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What are the Business Advantages of Deploying E-Procurement?

E-procurement involves the computerization of procurement and supply chain with the support of online-based systems and technology. The automation enhances the efficiency of strategic sourcing, saving time and cutting costs without violating quality, standards, and policy. By adopting e-procurement, your company can enjoy multiple benefits, including:

Reduced Transaction

E-procurement reduces transaction time in numerous ways. The system makes it possible for individual transactions to be completed faster. 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. The overall implication is that downstream processes won’t be delayed by waiting for the completion of transactions.
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A Wider Supplier-Base
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The nature of digital e-procurement platforms is that these are based on the web, allowing procurement staff to look for suppliers anywhere across the globe. This means a wider selection of goods and services is available to organizations, and if any required item is not available in local markets, it is still possible to source it elsewhere. Although it makes sense to consider the issue of time and cost when deciding source from international markets, it is a good thing that organizations have several supplier options to conveniently assess prior to making the ultimate choice.

Productivity Improvements

E-procurement makes it easy to digitize an array of procurement and extended business processes that employees typically handle manually. This allows employees to spend more of their productive time on more strategically important, core functions. For instance, digitizing the matching makes it faster to order, process, and pay for goods.

Electronic Catalogs

The development of e-catalogs has been something of a game changer to both sellers and buyers. Firstly, e-catalogs make it convenient for buyers to view the array of goods and services any specific supplier provides. There’s also transparency in pricing as customers can see what exactly each offer costs. 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 ease with which you can source products from the same preferred supplier is a key benefit of electronic procurement. Ordinarily, purchasing from the same supplier that you’ve determined to suit the procurement policy of your organization can yield cost savings because, typically, quantity discounts are offered. 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 run, the savings at a unit cost level can be substantial, giving your organization a competitive edge.

Utilizing e-procurement software will offer plenty of benefits when you want to enhance productivity, widen your supplier base, and reduce costs.