, contracts and compliance
Not only can you store your vendor contacts, so you can quickly find that one vendor you needed three years ago for that one project-specific part, but you can also keep your contracts with each vendor on file if you choose a system that allows for vendor risk management and compliance.
That also helps you to ensure that vendors are keeping to their end of the bargain, which leads to better service and reduces problems with compliance. For businesses and organizations that have to report to agencies such as the SEC, FINRA, OCC, FDIC, CFPB, OSHA or others, this new level of control over vendor compliance can make life a lot easier.
When vendors know that you’re on top of your game and able to assess the value they deliver, they are more likely to deliver more value — not to mention that it becomes easier to place and track the progress of orders. Contact Eyvo today to learn more about our eBuyerAssist eProcurement software and/or our Vendor Risk Management and Compliance solutions.