With businesses constantly searching for ways to become faster and more streamlined, e-procurement software deployments are becoming more common. When done right, it saves money, improves quality and reduces the amount of time your staff has to spend on the procurement process.
An e-procurement system integrates all four areas of corporate spending. Since modules can be purchased separately, your company can try one at a time or completely overhaul its process in one swoop. The four areas are:
- Catalog Management. Software can connect your company to all of your vendors’ catalogs with a common interface. You can then set spending limits, restrict vendor selection, or limit items. It can even auto-populate order forms to ensure that orders are placed correctly.
- Invoice Management. The invoice management tools in e-procurement software save time, eliminate paper shuffling and track due dates for discount eligibility. With e-procurement systems on your side, you won’t have to worry about missing an early payment discount.
- Requisition & Order Management. E-procurement automates ordering as well. It can help control spending by managing your internal purchase approval system. The software can also track when your vendors change pricing, ensuring you always get the best deal available.
- Supplier Connect. One of e-procurement software’s most exciting tools provides the ability to open your system to vendors. This creates a competitive bidding atmosphere where they can compete to provide services for you. Once you select a vendor, the supplier connect system automates the rest of the procure-to-pay process.
E-procurement saves employees a great deal of time and reduces the complexity of the procurement process. It also helps capture discounts and builds a competitive bidding atmosphere, saving you money. With e-procurement systems available as either on-premise or SaaS options, implementing a solution has never been so easy or cost effective. As with other financial management systems, e-procurement has become a crucial part of any business’ enterprise software package.