How to Select the Right e-Procurement Software For Your Needs
Jul 23, 2021·3 min
If the thought of choosing the right e-procurement system for your business gives you chills, you are not alone. Many purchase managers are concerned that e-procurement is too complicated and a threat to their privacy.
Today, there are many solutions and technologies to choose from. There has never been a good time to begin the process of comparing providers and selecting the best software that suits your business needs.
What is e-procurement software?
E-procurement software is a cloud-based system that helps in the purchase and sale of goods and services online. While switching from the tedious paperwork, e-procurement software develops a platform for establishing a relationship between customers and sellers.
Of course, not all e-procurement software systems were developed equally – some have many features and are geared toward large companies, while others are lighter on features and suitable for small- and medium-sized firms. The best e-procurement software effortlessly combines strategic and transactional aspects of any firm’s procurement function at reduced costs for utmost benefit.
Selecting the right e-procurement software
So, how does the manager choose the best e-procurement software? While e-procurement software can streamline processes and improve efficiencies, it also increases procurement automation and purchasing tasks.
Before beginning e-procurement, it is essential to ask yourself these questions.
Know clearly about the requirement of the business and its objectives.
Do you need remote access?
Define the value chain, including significant business and procurement processes
These are a few factors that you should look into before initiating finding the suitable e-procurement software. Constantly tailor your doubts or questions regarding e-procurement to satisfy the needs of your business. Make sure it is a perfect match as per your requirement. In short, e-procurement software can do as little or as much as you want.
Integrating with the existing system
It is essential to prepare a checklist before bringing in the new system. To learn how to purchase the e-procurement software entails understanding the technical viability of the system and system integration process. Moreover, it will also depend on the type of procurement software. E-procurement software is suitable for businesses of all sizes, helping companies in vendor management, strategic sourcing, e-billing, contract management and developing auction strategies.
Cloud-based e-procurement systems are most efficient, versatile and give greater ROI than any ERP-based software. One can successfully integrate these systems with the existing ones. You will be flattered to see that a mere switch to e-procurement might just have your staff thanking you.
Firms like Procol promote usage of the procure-to-pay process as there is a surge in companies working from home, especially during the ongoing Covid-19 crisis. Organisations are promoting employees to carry out more P2P activities through applications since it improves supplier collaboration.
Benefits of using e-procurement software
Reduction in error
Unlike in the past, it has become easier to check for errors or inaccuracies related to purchasing data. An e-procurement solution offers more structured and consistent workflows with less human intervention, thus improving procurement data quality.
It is difficult finding space to store your paperwork. Managers should be aware that good software benefits the company in the long run and the short run. E-procurement can store everything electronically, saving time and space.
Increase in productivity
E-procurement software is the need of industry 4.0. Once you are aware of the system, e-procurement does not take much time and is much easier than traditional procurement.
Now is the time for you to spread its wings and realise some of the measurable benefits that an e-procurement solution has to offer. With all this in mind, it is essential to identify the unique requirements of your business while choosing a solution and always carry out a thorough analysis before searching the market for software providers. Selecting the correct procurement platform as per your business needs is an essential and sometimes lengthy process. But, it is all worth it!
If you have understood the importance of e-procurement software in your organisation, it is not too late. Begin by signing up for a free trial. Get in touch with Procol and find out for yourself how seamless procurement can be.