Practical Guide to Generative AI in Procurement Download Now
Modern, Simple Digital eProcurement Software Solution
Delight your users with a modern buying experience from start to finish.
Maximized Compliance
Compliance through flexible workflows which easily adapt to your changing needs.
All Spend Categories
Master spend management – complex direct, indirect or services.
What are the Benefits of an eProcurement Solution
eProcurement software enables Chief Procurement Officers to have complete and timely visibility of who is buying what from whom by enabling employees to get the products and services they need for their work. Here is a list of the benefits of an eProcurement platforms:
Maximized Compliance
Corporate policies and growing legislation requirements with little effort. Rules and workflow engines automate this part for you.
Spend Control
Real-time visibility into budget consumption, negotiated prices, preferred suppliers, engagement channels. Alerts inform you of any deviation which allows you to set up mitigation plans and follow up on corrective actions.
Also, eProcurement software provides you with clean spend data, which is the basis for a sound Spend Analysis and eventually relevant category management.
Procurement Process Efficiency
Reduced source-to-pay cycle times and considerably decreased errors or fraud opportunities.
Cost Optimization
Cost optimization comes from two sources: first, the savings that are captured from purchasing through preferred suppliers and compliant channels, and second the lower cost of a more efficient purchasing process.
The latter is a hidden cost which is often forgotten. Think about all the users (requisitioners, approvers) of a Procure-to-Pay process and the amount of time they spend purchasing if the process is inefficient. All this valuable time is paid back in increased productivity for the business once eProcurement software is deployed.
Booster Stakeholder Satisfaction
Users only see information that is relevant to them, i.e. Requisitioners see expected delivery dates, managers their budget consumption, Accounts Payable their pending invoices.
Users do not have to memorize all the rules and business cases they need to go through: the eProcurement solution embeds all the rules and softly guides the user into compliant purchasing.
Enhanced Collaboration
The software allows Procurement, stakeholders and suppliers to exchange information quickly, but also to work collaborate on certain items. For instance, purchase orders could be directly amended by a supplier to reflect his stock or delivery capacity.
Also, receipt could be better prepared by considering supplier’s Advanced Shipping Notices (ASN).
5 Criteria to Choose the Right eProcurement Software
All Spend
All spend must be supported, whether direct materials or indirect spend, products or services, CAPEX or OPEX so that users can purchase all they need. It is key to avoid maverick spend.
Guided-Buying
Guided-buying capabilities allowing your users to be softly routed to compliant buying channels through a shopping-like user experience. This is important to maximize the adoption of the tool and eventually of the process.
All Processes
All process steps must be supported to make sure automation is efficient, especially those steps which usually happen offline, via email or phone. A typical example is purchase order (PO) updates. As suppliers cannot modify POs, they inform their customer by email that they must change an item, a price or a delivery date of the order.
The user forgets to reflect these changes in the PO and eventually, when the invoice comes in, it does not match the initial PO which has not been updated. Therefore, allowing suppliers to update (under the user control) a PO is key.
Integration
Integration to other systems like ERPs or MRPs to connect to other stakeholders’ data, but also be able to connect to third party data providers to enrich your Procure-to-Pay process.
For example, you could check the sustainability score of a supplier through Ecovadis before ordering a certain product.
Flexibility
Flexibility to deploy quickly without compromising your ability to evolve with ever-changing regulation, new corporate policies or your growing organization without waiting for the next software release.