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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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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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Every Song Comes With A Story...Here's Mine

12 songs that bring back memories.

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From pressing shuffle on my Spotify playlist filled with my favorite classic songs to the song that comes on at the most random times that always seems to get me in my feels, each song comes with a story and reminds me of some of my favorite times in my life, or even just a funny memory. Featuring Tracy Chapman, James Taylor, Imagine Dragons and everything else in between, here are 12 songs that I cherish, never fail to jam out to and maybe even tear up a bit, too.

1. Tracy Chapman - "Fast car"

This past year at college, I have played this song whenever I miss my family or just need a comforting song when homesickness creeps up on me. My mom and dad listened to this song while on a road trip before kids cruising from Maryland to Illinois in my dad's "red rocket," aka his fast car, Pontiac Grand Trans Am.

2. James Taylor - "Carolina in My Mind"

Ever since I was little, my dad would play James Taylor CDs while in the car. Once again, it made for the best road trips. In 2016, my mom, brother and I surprised my dad with tickets to see him live in concert where we could jam out to our favorite songs, including "Carolina In My Mind" in person.

3. The Lumineers - "Ophelia"

Every time I hear this song, sitting on a boat with our family friends, the Otto's, in the middle of Glen Lake in Glen Arbor, Michigan comes to mind. It reminds me of good times spent with good people in one of my favorite places.

4. Greta Van Fleet - "Black Smoke Rising"

I will never forget tag teaming while doing the dishes and jamming out to this new genre of music that my brother Jeremy introduced me to. Ever since then I love listening to Greta Van Fleet and always think of Jeremy when any of their songs play.

5. Jaime Atkins - "Senior Year"

Playing this song on the way to my senior year homecoming football game with my fellow homecoming court nominee, Abby Taylor in the passenger seat had us getting in our feels about finishing our last year of high school. Bittersweet.

6. Dixie Chicks - "Long Time Gone"

Another classic CD known to be played during the Faletto family road trips. It is rare for me to hear this song in public or hear someone else talking about the Dixie Chicks, but when it or they are recognized, I have to text my family group chat and notify them about the monumental moment.

7. Wilson Phillips - "Hold On"

Maybe this song reminds you of the ending scene of "Bridesmaids" or this is your first time hearing it. No matter what, it is a classic and happens to be one of my mom's favorites. With that being said, it makes sense for this song to be included on this list because of how much I love my mom and our dance parties.

8. Capital Cities - "Kangaroo Court"

Throwback to my freshman year of high school, lucky enough to have a brother who was a senior at the time and could be my chauffeur to school every day. This song was our favorite at the time and always made our 7-minute drive to school worthwhile.

9. Imagine Dragons - "Natural"

I can hear the kiddos I babysit say "Gabs play natural!" which is usually followed by a kitchen dance party. Going away to college not only made me miss my family and my friends, but the families I babysit for will always have a piece of my heart. Whenever I hear this song, it makes me grateful for all the memories I've made with my favorite kids the past few years.

10. Maren Morris - "80s Mercedes"

When I got my license, my dad was in the process of buying a new car. I was able to drive his used 2006 Mercedes Benz. He and I both fell in love with this song when it came out, and I would replace the lyrics "...I am a 90s baby in my 80s Mercedes..." with "...I am a 00 baby in my 06 Mercedes."

11. The Head and the Heart - "Missed Connection"

Flashback to driving home for spring break my pals Olivia and Tess. We took the wrong exit but were determined to get back on track using a different route. Well, this route ended up turning to a gravel road with no service for 9 miles. This Head and the Heart song came on and fit the mood perfectly.

12. Gotye - "Somebody That I Used To Know" (feat. Kimbra) 

When this song first came out, it was playing on the radio every time I got in the car. My brother and I sang it to our mom who was immediately hooked and fell in love with it. I can perfectly visualize us driving down the winding road in our town singing this song at the tops of our lungs.

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