Benefits Of An eProcurement Solution

eProcurement assists in cost reduction for the businesses by leveraging volume, maintaining structured relations with suppliers and through utilizing system improvements.

It helps in reducing external spending while enhancing the quality and supplier performances.

Control internal spending – employee expense management, is a good example

It reduces the chances of errors, rework and paper work.

Through e-procurement, centralized transaction tracking allows complete reporting on payments made, processed orders, purchased items and requisitions – and allows full transparency and auditability.

Ensures proper compliance with established, existing and potential contracts.

It enhances the productivity of the business as internal consumers can attain their desired products from the catalogue which shows the approved items via an online ordering system and requisition.

This reduces the work load of the procurement staff from managing low value transactions and processing orders and instead allows them to concentrate more on strategically sourcing and making improvements on supplier relationship.

Formal work flows and processes of standardized approval ensure the application of precise authorization level on every transaction made.

Compliance towards policy is enhanced as customers can easily locate their desired services and products from their preferred suppliers.

The advantages of e-procurement can be fully appreciated when all processes and systems of managing it are at one place.

Different software tools are used for creating standard procurement documentation like electronic requests for quotation (e-RFQ), requests for proposal (e-RFP) and requests for information (e-RFI). These procurement software solutions are proven ways to source items and create framework agreements offering best prices.