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    How an E-procurement Processes can Benefit an Organization

    When it comes to procurement, starting a full digital transformation is challenging, either by integrating a procurement module into an ERP software or by using a separate, disjointed system.  

    How an E-procurement Processes can Benefit an Organization

    By

    Apac CIOOutlook | Tuesday, January 31, 2023

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    Today most procurement teams are struggling to keep up with the increasing market volatility and sustain over their competitors. However, most of them are still stuck with older, legacy ERP systems which hold them back from the rest.

    FREMONT, CA: When it comes to procurement, starting a full digital transformation is challenging, either by integrating a procurement module into an ERP software or by using a separate, disjointed system. Although the adage "If it ain't broke, don't fix it" is wise advice, neither company agility nor the much-needed efficiency in procurement processes can be achieved with it. However, e-procurement software that relies on flexibility can assist procurement managers in meeting all of their policy needs as well as help them scale up as their businesses expand.

    Key Benefits of the E-procurement System

    Mitigate Procurement Risks

    With an antiquated procurement system, procurement officials are trying to reduce risks and minimize costs. This is due to the requirement to accomplish more with smaller increases. Teams must abandon antiquated, manual procedures that lack the authority and control necessary to boost productivity and cost reductions if they are to meet this challenge. For many, the pandemic has been a significant challenge. It put the companies in danger, and many of them had no idea how to handle the problem. As a result, many are no longer in the market.

    These risks, processing times, and costs can be decreased using automated procure-to-pay software, such as Procurement Cloud, allowing the procurement staff to concentrate more on duties that benefit people. Regardless of the size of the firm, it helps organisations make more informed purchases, streamlines the purchase-to-pay process, and reduces supply chain risks. An e-procurement platform's seamless collaboration offers quick and reliable transmission of updates and documentation, lowering operational risk from double payments and off-catalogue purchases. Additionally, its dynamic rule engine can actively enforce rules to make sure that customers respect budgets, procedures, and product limitations.

    Break Down Data Silos

    Various stakeholders, including requisitioners, vendors, the finance team, procurement executives, inventory managers, and others, are typically crucial to procurement procedures. A lack of transparency and disconnect caused by disparate systems and data silos affects the effectiveness of the procurement processes, leading to erratic spending, protracted procurement cycles, and missed opportunities. All purchasing-related data, however, remains in a single interface when all transactions, communication, and crucial collaboration take place in an e-procurement solution. Centralised procure-to-pay solutions, can simplify the entire procurement process from sourcing to invoice processing and payment.

    Avoid Invoice Delays and Duplicate Payments

    The procure-to-pay lifecycle's invoice and accompanying document matching is one of the more difficult validations. Pricing and terms should be consistent between an invoice and the purchase order and goods receipt note. The invoice's line-item totals, item descriptions, and per-unit pricing must all agree with the totals on the purchase order and the actual goods delivered. Although three-way matching can be done manually, automation can drastically cut down on the cost and time needed for the validations.

    With the help of ready-to-use graphic reports, e-procurement solutions enable purchasers to gather and arrange data regarding previous purchases and vendor performance. These reports allow companies to automate and manage their contracts, contractors, and purchases. Businesses may detect supplier performance, evaluate expenditure patterns, and acquire actionable insights to improve the effectiveness of procurement operations by collecting important indicators including PO cycle time, supplier lead time, spending under management (SUM), item defect rate, and more.

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