Did you know that e-Procurement is considered disruptive technology? Thanks to moving the supplier exchange online, some elements of e-Procurement systems have totally revolutionized the industry. Not too long ago, a company’s procurement staff was focused solely on locating and buying products for business units. The team engaged in multiple tactical activities to gain an advantage in the process. Now, suppliers are easier to find and internet-based communication in real-time cuts down on searching and lag time. New digital technologies force procurement to shift according to the new demands of a digitized industry. How exactly? Let’s take a look at the magic of transparent procurement.
The Impact of Transparent Procurement
The internet has shaped the way that procurement happens in both public and private sectors. The speed at which platforms developed data sharing capabilities and the rapid digitization of the industry allowed us to move quickly to a fast-paced data-sharing environment. The arenas where we handle sales and purchases in B2B, B2C, and B2G markets exist in dedicated e-Procurement software. These are typically platforms and peripheral solutions that allow authorized buyers and sellers to browse for goods and services in a cloud-hosted marketplace online. By investing in an e-Procurement solution so that your company can gain access or even host these arenas, there is strong support that the benefits pay off in positive ROI.
With procurement moving online, the job of the modern procurement department shifted from hunting and gathering to a more sophisticated tech leveraging role. Moving on from outdated procurement solutions has gone from a good idea to a crucial factor for success.
Centralized Repository for Easy Access
Not only does e-Procurement make it easy for organizations to make external connections, but the internal visibility improved too. Having a centralized repository or data center for your procurement team is a behind-the-scenes way to invest in strengthening your brand. With online, cloud-based work environments, your procurement team can communicate, review deals, manage contracts, and even sign deals without being in the same office. For organizations that have remote workers or enterprises working in multiple cities, this feature of e-Procurement is a godsend. A centralized repository for internal coordination makes your procurement team’s lives much easier and equips them to work faster.
Integrations for Transparent Data Exchange
If a centralized system makes employees happy, the integration capabilities of an e-Procurement platform are what will make your customers happy. Integration means that the disparate platforms in your system (ERP, CRM, RFP, CCM, Content Services, e-Auctions, etc.) all function together. They make connections (via APIs) and share data in real time. You can draw up a new contract in content services, drop in product details from your ERP, populate the contract with the seller’s name from CCM, set a notification to alert you before the contract expires via your workflow system calendar, and shoot it off for electronic signatures without leaving your original screen. Not only will your turnaround time impress, but your customers and business partners can see a united front. They will enjoy a single point of communication because your employees are all working together off the same system. The cost-benefit analysis behind handling sales and purchases in B2B, B2C, and B2G markets with integrated systems is hard to ignore.
Big Data for Smart Business
Big data is considered magic in the business world. Expertly gathered, data-rich predictions and wide-base analysis of trends are all things that used to cost a lot of money. Nowadays it can be done accurately with technology. Of course, the migration can be painful and final business decisions are always up to the people in charge (board of directors, government budgetary supervisors, etc.) but once a transparent procurement process is in place, the data is at everyone’s fingertips. The transparency that comes from centralized and integrated e-Procurement implementation is richer than ever. From automated record-keeping to instant reports, the bottom line is accurate information is efficiency. With accurate trend characterization, big data allows a business to save both time and money.
The magic of modern, transparent procurement is that it makes your business better. Employees are happier, customers are happier, and the bottom line is “happier”. The economic benefits of e-Procurement software and a transparent procurement process are obvious, but implementing new technologies is never easy if the organization doesn’t know where to start. Strategically choosing the right e-Procurement platform without making any serious mistakes can be hard for those who aren’t familiar with integration needs.
To find out if you are ready to digitize your procurement systems and take advantage of the benefits that come from modern system transparency, request a demo of ProcurePort’s cloud-hosted e-Procurement solution today.