E-Procurement: The way forward

E-Procurement: The way forward

The Way Forward For Your Business

Business is going global, and with demanding needs for efficiency, digital transformation is key. Businesses that refuse to adapt with the times are very likely to crumble. You may realise that e procurement should be the only way of forward upon analysing things like your existing supplier relations, supply chains, procurement procedures, and cost transparency. Seeing as most businesses now strive to be paperless, here are some reasons for you to consider digitising your procurement efforts.

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Fast ROI

A ProcureCon Europe study found that 36% of procurement managers agree that the electronic procurement process helps bring about a faster return of investment, especially when compared to traditional means. It leads not only to swifter payments in an early stage, but also affords a whole lot more transparency which we’re sure procurement managers would appreciate.

Minimise costs

Businesses who turned to electronic procurement report sizable cost reductions in a span of between six and eight months. An electronic catalogue system is very useful in managing supplier information, while digitisation as a process moves everything along seamlessly by way of automation and standardisation.

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Procedural purchasing

There is already a system in place that dictates purchasing at the lowest of prices. However, when procurement staffs conduct the activity on their own accord, procedures often get passed over. The consequence of this is usually purchasing at higher costs, which initially stem from complicated purchasing processes or missing products. Migrating to electronic procurement will nip this problem in the bud because the benefits will be evident in the form of lower costs and increased value.

Steamlining

Conducting procurement electronically really does save a lot of time, compels staff to follow a particular standard, and reduces the overall margin for human error. It helps you identify redundancies, streamline your business needs, and communicate with your suppliers better. With the nitty gritty taken care of on the digital side, staffs can then focus their attention on more important tasks such as tactical procurements.

Conclusion

With a little bit of training, it is easy to get acquainted with the electronic procurement system. Procurehere (https://www.procurehere.com/) happens to be a simple and user-friendly solution, making it a suitable option for when you are ready to digitise your procurement activities.