Essentials Of An eProcurement System

One of the procurement goals of an organization is to find a system that offers real-time data and is cost-effective. Orison Swett Marden says, “A good system shortens the road to the goal”.

A good system could mean various things to various people. There are two types of companies as we see them. One is the kind that uses traditional methods of procurement and seems satisfied with it. The second kind are the companies that have gravitated towards disruptive procurement and have embraced the benefits that come with it. The number of companies that have progressed to eProcurement have increased with time and are constantly on the rise. During this phase of transition, many companies seek eProcurement applications that can offer the maximum benefits to them that mirror yet simplify their current practices.

A prerequisite of any eProcurement platform would be seamless purchase-to-pay functionality. Within this, we feel that there are five essentials that a ‘good’ system must possess.

Approvals (functionality)

We all know that a procurement system is effective when various departments and individuals work in tandem. This means that there is always an approval matrix that is followed before an actual order is sent to a supplier. Approvals can be simple in some organisations wherein a few select people approve or complex in some cases where different orders demand different approval systems to be in place.

At Eyvo, we understand the need for various levels and real-time approvals. Along with that, we also offer our customers the option to create their very own approval matrix specific to their needs.

Budgets

Cost savings and budgets go hand in hand. Every company sets aside budgets that are created based on forecasts, analyzed, reported and reviewed from time to time. This helps give the management a clear idea of the bottom-line profits or in some cases highlights loopholes to be fixed. Without a transparent view of budgets, companies can spiral downwards quickly.

Eyvo’s platform offers budget entries on the order header as well as the order line items and has integrated checks before a purchase order is issued. Real-time budget analysis reports give the management the bandwidth to review and keep checks where needed.

Flexibility

Procurement is rightly associated with purchase costs and suppliers. However, an eProcurement application must have the ability to adapt to the changes in a corporate environment or the supplier’s way of working or the ever-emerging business trends. The inability to do so will result in a stagnant system wherein the company may grow and evolve without the technology progressing in a similar fashion.

At Eyvo, we constantly engage with our customers for feedback to offer better features as well as keep ourselves abreast with the latest technologies.

Innovation

Innovation in procurement would mean to constantly bring something new to the table. To offer more to customers to make their user experience more interactive and intuitive. This is always a continuous process and every eProcurement platform must upgrade itself.

We at Eyvo, over the years, have upgraded our platform with new features, modules, and customizations and have always received very welcoming reviews from all our customers worldwide. We continue to strive on this journey of innovation and product development.

Support

All of the above is something that happens in the background and is only visible to the customer in terms of added functionalities and features. What is visible though and what we pride ourselves for is 24/7 support round the world. Whether it is queries that customers have or changes that are needed etc. all need to be addressed promptly for an amazing customer experience.

Eyvo incorporates all the procurement essentials and is always passionate to offer the best to all our esteemed customers.

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