E-Procurement and Its Advantages

E-PROCUREMENT AND ITS ADVANTAGES PRESENTED BY JAMES DIAZ

OUR MAIN TOPICS TODAY Introduction to E-Procurement

Advantages of E-Procurement

Simplifies configuration and scaling procedures Enhanced productivity levels Shorter transaction time Broader supplier options Trading communities

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WHAT IS EPROCUREMENT?

E-Procurement is a relatively new concept that is taking the world by storm. In this internet-driven age, ‘being digital’ is the key to success. E-Procurement has been seen as one of the best solutions to various procurement hurdles you are experiencing in your supply chain.

HOW CAN AN ORGANIZATION BENEFIT FROM EPROCUREMENT?

SIMPLIFIES CONFIGURATION AND SCALING PROCEDURES Business firms get the flexibility to configure the applications according to their needs. More often, the managers of organizations find it difficult to scale their firms’ growth rates. E-procurement solves this issue at large. It makes the managers aware of the technical infrastructure and supplier development plans.

ENHANCED PRODUCTIVITY LEVELS E-procurement helps companies to reach their goals. The traditional sourcing procedure is very time-consuming. Henceforth, E-sourcing and automated approval process are the calls of the day. With these techniques, organizations can detect flaws in their sourcing operations within a short period.

SHORTER TRANSACTION TIME With the emergence of purchase-to-pay automation and requisition approvals, business transactions can be completed just within seconds.

BROADER SUPPLIER OPTIONS When it comes to e-Procurement, business firms can get access to a wide array of suppliers. In recent times, the entire procurement system has become web-based. Buyers can search for vendors based on their available products. In this way, organizations can adopt cost-effective measures while conforming to the quality standards of their products.

TRADING COMMUNITIES E-procurement helps to build vertical and horizontal trading communities. Organizations can consolidate their buying power and thereby, create new supply chain opportunities. This has accelerated the growth of medium and small-sized sectors.

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