A quick look at reasons why your business needs to adopt eProcurement solutions.
Someone wise once said, ‘If you change nothing, nothing will change.’
No matter the size of your business, at some point, inevitably, there comes a stage from where things no longer go uphill. This point of stagnation has proven to be fatal for countless businesses in the past. The failure to keep up with changing times, the failure to evolve according to the needs of the market have brought the shutters down on even the most promising businesses of our age.
So what does one do? It may sure seem overwhelming at first to keep pace with the rapidly changing trends these days. However, to make your life easier, Purchasing Platform is a P2P procurement marketplace that has come up with innovative eProcurement Solutions to kickstart the evolution process of your business. Compiled here are the top 5 reasons why you should switch from traditional purchasing methods to eProcurement –
- Seamless Efficiency
eProcurement is an eMarketplace answer to zero-error procurement and eSourcing processes. The probability of human error is minimized and enables employees to focus on operational tasks. Save valuable productive time with a catalog marketplace such as Purchasing Platform by virtually eliminating errors and eventually improving your efficiency.
- A New Way to Look At Data
An eMarketplace with procure to pay solutions brings in a new perspective to look at data. With multitudes of purchases happening across your organization, switching to an eProcurement suite will provide invaluable insight into the micro and macro trends of purchasing at all levels. Use this data to formulate procurement strategies and to benchmark performance standards.
- Inventory Management Genius
Procurement software solutions provide invaluable stock profile data based on your actual spending habits so that you can manage your inventory realistically, avoiding excess maintenance costs.
- Protection From Off-Contract Spending
With enhanced visibility of purchase trends in this procurement platform B2B marketplace, you can identify rogue spending sources that are mainly due to ‘off-contract spending’ from unverified suppliers that provide costly and under-quality services.
- Pruning the Cost Tree
By switching over to eProcurement from paper-based requisitions, you can reduce your order processing costs by 50-70%, improving your budget figures significantly with Purchasing Platform, a premium purchasing management software and group buying platform.
How To Make the Change
While traditionally eProcurement has been an add-on to backstage ERP, it is a huge investment upfront which may not be an option for small and mid-sized businesses. However, with the advent of cloud-based technology, procurement software such as Purchasing Platform now allows you to focus on front-end eProcurement tasks while it takes care of all the back-end operations for you.