Why E-Procurement Is Now Being Integrated By Various Sectors To Simplify Their Procurement Process?

Mr. Sanjay Puri, CEO, C1 IndiaUbiquitous, mobile supercomputing, self-driving car, genetic mutation, intelligent robots, and whatnot. The evidence of the evolution of automation technology is all around us. And businesses are no exception!

The proliferation and implementation of electronic and automated solutions in an enterprise can bring holistic benefits to the business. It can enhance the productivity of workforces, bring effectiveness in operational processes, optimize business performance, save capital and time and can constantly deliver a high-quality business product with excellent customer services.

Are you into a business that manages the inventory process? Are you a regular buyer of goods and services? Are you tired of using the conventional procurement process and maintaining supplies?

If any of the above-mentioned concerns describe you, then it is high time to embrace electronic procurement software in your business process.

Integration of E-Procurement in businesses
Whether a business belongs to technology, healthcare, retail, or any other domain, E-Procurement is the best tool to simplify and automate the entire purchasing process. There are multiple options in the market which provide a comprehensive range of tools to integrate into the process of procurement. Such tools deliver tailored solutions to befit the requirements of your business from electronic catalogs to shopping cart interface and ERP to ERP connections. Depending on the kind of solution business is looking for, it can directly or indirectly adopt any of the tools to streamline its purchasing process.

E-Procurement solutions facilitate businesses across the industry to improve their purchasing or selling process through several electronic methods, using the internet. In contrary to the manual procurement process, e-procurement solutions potentially restrain the irregularities in buying business products and services while reducing costs.

How is E-Procurement Beneficial to businesses
Irrespective of the industry and size of businesses, the online procurement automation software delivers ample advantages to them, like:
Decrease manual errors
The total number of procures to pay the process gets automated by implementing E-procurement software solutions. It can assist businesses to diminish the occurrence of manual errors and optimize business efficiency.

Improves business productivity
The electronic procurement system helps businesses to rationalize their purchasing and tendering process by monitoring the record of total purchases made within the company, enhance the manufacturing cycles and automate the process of the supply chain. It also brings efficiency and improvement in the productivity of employees.

Eliminate needless paperwork
E-Procurement tools empower businesses to store their corporate confidential data in an electronic format, eradicating the requirement of paperwork and streamlining the purchasing process.

Reduce business costs
By leveraging e-procurement systems, businesses can acquire control and visibility over their expenses, efficiently manage their regular transactions, determine the procurement metrics and trends, and explore several innovative methods to control and decrease business spending.

Enhance the business transaction speed
The electronic-procurement system allows businesses to abridge the online purchasing process, build a meaningful and strong relationship with suppliers, support multiple tasks and minimize manual data entry. Besides, it offers a competitive advantage to a business over the others by managing regular purchases effectively and optimizing the speed of business transactions.

Increase visibility into business expenditure
E-Procurement software features the centralized tracking system which can effectively track business transactions while offering a comprehensive overview report on receipt and invoice management, requisition, supply chain process, inventories, item purchased, and more. Such reports empower businesses to gain improved visibility into their regular transaction process.

Faster approval process
In this technologically advanced business ecosystem, integrations are ruling all over. As an entrepreneur, you may find a wide range of procurement software offering fully integrated services. For example, businesses can incorporate the E-Procurement system with an electronic signature solution for faster approvals to build a flexible approval process.

E-Procurement is an innovative alternative to the conventional procurement process which involved a lot of paperwork. Vendors enjoy the good experience while using these portals as they make the entire procurement process effortless and transparent. Electronic procurement software has great potential to benefit businesses with advanced procurement features like AI and data analytics. These features available in procurement process vendors to know which products are in demand. Also, it permits organization, owning the portal to perform precise predictions about the number of products reliable for the business and about the reliability of a vendor. As portals offer ERP software, businesses can make firm procurement decisions by tracking all inventory and maintaining the right amount of inventory is cost-effective. Therefore, there are numerous advantages of e-procurement which are increasing every year. Even emerging technologies like blockchain are expected to play an instrumental role in turning e-procurement portals more secure and reliable.