The Benefits E-Procurement Can Offer Your Business With E procurement, procurement and supply chain are automated with the help of internet-based software and technology. The computerization makes strategic sourcing efficient, reducing time wastage and costs while upholding policy, quality, and standards. By adopting e-procurement, your company can enjoy multiple benefits, including: Speedy Transactions E-procurement reduces transaction time in numerous ways. With this system, individual transactions are completed more quickly. Office hours are not an impediment to ordering, and human involvement may not even be required in certain scenarios, enhancing the ability to complete transactions in real-time. On the whole, subsequent processes won’t be restricted by delayed completion of transactions.
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Be design, virtual e-procurement portals are based online, so procurement staff is able to search suppliers worldwide. This provides an extended selection of goods and services that are available for purchase, and if any wanted item is not available in domestic markets, organizations can still procure these from international markets. While it is important to take into account time and cost factors when choosing to procure from overseas, it is always good for organizations to conveniently look at multiple supplier options before making the final choice. Enhanced Productivity With e-procurement, it’s easy to automate a range of procurement and wider business process that personnel usually handle manually. This allows employees to spend more of their productive time on more strategically important, core functions. An example is the automation of invoice matching which quickens the ordering, processing, and payment of goods. E-Catalogs The creation of e-catalogs has helped redefine procurement for both suppliers and their customers. To begin with, an e-catalog enables a buyer to browse through the scope of products and services offered by a specific supplier. You’ll also experience transparency in pricing as users can determine the exact price of any product. Also important, you may also review multiple e-catalogs with a view to comparing prices of the same products by various internet-based suppliers. Savings as a Result of Repeat Buying from a Preferred Vendor The ability to buy products from one preferred vendor is a major benefit of e-procurement. Typically, buying from the same vendor that you’ve identified to be in line with your procurement policy results in savings in costs as, usually, quantity discounts are applied. Another benefit of repeat buying from the same vendor as supported by e-procurement is that your organization sources its supplies from a trusted partner. In the long haul, the unit cost savings may be appreciable enough to put your organization at a competitive advantage. If you desire to increase productivity, expand your supplier-base, and cut costs, you’ll find using e procurement software very beneficial.