The 5 Most Important Advantages E-Procurement Offers Suppliers
What is e-procurement
Creating an E-procurement punch out with markets such as Coupa Procure, SAP Ariba Network or Oracle iProcurement is quickly becoming the new norm in the B2B procurement process. As eCommerce improves within a B2C setting, so do the natural expectations of buyers securing new contracts.
E-procurement, as suspected, is a cloud-based SAAS system (software as a service) offering a digital, cloud-based purchasing solution that is aimed at simplifying the procurement cycle and speeding up the P2P (Procure-to-pay) process. This provides consistency and peace of mind for buyers by confirming that the supplier aligns with their business strategy and truly fulfils organisational needs thanks to increased visibility. Below are 5 identified benefits of procurement that benefit suppliers in all industries.
Improved standardization with Punch Out E-catalogues
E-catalogues brings B2C product visibility to modern procurement. Offer full price and product visibility in an easy to digest format and catch the buyers demanding and precious attention. Eprocurement allows for standardizing offerings, clear comparison and enables the buyer to make an informed decision.
Globalised procurement without the added complexity
Automate currency, language, tax rates and logistics to create relevant, personalised procurement portals. The simplicity of this on the supplier’s side allows for opportunities to globalise with minimal investment or complication. One eCommerce platform offering clear value proposition without any limitations.
Prompt invoicing and payments
By automating human dependant roles, orders can be placed at any point in that 24-hour window without the risk of time-consuming bottlenecks. This further supports opportunities for expansion into new markets in which businesses may have previously thought unobtainable. Purchase-to-pay automation removes the need for requisition approvals, instead, 1 click approvals can communicate with automated stock control and warehouse solutions to create a seamless P2P cycle. Eprocurement makes fulfilment across the globe as simple as supplying domestically.
E-procurement offers reduced errors
Human error and a lack of communication are fundamental causes of mistakes during the P2P process. Mistakes are not only costly over the short term, being perceived by customers as somewhat unreliable may be detrimental to customer relationships and therefore for word of mouth opportunities.
Imagine a fully-automated, wageless data entry role that is available 24/7. It is clear to see the solution has the potential to offer a healthy ROI. From real-time, accurate portal catalogs, to an algorithm that allows for ordering of supplies to ensure fulfilment; a punchout automation is a tireless workhorse that offers consistency, during each essential process of the procure to pay cycle.
Single sign-on opportunities using punch out
Single sign-on has become the norm in a B2C environment, removing the need to unwillingly hand over data by logging in with previously connected accounts, such as Google or Facebook. This not only gives peace of mind to the consumer, it also ensures GDPR compliance for the host. Passing this solution into a B2B environment, (known as a punchout Catalog) means a buyer may log in seamlessly to a suppliers eCommerce portal using their in house procurement system. As well as simplifying GDPR, this massively speeds up the P2P cycle, automating purchase order requisitions and allowing for headache-free procurement.
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