What is E-Procurement?
E-procurement markets such as Coupa Procure, SAP Ariba Network or Oracle iProcurement are 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 is a cloud-based SAAS system (software as a service) offering a digital, cloud-based purchasing solution aimed at simplifying the procurement cycle and speeding up the P2P (Procure-to-pay) process.
A clear benefit of e-procurement is increased visibility in areas of the business, such as:
- Inventory management
- Differentiated pricing
- Contract management
- Customer interaction
Many large corporations are now using an e-procurement software solution, in a post COVID environment, it is unlikely that companies will operate outside of a paperless, highly visible buying network. This change has been encouraged by new government-lead requirements (add a hyperlink) for all public sector purchasing to consider the benefits of e-procurement, such as creating more resilience in their supply chain.
The use of e-procurement software by buyers means that software used by manufactures must also now be considered by buyers when procuring new contracts. Many buyers may demand a seamless connection between e-commerce and e-procurement software systems. Therefore none flexible e-commerce portals may be the deciding factor for losing a lucrative contract.
Suppliers must offer consistency and peace of mind for buyers by confirming that the supplier aligns with the customers business strategy and truly fulfils organisational needs, such as providing multi-currency stores.
To find out more opportunities that come with e-procurement, read our top 5 advantages below:
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