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How does Real-Time E-Procurement Deliver Remarkable Compliance and Value?

The rapidly evolving technology has led to the digitization of the Procurement procedure. There are plenty of benefits of employing real-time eProcurement solutions, such as cost reduction, end to end compliance, standardizing the procurement procedure and a lot more.

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How does Real-Time E-Procurement Deliver Remarkable Compliance and Value?

For any Purchasing professional, reducing the cost of procurement is a major necessity. Thus, they are always seeking the ways to evolve their Procurement process in order to get a higher value of returns through these transformations.

According to the research conducted by various organizations, it is notable that real-time e-procurement facilitates up to 35% of savings on the total cost of procurement. Perhaps, this is the reason why most of the Procurement Leaders firmly believe that the digital transformation will revamp the way we purchase material.

Are you curious to know the value additions of real-time eProcurement to your business? Here is a glimpse of them.


1. Provides an Online Purchasing Experience

Online shopping seems easy for everyone! Through real-time e-Procurement software, procuring the material for the organization becomes very easy. Such SAAS (Software as a Service) based tools facilitate a single stop destination for all the major purchases. Hence, it will be easy for you to go through the categories of products, the list of vendors, past records of purchase and other such information.

2. Huge time savings in Transactional Activities

With the help of eSourcing Software, you will be reducing the time spent on each transaction. In this manner, the time delays at each stage will be reduced. Thus, timely procurement of the materials will become possible.

3. Set the Technical Specifications for Each Item

With the latest eProcurement tools, now it is even possible to set the technical specifications for an item, demanding technical bid and multiple solutions (for a single line item) from the suppliers. This ensures that the buyer will get the kind of product, which meets both of his requirements i.e. Brand and Technical Specifications.


4. Increases the Coordination Level in the Organization

The real-time strategic purchasing tools also bridge the gap between the various departments of the organization. It acts as a single window view of all the authorized decisions. Due to this, each one will be familiar with the status of any ongoing or historical transactional activity. Thus, resulting in an increased level of coordination in the organization.


5. Keeps a log of all the Communications and Actions at an Organization Level

It is also possible to communicate through the E-Procurement Software with the Suppliers as well as Internal Stakeholders. The buyers can even demand justification, submit a query, initiate a discussion and many more from the portal itself. Furthermore, you can also view the log of all actions and happenings pertaining to your procure to pay cycle within the software.


6. Improved relationships with the suppliers

As the communications will improve, it will also result in the improvement of the relationships with your supplier. With the Vendor Information System, you will be having a complete record of the various details of the vendors. On top of that, the e-procurement system will also demonstrate the delivery time of all the orders, the quality of the products which they deliver as well as their negotiation pattern.

7. Simplify the Negotiations with the Suppliers and Instantly Update the Price

Negotiation is an art of the Purchasing Professional. With the latest upgraded Business Intelligence (BI) tools, the negotiations are also simplified. These e-procurement portals provide the buyers with multiple ways of negotiation. Perhaps, the best part of the portal is that it provides calculations on the landed cost. Hence, you will be having access to transparent rates without any hidden cost.

You can also opt for reverse e-Auctions where the suppliers will be competing to offer you with their best price in order to get the deal.


8. Standardize all the Transactional Activities

The purchasing software has standard templates which are easy to customize. Due to this, you will be standardizing all the transactional activities within your organization. Furthermore, through these sourcing solutions, it is simple to Aggregate the Purchase Requisitions (PRs), release an RFQ, receive quotations from suppliers, compare the quotations, create GRN and ASN, track the in-transit material, display the payment either remaining or done to the vendor etc. This will result in an increased compliance in all the transactional activities.


9. Increase the Productivity of your Team

E-procurement software can save your as well your team's time in a considerable way! Because of this time-reduction in transactional activities, your team will be able to focus on strategic buying and crucial negotiations. This will serve as an additional benefit to your organization. It is notable that with the help of such software one can gain the output of three people from a single person.


10. 24*7*365 Availability of Data

The procurement software is also accessible through handheld devices. Therefore, no matter where you are, you can easily authorize decisions, get access to real-time information and view the complete action history of each and every transaction on your mobile phone.


VENDX is our one such software solution which fits very well in your organization's Procurement Department. This tool can easily prioritize the Negotiation and Control aspects of the sourcing process while making sure that administrative tasks become easier and more transparent. VENDX can be seamlessly integrated with your existing Enterprise Resource Planning (ERP) software.

You can be up and running with VENDX almost immediately since we need minimum implementation time and very minimal training for the user. Interestingly, to use VENDX your suppliers just require an email id. They can start responding on VENDX from the day one most intuitively!

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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