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.
e-Procurement, also known as electronic procurement refers to the method of purchasing and selling of products or services through electronic mediums, mainly the internet. It is an alternative method to the traditional procurement process and is superior to manual procurement in many ways.
Many organizations are now going for e-Procurement platforms realizing its potential to curb irregularities and unneeded prices. Organizations invest a large number of resources within the method of procuring products, services, and raw materials.
E-Procurement platforms are designed for users to register as a buyer or supplier, submit all the relevant documents online and participate within the tendering method that follows.
Benefits of e-Procurement:
>> Cost Reduction: E-Procurement saves the cash by preventing duplicate payments, saving the prices that are related to paper-based systems, etc.
>> Higher Productivity: Unlike traditional procurement, e-Procurement is more efficient and consumes less time to store and process the records as it is done electronically.
>> Eliminates Manual Paperwork: With e-Procurement, all the paperwork is stored electronically. This eliminates the manual paperwork and saves room. An e-Procurement solution also simplifies the finding of old tenders on the go.
>> Transparent Spending: It has now become easier for the organization and its employees to trace the transaction, whether past, future or pending ones with the help of online procurement.
>> Reduction in Errors: electronic paperwork or e-Paperwork are more efficient and therefore, it is very easy to check for errors. The company can also keep a check on past orders by just one click and ensure that the new ones are correct by comparing the two.
>> Efficient Transaction Speed: E-Procurement is both efficient and time-saving. The transaction speed is increased as the electronic process is more simplified and smoothened.
>> Standardized Buying: Electronic procurement helps procurement departments to take standardized decisions and also makes it easier for the department to comply with the rules to company procurement standards.