E-procurement software is revolutionizing the way companies handle their procurement process. This technology simplifies and streamlines the entire process, from ordering to invoicing. Automating the manual and tedious tasks associated with procurement and the software can save businesses time, money, and resources. It also makes it easier for companies to manage their supply chain and access real-time data. In this blog post, Aufait Technologies will discuss the software’s benefits.
Before we start our discussion deeply, let’s make clear what B2B E-procurement is –
Electronic procurement is finding, ordering, and buying the products or services you require online. Professionals can access information about all the products included in these solutions’ visual catalogues. These catalogues often provide comprehensive details about a product, including its composition, cost, estimated delivery date, and more. While automating purchases and payments, e-procurement software solutions assist in streamlining and shortening the stock selection process. They aid in forming vital alliances with several suppliers and vendors. If you use an integrated platform, businesses can quickly compare the products and services of several suppliers and select the one that best suits their needs in terms of cost, features, and other factors. Additionally, they aid with digital documentation and invoicing, minimizing manual mistakes and paperwork.
The advantages are:
- The software solution can reduce costs.
- The software provides better transparency on expenses.
- The software helps to improve productivity.
- It can help in improving control and scalability.
Let’s discuss all of the above points.
The software solution can reduce costs
One of the prime benefits of using the software solution is it can help to reduce costs. The following are some examples:
- It helps to reduce contract spending by 64%.
- 7.3% lower costs were charged for spending added to the contract.
- Cycles from requisition to order were cut by 66%.
- Cost Savings from requisition to order of 58%
- Increased overall spending under the procurement group’s supervision by 20%.
The University of Jakarta discovered all this information while researching the software’s implementation.
Additionally, there are indirect advantages like incorporating best practices into the procurement procedure, institutionalizing the procedures, lowering reliance on people, enhancing supplier engagement, increasing transparency, auditing, and so forth.
The software provides better transparency on expenses
Your purchase system now has the openness and automation that need to be improved. The purchasing dashboard has become more standard due to the centralization of supplier data, purchase data, and integration with ERP, raising top management’s awareness. You can keep track of the following:
- Negotiation tactics and outcome
- Evaluation methodology
- Requisition and approval mechanism.
And so on. With such fine-grained visibility, transactional problems impeding managers’ ability to meet organizational objectives come to light, and the pattern over time becomes clear. The path to confronting the problems head-on is paved by insights and objective data, and little incremental actions progressively result in a more major shift. If you wish to name a procurement management system, ProcurementPoint is definitely one of them. It is developed on the Sharepoint platform, and It will walk you through each step of the tender process, from the creation of quotes to vendor registration and the bid process to the issuance of purchase orders.
The software helps to improve productivity
By incorporating more and more categories, creating catalogues, and establishing rate contracts, you may bring all of your purchasing activities under the procurement team’s management and save the procurement cycle time by more than 50%. The supplier-buyer relationship achieves a new high due to the enhanced openness, agility, and long-term visibility; the procurement department can concentrate on strategic categories and deliver value where it counts. Procurement management software helps improve productivity and will be a handy option for your business.
It can help in improving control and scalability
Supplier information is unified, compliance, audits, and legal issues are easier to manage, and the software aids in standardizing your procurement/approval workflow for every transaction. As your organization expands, controlling variation and scaling the standard method becomes simple.
How is ProcurementPoint different from others?
The software combines the user-friendly SharePoint elements to produce an all-inclusive procurement application. It automates the essential steps in the procurement process, including selecting the best source, haggling, and maintaining relationships with suppliers. Key components of our procurement system include a central dashboard for uploading RFPs and RFQs, registering vendors, managing approval processes, and more.
The software created by Aufait Technologies combines a variety of components into a small work environment, including bid management, e-Tendering, vendor management, online tender opening, response preparation, etc. ProcurementPoint’s one-window solution provides thorough understanding and clarity regarding the tendering process. Resulting in a transparent and active management environment for your organization.
Aufait Technologies offers clients digital workplace solutions; you can transform your teamwork with intranet, extranet, and ECM solutions. ProcurementPoint is an e-procurement software to manage your tender process. You can always visit us if you want any discussion on this topic.