It’s time we considered Digital Procurement as a strategic investment!
eProcurement has been a decorated term in the procurement industry for quite some time now. And yet, there are organizations that consider this change as an expense.
We have spoken, written and emphasized multiple times about the transition from traditional procurement to digital procurement. While we understand that the transition process can get complex, we also think that this change is inevitable.
This change is dependent on the requirements pertaining to your organization. However, if your company is one of those who have been avoiding it, then it is time to retrospect.
There could be a few reasons why your company has taken the time to adapt to digital procurement. One of them could be – eProcurement is considered an expense rather than an investment.
We know the benefits eProcurement comes with and our industry has even been talking about it a lot. But we are missing the bigger picture. And that being – digital procurement is essentially an investment and not an expense.
Benefits of adopting digital procurement
At this point, it is a well-known fact that eProcurement comes with a plethora of benefits and it can help boost the profits of an organization. Let’s do a quick recap, nevertheless.
- Increased productivity & efficiency
- Spend transparency & visibility
- Reduced costs
- Time savings
- Standardized buying process
- Effective spend analysis &reporting
- Approval workflows
The above benefits are just the tip of the iceberg. The list can get longer with changing technologies and the growing importance of digital procurement.
Hidden benefits of digital procurement
While the obvious benefits take up most of the limelight, the hidden benefits are actually the ones that deserve it. We are not saying that the obvious benefits do not matter – of course, they matter! What we are saying is that they are a part and parcel of eProcurement.
The hidden and more important benefits are often ignored and given less importance. A good eProcurement system is the one which has the obvious benefits as well as the hidden ones.
The following are the hidden benefits:
- Innovative procurement teams
- Improved supplier relationships
- Risk management
- Integration of technologies
Eyvo’s eProcurement software
Eyvo’s eProcurement system offers it all. We have a dashboard that gives an overview of your spending with detailed reports for you to download. The insights an organization gets because of this are invaluable and are normally missed by many without an efficient system.
This and many other reasons make eProcurement an investment rather than an expense in this competitive industry. Eyvo is experienced in the eProcurement industry for over two decades and hence, we are equipped with the recent technologies to give you the best possible service.
Eyvo’s research and development team are updated with recent happenings in the industry. Our software is always up to date with the latest technological updates.
We focus on providing our customers with the best user experience and hence, work on constantly improving our system through their feedback.
Digital procurement is essential for steady growth and positive bottom-line profits. It is essential that your company chooses an eProcurement solution that is efficient enough to fulfill not just the obvious benefits of digital procurement but also the hidden benefits.
Switching to an eProcurement solution is the need of the hour and will do more good for your company than bad. The view of it being an expense should be changed to it being an investment instead.
Most organizations view this change to be more tactical than strategic i.e. it is considered to be an expense and not an investment. Deploying a solution like ours will help your company grow exponentially.
It is essential that this move is seen as a strategic one affecting the overall growth of your organization. This will help in achieving strategic long-term goals and not focus on just cost savings.