Why eProcurement Matters
Everyone who has to do procurement probably dislikes the process, but it is an important function in an organization because it impacts overall costs and profitability. Whether it’s office supplies, furniture, renovation etc. – procurement helps to bring value-added services, but it can also cumbersome if it’s a manual process.
Manual processes involve staff physically sourcing, chasing after approval signatures and completing large volumes of paperwork. Not to mention, internal and external communication is terribly difficult, and audit is a nightmare because everyone scrambles to retrieve paper records for all past tenders.
Manual processes sound terrible. So, why stick to it? Today’s technology offers solutions to the challenges faced with traditional procurement:
- Improving Productivity: With each purchase, your procurement specialists will spend over 30 working hours going through the process, costing you an additional $600 each time. That’s a lot of time and money wasted. With e-Procurement, your workflow process becomes automated, your approval chain is structured, and communications is centralized within the system. When your procurement is managed online, all tender information your procurement managers need is available at the push of a button. Managers can effectively communicate within the system so they could disseminate information quickly internally (inter-departments) and externally (suppliers).
- Painless Sourcing: Sourcing for suppliers can be an issue, especially with policies that require open tenders, 3 quotations or more etc. Sometimes, you just don’t know that many suppliers. e-Procurement makes it easier for buyers and suppliers to connect. Many platforms allow you to view company profiles and create approved suppliers list for easy access. So, your procurement managers can view and invite specific suppliers to send in proposals, allow for open tender or choose from a list of suppliers they know and want to work with again.
- Peace of Mind: With traditional procurement, it becomes hard to track spending, place accountability and govern procurement policies because information is scattered. Countless hours will also be spent pulling together data and reports for audits. Through e-Procurement, it increases spend visibility by allowing procurement managers to track spending through a central platform. You’ll be able to integrate your procurement process through the system so all involved adheres to the standard system and your policies, giving you back control and governance of your process.
Rather than spending time on non-value added activities, e-Procurement helps you bring in best value services. At TenderBoard, we provide a platform for e-Procurement Singapore solutions – saving you time sourcing through our database of 40,000 suppliers, automating your workflow and approval process and providing audit trails so information is available anytime. With solutions offered, we give you back your time to spend on value-added activities that help drive sales for your company.>
And there you go, a few simple things to consider when thinking about when considering eProcurement Systems. Share your thoughts with us with a comment below or via our contact form. Happy Sourcing!
- Do you participate in a lot of Tenders? A Best Practices Guide
- Will you benefit from an e-Procurement system?
- Why eProcurement Matters
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