A recent Statista study shows that by 2021 there will be nearly 231 million online shoppers in the US who are 14 and older. With so many people piling into the e-commerce environment every year, e-procurement companies are arming their clients with systems that streamline, optimize and support the vital processes and workflows to help keep supply chains functioning at peak condition.
If you happen to be on the fence about adopting software, maybe this list of benefits can give you the push you need:
Increased Efficiency and Accuracy
Any procurement officer knows that inefficient processes like analog purchase orders are an absolute nightmare. Solutions leverage automation and a fully-digitized environment to speed up every facet of your workflows. Automation features help take unnecessary work away from your teams so that they can focus on more important things.
Moving complex processes over to a digital environment gives you access to electronic invoicing and purchase order features that can dramatically reduce time spent on these tedious processes. These tools also provide levels of oversight and data manipulation that take human error out of the mix entirely.
Affordable Price of Entry
As an increasing number of developers move to the cloud, software solutions become more affordable. Cloud-based platforms often give would-be customers the opportunity to pay via subscription with little to no upfront investment to get their systems up and running.
These affordable pricing structures give many smaller businesses the opportunity to leverage one of these systems to help them stay competitive in a post-Amazon world. It will also be much easier to convince stakeholders to adopt a new system if the price tag has significantly less decimal points than they expect.
No one wants to pay for a new system only to watch productivity and process speed slide down the drain. In the past, implementing older, on-premise systems often included a significant margin of time that had to be allotted for employees to get used to the new technology.
Today, e-procurement companies strive to make their programs usable without any technical experience. Employees can tackle complex tasks in fractions of the time without a constant struggle between user and system.
Many of these systems also let you integrate features into legacy systems for seamless ERP integration. This is critical for businesses with complex systems in place.
These systems not only cut costs with their flexible deployments, but they also help guide buyers to the best possible price for the item they are searching for. You can also get valuable visibility into your spend while ensuring that it is optimally managed. Never overpay for your critical items while targeting preferred suppliers for your purchases.
The benefits of these systems make their value clear. Before jumping on-board with a vendor, however, ensure that their system contains these cornerstone features.
Compare Top eProcurement Software Leaders
Not all systems are created equal. If the e-procurement tools you are eyeing doesn’t contain these valuable features you may want to reconsider your selection:
- Analytics and Reporting: Data visibility is king when it comes to identifying suffering processes and planning for uncertain demand. Your system should help you identify new ways to grow your business while keeping track of vital metrics and KPIs.
- Supplier Networks and Connections: Many e-procurement companies include supplier networks in their offerings to help users create lasting partnerships.
- Communication and Accessibility: Collaboration is vital for efficiency. Your system of choice should streamline your approval workflows and give you options like mobile apps to give employees access to data on-the-go.
- Customer Support: Always make sure that your vendor of choice has robust support options to get you the support you need when your system hits a wall. Time is money, and your system should come with a support team that can readily answer your questions and solve issues.
As long as you nail a few of these key features down in your list of requirements you are on the right path to adopting the right system. Now that we’ve covered the whats and hows of e-procurement software lets jump into our SelectHub analyst curated list of top solutions: