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The Benefits E-Procurement Can Offer Your Business E-procurement involves the computerization of procurement and supply chain with the support of online-based systems 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 There are several ways in which e-procurement reduces transaction time. With this system, individual transactions are completed more quickly. Working hours pose no restrictions at all to ordering, and in certain cases, human involvement may not be necessary, making it possible 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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Be design, virtual e-procurement portals are based online, so procurement staff is able to search suppliers worldwide. This offers an unlimited selection of goods and services that organizations may procure, and in case a required item is not available domestically, it still may be sourced from global markets. 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. Improved Productivity E-procurement makes it feasible to computerize a group of procurement and wider business tasks that staff usually take care of manually. This makes it possible for staff to use more of their productive time on key functions with more strategic importance. For instance, digitizing the matching makes it faster to order, process, and pay for goods. E-Catalogs The creation of e-catalogs has helped redefine procurement for both suppliers and their customers. For starters, e catalogs make it easier for buyers to browse through the range of products and services any particular vendor offers. 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 capability to source products from the same preferred supplier is a significant advantage of e-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. Over the long term, the savings at a unit cost level may be massive, providing your organization with a competitive advantage. Relying on e-procurement software will introduce many benefits, including productivity enhancements, savings, and expansion of your vendor-base.