WHAT IS EPROCUREMENT
What is eProcurement ?
The ‘classic’ explanation is that E-procurement enables the buying of supplies and services over the Internet. It differs from e-commerce (which is generally open to the public to both buy and sell) in that it makes use of a supplier’s closed system typically available only to registered users of the eProcurement platform.
When deployed correctly, a good e-procurement tool opens efficient communication between a company and its a suppliers by creating direct links and bidirectional engagements related to bids, purchase orders and emails.
Managing purchasing efficiently with eProcurement software brings savings to the bottom line
If you are a senior executive in a company that does more than $5m in revenue then you are likely part of the management team of a dynamic organic enterprise – always changing and with a never ending throughput of information and data.
A good eProcurement tool collates and manages that data so that the buying process is smooth and efficient.
- Manage your costs
- Audit your expenses
- Run accrual reports before the supplier invoices arrive
- Understand your cash flows
- Are you out of compliance with you regulatory bodies ? If your suppliers are then you could be.
- Prevent fraud
- Engage your staff and the process becomes transparent
- Find competitive suppliers
- Ease communication between the actors in the buying process
- Manage/accumulate and account negotiated savings
- Never pay for things you didn’t receive or get invoiced for
- and this is just a small snapshot of the buying process we can ease
Additionally because the system is controlling the flow of information and knows where everything is you would never be asked the awkward questions of,
- Why did the project over run ?
- Who authorized that ?
- How did this get by me ?
- Where did we put that contract and who signed it ?
- How long has that been sitting there ?
- Where did our project spend go ?
- Do we obey the 80/20 rule ?
- and the list goes on and on.
If any of this sounds familiar … then Eyvo can help you resolve those challenges.