Why Do You Need an E-Procurement Platform?
E-procurement is a term used to describe an online B2B procurement platform or an internal company system that allows your organisation to buy items through digital channels. An e-procurement platform can function as a local or worldwide B2B marketplace, bringing buyers and sellers together to compare supply and demand bids and procure and deliver goods and services, respectively.
Professional tools for issuing purchase orders, sending invoices, making payments, and transporting goods and supplies are all available on modern digital e-procurement platforms and government e-markets.
FEATURES OF B2B PROCUREMENT PLATFORMS
The capabilities of an effective e-procurement platform are similar to those of an internal company system for acquiring products and services. As a result, an online B2B marketplace that you can utilise as a procurement platform for all of your company’s needs should include the following capabilities.
• Purchase requisition capabilities that track all received and approved purchase orders.
• Vendor management functionality for quickly locating, onboarding, and managing vendors and suppliers.
• Once a purchase request has been authorised, purchase orders should be generated automatically.
• Purchase invoices should be simple to create and three-way matching should be possible.
• Cost control capabilities should be available so that you may apply your unique rules to optimise your overall cost.
• Workflows, fields, and profiles must all be easily customizable.
These are the minimum requirements for an online B2B procurement platform. If you choose a SaaS marketplace that caters to a specific business vertical or niche market, you can get a lot more functionality.
BENEFITS OF E-PROCUREMENT PLATFORMS
E-procurement platforms give some of the same benefits as enterprise software, but they also have benefits specific to your company’s supply chain management. Let’s take a look at some of the most significant benefits of adopting a digital B2B procurement platform.
• You save money by getting rid of a lot of paperwork and avoiding duplicate purchases.
• You benefit from transparent spending, in which all transaction data is maintained in one location and data can be easily analysed and reports generated.
• By keeping all data in digital format and conserving your needs, specifications, and other documents for later use, such as by building order or tender templates, an e-procurement platform increases productivity.
• E-procurement enables quick or real-time transactions, which cuts the procurement cycle in half.
• E-procurement marketplace software helps you to implement uniform purchasing processes and procedures across your departments and your entire company.
• Once your processes are set up and approved document templates are in place, an e-procurement platform shields you from frequent human errors.
Finally, a dependable B2B procurement platform allows you to have more control over how your firm spends money on supplies while also speeding up all aspects of the procurement process.
