E-procurement Solutions Can Reduce Costs

With so many steps involved in the typical procurement process, handling it manually leaves lots of room for error and overspending. An e-procurement platform can eliminate the worry of overspending and wasted resources.

With every CEO and CFO concerned about reducing costs and running as lean an organization as possible, the procurement department is a natural target for automation and making the various processes of procurement as transparent as possible.

Pantavanij has created an e-procurement platform that takes all the mystery out of the operation. It automates a lot of the steps in the process to simplify procurement and eliminate a lot of the hard-copy paperwork involved.

If your industry purchases on a tendering basis, the undertaking becomes even more complicated with the posting of tender offers, rating the bids transparently, and ultimately accepting the winning bids. An e-procurement platform can simplify this and ensure that the bids are rated transparently and fairly.

By reducing some of the steps and automating others, the CEO and CFO can gain a clearer picture of the entire process and identify areas where costs could be reduced. Automation will result in the reduction of costs by refocusing and re-tasking resources. E-procurement is becoming the answer for many companies that rely on continuous purchasing as a vital part of their supply chain.

Online Ordering Provides Transparency

By ordering through an online procurement solution, a data trail exists which can be easily followed through all the steps of requisitioning, approving, purchasing, receiving, and invoicing.
Ordering online creates an automatic purchase order which simplifies the matching of receipts to purchase orders. The purchase order supplies approval information and issues a notification once approval is received, simplifying the task for the purchaser.

Invoice Management Improves Efficiency

Human resources is one of the most commonly targeted areas of the workplace for cost-reduction programs. But e-procurement software makes these programs all but redundant in the procurement department. The software reduces so many of the procurement tasks by performing them online where different departments can view the same information. This means that the receiving department is able to look at the outstanding purchase orders and plan their schedules better. Buyers can also bring the purchasing balance to be synced with accounts payable on their enterprise resource planning system, improving overall efficiency.

Data Analysis Allows Forward Thinking

Ultimately, the benefits of an e-procurement solution extend to the amount of planning control it provides companies. Upper management can access the online procurement data from wherever they are and construct spending models and projections that give them the data they need to plan for future growth.

With more companies adopting a data-driven approach to their work processes, e-procurement makes sense to help keep all of a company’s processes transparent, easily trackable and interconnected.