Procurement processes involve a long supply chain network or many points of contact. The challenges that are involved in the procurement process should be addressed and it is essential to comprehend and advance a solution for these difficulties.
Procurement has become a large part of all the total revenues. But, the selection of technological drivers in the procurement procedures has not driven the expected efficiencies which it has in other areas.
Procurement managers/supervisors identify the requirement of what to buy, total buy orders, negotiate delivery times, get items and administrations from providers, survey and acknowledge things and endorse supplier payments.
Procurement KPIs are measurable values that enable to control the efficiency of the process and drive improvement by optimizing quality, costs, and quantity of the purchase process.
e-Procurement helps in saving the time, efforts and various procurement cost as it turns the manual procurement to the automated procurement process.
e-Procurement consists of Indent Management, RFQ creation, etc. and it can automate the full process so saving the organizations from the trouble and irregularities concerned in manual procurance.
Despite the many issues and challenges that are mainly associated with traditional procurement, numerous organizations go with the process.
An innovation that is genuinely shaking up the technology scene is the augmented reality (AR) and without any further doubt, AR is obscuring the lines of the real world.