Establishing an e-procurement process
Today most procurement process teams are struggling to keep up with the increasing market changeability and sustain over their competitors. However, most of them are still stuck with older, legacy ERP systems which hold them 10 times back from the rest.
an e-procurement software that rides on flexibility can help procurement managers to meet all their policy requirements, and help them to grow. If you’re one of those incredulous procurement professionals who are skeptical about how an e-procurement company can produce real benefits to the bottom line, you are at the right place.
What is eProcurement?
E-procurement is a business-to-business (B2B) system in which business transactions such as the acquisition and selling of products and services are carried out by using the Internet.
Here are the 8 key benefits of the e-procurement system:
Mitigate procurement risks
With the need to do more with fewer increments, procurement process leaders are trying to figure out a way to control costs and moderate risks while trying to cope with an outdated procurement system. To handle this challenge, teams need to move and get away from outdated, manual processes that lack the power and improve efficiency and increase savings. The pandemic has become a real challenge for a lot of us. businesses have to take risks and a lot of companies had no solution on how to tackle the situation and now they are not in the market.
Automated procure-to-pay software like Kissflow’s Procurement Cloud can reduce the risks, processing time, and cost, freeing the procurement team to focus more on human-centric tasks. Irrespective of an organization’s size, it enables businesses to buy smarter, modernizes their purchase-to-pay cycle, and moderates supply chain risks.
With impeccable collaboration, an e-procurement company enables a swift and trustable exchange of updates and documents, which can reduce the operational risk of duplicate payments and off-catalog purchases. What’s more, its dynamic rule engine can actively enforce policies to ensure that buyers will go by budgets, processes, and product restrictions.
Break down data silos
Procurement processes usually revolve around an order of stakeholders like requisitioners, vendors, finance teams, procurement leaders, inventory managers, and more. quality of procurement processes is impacted by disparate systems and data silos causing a lack of clarity and disconnect resulting in dissident spending, long procurement cycles, and missed opportunities.
However, when all transactions, communication, and critical concert happen in an e-procurement solution, all purchasing-related data stays in a single interface.
Bring underperforming suppliers up to speed
we have seen that procurement managers don’t have the time to track supplier performance manually. Infrequent feedback and manual evaluation of supplier performance demand a considerable amount of data maintenance and it leaves a huge burden on the purchasing department. Failing to know the poor performance of suppliers can end up leaving a negative effect on the business. with an automated vendor master that collects, stores, and displays up-to-date, suitable information about vendors, products they offer, and their performance, procurement leaders can finally break up with spreadsheets and paper. Businesses can analyze productive supplier data to recover deeper insights, identify purchase risks, spot opportunities, and negotiate better deals.
Avoid invoice delays and duplicate payments
One of the more complex types of evidence is matching an invoice and the related documents in the procure-to-pay lifecycle. The pricing and terms on an invoice should same as those mentioned in the purchase order and the goods receipt note. Through automation, manual work can be reduced by way of matching such as cost, accuracy, and time which is generally performed manually
Eliminate dark purchasing
When procurement is handled manually, stakeholders have doubts about who is requesting what and why. This leads to expenses incurred outside of established practices like excessive or unnecessary purchases, submissions to unapproved vendors, and more.
Organizations can enjoy a wide range of benefits by addressing inherent procurement risks and taking the first step on a journey to transparency. With an ideal procure-to-pay solution, stakeholders can allow them to see what’s going on at every level of their supply, enabling them to anticipate and prevent burst situations before they occur.
Empower your suppliers with self-service
In the past, we managed supplier data manually. It is a waste of time for both vendors and the procurement department when vendors have to go to the procurement department for every small clarification. an automated procurement experience using a vendor portal makes their lives easy by offering them more visibility into the status of payments while giving buyers more control over the communication itself.
Remove approval bottlenecks
A procurement system that depends on too much manual interference and spreadsheets and emails is subject to human errors and associated risks. an effective procurement tool, on the other hand, will address such purchase risks with compel accountability and role-based accessibility, protecting sensitive information and restricting private information to relevant stakeholders while keeping the procurement cycle moving forward.
Strategize with insight, not instinct
Siloed tools like emails, spreadsheets, and chat threads devastated data and don’t offer complete visibility into the purchasing process. As a result, procurement managers and other decision-makers aren’t necessarily informed about status, deviations, confirmations, stock levels, and other things that offer purchase insights.
E-procurement company in India allows purchasers to collect and organize data about past purchases and vendor performance with ready-to-use visual reports. These reports help businesses automate and manage their assets, contracts, and vendors.
e-procurement in India is very important because it prepares the smooth way for digital transformation in B2B transaction efficiency.
Businesses around the world have an opportunity to achieve similar results by influencing the learnings, standards, policies, and guidelines developed by those frameworks and customizing them for their unique business needs.
We have seen so many benefits of establishing a process of e-procurement in India but the problem is which company is the best e-procurement company we should rely on. So here is the solution to your problem 13sqft is one of the best B2B digital platforms built especially for warehousing, logistics, and cold chain industries. Provides you with end-to-end e-procurement services. For further details please visit on company’s websites.