4 minute read
Procurement is the process that drives the activities to acquire the goods and services that an organization needs. The primary task of procurement is to provide the right quality and quantity of goods and services in the right place, at the right time, for the right price. It can involve time-consuming, labor-intensive and inefficient activities that can be solved by using e-procurement software solutions.
eProcurement is procurement that is performed online through a web interface or other networked system. It covers a wide range of activities including spend analysis, sourcing, e-auctions, procure-to-pay (P2P) and contract management. Interactions and transactions between buyers and suppliers are automated to increase efficiency and reduce the total cost of procurement.
Creating and sustaining a competitive advantage is essential to outsmart the competition. Investing in e-procurement software solutions is an effective way of achieving this. e-Procurement systems deliver customized solutions providing exactly what you need, nothing more.e-Procurement does more than automate the procurement process, it does it better.
Provide a single platform to manage all procurement activity
Automate repetitive processes
Provide real-time, accurate supplier management data
Improve communication between suppliers, stakeholders and end-users
Streamlines time-consuming contract negotiations
Fewer resources are needed as it eliminates manual paperwork, rework, and errors
Procurement staff can be released from routine tasks such as processing low-value transactions and drafting RFPs and RFQs
Time to concentrate on strategic sourcing projects and improving supplier relationships
Direct savings are made by automating processes that are labor-intensive, reducing the need for human intervention
e-Auctions reduce the cost work of sourcing high volume/low-value items: it’s quick, efficient, and cheaper than conventional quotes
Cost savings come from improvements to workflow by speeding up sourcing events, managing supplier data and performance, and maintaining contracts
Spend data can be aggregated, cleansed and interrogated, and presented on an easy to read dashboard
Analyses can be performed on real-time, reliable information to support decision making and sourcing decisions
Centralized tracking of transactions in the procure-to-pay process enables full reporting on requisitions, items purchased, orders processed and payments made
Control and compliance
Self-service features mean less user support and greater compliance
Standardized approval processes and formal workflows ensure that the correct level of authorization is applied to each transaction
Adherence to policy is improved as users can quickly access contracts reducing maverick purchases
The latest software tools can create and manage these procurement activities:
Supplier data management
Supplier relationship management (SRM)
ProcurePort’s flexible, modular platform facilitates all day-to-day procurement activities. With integrated end-to-end e-procurement, the entire process is workflow-driven, each step flows into the next, no productivity is lost. Our e-procurement platform boosts efficiency and allows you to direct your resources to more strategic initiatives. Contact us today to schedule a demo and discuss your requirements with our sourcing consultants.