The Benefits of eProcurement for Quality Sourcing
Posted on:22 May 2020 by Amreen Khan
With more businesses becoming aware of what eProcurement is all about, the demand for it has also shot up over the last few years. Offering more than just one benefit, major businesses and entrepreneurs are invested in making eProcurement a part of their day-to-day transactions.
In order to truly understand how eProcurement as a strategic move helps businesses, here are some of the most vital benefits of this approach for quality sourcing:
1-Structured Procedure Streamlined to Standard Operating Procedures (SOPs)
A structured procedure ensures that each transaction passes every level of authorisation for approvals without requiring additional back and forth repetition of transaction refinements. Further, keeping track any deviations or out-of-process exceptions is also made possible. Ready-to-use RFX templates, pre-defined approval workflows, pre-set library of terms and conditions as well as questionnaires go a long way in not just keeping everyday procurement process aligned to organizational SOPs.
This allows for an improvement in productivity and leaves businesses with more time to focus on the quality of sourcing rather than the mundane tasks.
There is no question here on how beneficial eProcurement can be in this area of consideration. With the transactions taking place through the help of technologies like Robotic Process Automation and features like smart source-lists, accuracy is greatly increased, making the set up and conduct of sourcing events all the more efficient. And with the automated processes in play, sourcing and procurement is quickened significantly, reducing the turn around time significantly for quality sourcing.
3-Elimination of redundant paperwork
Sourcing involves a number of transactions through various processes, making it evident how vital paperwork or documents are for each process. However, Cimmra makes drives everything online, eliminating the need for physical paperwork and storing all transaction records in an central data repository that’s available for you on the fly in the shape of reports and analytics.
4-Transparency of spends
A central system of tracking expenses allows transparency across all stakeholders right from the sourcing activities, transactions of products and services ordered, follow-through of their complete fulfilment and timely payments made. This also ensures compliance along with quality sourcing. Transparent access to records, timely alerts and updates go a long way in also nullifying maverick spending.
By investing in eProcurement technology, companies are more benefitted with immediate effect as their efficiency is boosted, their sourcing timeline is reduced, their quality of sourcing is improved significantly and their savings increased a great deal.