Benefits of an E-procurement Process
Most procurement companies are currently battling to maintain with rising price volatility and sustain a competitive advantage. However, the majority of them are still using ancient, legacy Erp software, which is lagging behind the competition. Whether it’s a traditional ERP system with a built-in procurement component or a separate, fragmented procurement tool, its stiffness makes it very difficult to start a comprehensive digital procurement transition.
On either hand, flexible e-procurement software may assist procurement managers to satisfy all of their policy needs while also allowing them to develop and expand. You’ve come to the correct spot if you’re one of those hesitant procurement experts who doesn’t see how an e-procurement solution will help your company’s bottom line.
Minimize the risks associated with the purchase process.
Computerized procure-to-pay systems, such as GeM government e-marketplace, may decrease risks, process time, and total cost, allowing the procurement staff to concentrate on more human-centric duties.
An e-procurement platform that allows for smooth cooperation allows for quick and efficient transmission of information and documentation, reducing the risk exposures of repeated transactions and off-catalogue purchases. Furthermore, its adaptive rule engine may implement rules preemptively to guarantee that purchasers follow finances, protocols, and commodity limitations.
Cost Savings
By minimizing duplicated expenditure, leveraging bulk buying, and saving you expenses involved with paper-based processes (for instance, the price of postage to ship your papers), process optimization delivers instant and long-term benefits.
Your employees may devote fewer resources and time to low-value activities and more to high-value ones. You may save even more money by lowering your overhead, hiring fewer people, and investing less in technology, software, and even office supplies.
Transaction Time is Cut in Half:
Single commercial operations (operations) may be done considerably more rapidly; they are not bound by work hours and may not even require human participation, boosting the potential to conduct digital transactions. This ensures that downstream operations are not hampered by the need to wait for transactions to finish.
Productivity Improvements
E-procurement requires less time than old procurement procedures once you’ve mastered the technology. It’s simpler to present reused tenders when your records are maintained online. Meanwhile, using templates speeds up the completion of paperwork.
Government E-marketplace is the best choice if you’re looking for a one-stop-shop for the online purchase of common usage products and services by numerous government agencies. GeM intends to improve public procurement transparency, effectiveness, and performance. It offers technologies like e-bidding, reverse e-auction, and market consolidation to help government users get the most bang for their buck.
