The Cloud Procurement Era

Cloud-based technologies are gaining pace with digital transformation taking place. Computing services such as servers, databases, storage, networking, security and intelligence on “the cloud” pose faster innovation, flexibility, agility, and scalability. They are gaining popularity as they are being widely used. Their demand comes from the fact that they reduce costs and can deliver a wide array of services from stripped-down resources to full-fledged applications.

Technology has moved on from being a tool for simplifying processes to becoming the driver of growth in most organizations. It has defined new ways within organizations like giving rise to cost-effective processes which in turn, leads to manual processes being automated and other futile tasks to be eliminated.

Having said the above, let’s get to know what this technology is and what importance it holds in procurement.

What is Cloud Technology?

Cloud computing is a term for anything that involves delivering hosted services over the internet. These services are divided into three categories i.e. Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS).

Cloud technology is a hosted service that has the ability to rent the computing resources on the “pay as you go” model. It also hosts softwares which can be accessed from anywhere and reduces the need for physical infrastructure.

Having something on the cloud means that you can store data and programs remotely. All you need is an internet connection. The files on the cloud are distributed across remote servers and accessed through the internet.

Cloud services are used to build and deploy applications, simplifying scalable computing needs or the creation of virtual machines on demand. These various services are available on-demand and nearly infinitely scalable to meet a client’s needs.

Now, you do not need to have multiple software programs on multiple computers. All you need is one application login and it is similar to signing into your Gmail Account.

Why Cloud Procurement?

All around the world, organizations are looking to save as much time and money as they can and instead, are focusing on innovative activities to benefit from in the long run. Organizations are now flocking towards cloud-based procurement to simplify processes even further which will give them unmatched transparency.

Working on the cloud gives companies the flexibility to work anywhere, anytime at the lowest cost possible. Further, the users of this technology have little to worry about as the service is fully managed by the provider. All the users have to have is access to a high-speed internet connection.

Benefits of Cloud-based Procurement

Companies expect cloud technology to ease processes and generate new functionalities and competencies which are easier to develop and adopt. Let’s look at its importance.

Cost-effective

This is probably the primary reason as to why cloud-based procurement is sought after by many organizations. However, it is not the only reason. While moving to a SaaS procurement solution, there are no hefty investments or high maintenance fees. This allows organizations to easily streamline their procurement processes and expand their technological capabilities while still keeping a check on their operational expenses as companies pay for only what they use.

Scalability

Technology and start-up companies are in a perfect position to adopt cloud computing technologies. They can start small with few components on the cloud and expand as their business grows. They have the cost under control and can plan business with ease knowing the computing power they need is available at the click of a button.

Optimization

Technology helps to optimize the application with its load balancing architectural feature to avoid overload of any single resource and minimize response time. Instead of running the program on a single component, load balancing helps the application take advantage of other available resources by expanding the architectural reserves.

Greater Visibility & Transparency

Cloud technology usage allows for transparency in spend and complete control over other procurement activities as well. With a SaaS procurement platform, companies can view reports and generate insights at the click of a button, at their convenience.

User-friendly

Companies can access everything at their fingertips, wherever they are at any point in time. Since a cloud-based platform is flexible in nature, it can be adapted as per specific needs through customization.

Above all these benefits, businesses can handle the entire P2P cycles, which include – sourcing, invoicing, contracts, purchasing, goods receiving, etc. – efficiently, without taking up much time.

Using cloud-based platforms will allow the organization’s total control overspending. Modern-day procurement in combination with the cloud will allow for an efficient and organized system. This will help to keep your companies’ costs under control, monitor your suppliers and the risk that comes with it and finally, reduce the manual tasks in the entire P2P cycle which were time-consuming.

How can Eyvo help?

SaaS has truly made it easier for businesses and organizations in all industries to be more productive. Eyvo offers a fully integrated cloud-based SaaS eProcurement system – all hosted at our data center.

Our eProcurement system can help you to streamline your business processes while saving money at the same time. We have clients who have been using our SaaS solution for years. Their feedback has helped us improve and adjust accordingly.

Eyvo has experience in the cloud-based technology space since it started gaining recognition and we would be happy to provide services to you.

Contact Us to get in touch!