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The Benefits E-Procurement Can Offer Your Business E procurement entails the automation of procurement and supply chain with the aid of web-based applications and technology. This automation streamlines strategic sourcing, eliminating time wastage and reducing costs without compromising on policy, standards, and quality. By adopting e-procurement, your company can enjoy multiple benefits, including: Quicker Transactions There are several ways in which e-procurement reduces transaction time. Thanks to the software, a single transaction will be completed faster. Working hours pose no restrictions at all to ordering, and in certain cases, human involvement may not be necessary, making it possible to complete transactions in real-time. The general effect is that delayed completion of transactions won’t be a problem for downstream processes.
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Be design, virtual e-procurement portals are based online, so procurement staff is able to search suppliers worldwide. This means a wider selection of goods and services is available to organizations, and if any required item is not available in local markets, it is still possible to source it elsewhere. While it is important to take into account time and cost factors when choosing to procure from overseas, it is always good for organizations to conveniently look at multiple supplier options before making the final choice. Productivity Improvements With e-procurement, it’s easy to automate a range of procurement and wider business process that personnel usually handle manually. That lets personnel utilize more of their productive energy on primary tasks that have more strategic significance. An example is the automation of invoice matching which quickens the ordering, processing, and payment of goods. E-Catalogs The creation of e-catalogs has helped redefine procurement for both suppliers and their customers. Firstly, e-catalogs make it convenient for buyers to view the array of goods and services any specific supplier provides. There’s also transparency in pricing as customers can see what exactly each offer costs. Also important, you may also review multiple e-catalogs with a view to comparing prices of the same products by various internet-based suppliers. Savings Due to Purchasing from the same Supplier The capability to source products from the same preferred supplier is a significant advantage of e-procurement. Normally, sourcing from the same seller that your organization has identified to match your procurement guidelines results in cost reductions since, often, quantity discounts are applicable. Repeat buying from the same supplier as facilitated by electronic procurement is also advantageous in that your company gets its supplies from a dependable partner. In the long haul, the unit cost savings may be appreciable enough to put your organization at a competitive advantage. Relying on e-procurement software will introduce many benefits, including productivity enhancements, savings, and expansion of your vendor-base.