Digitalized transformation is literally the “in-thing” for the industries. This revolution has gained complete momentum and will continue the pace of this momentum as well. In this blog, we have come up with 6 main reasons for which you should certainly invest your money in e-procurement software.
Faster & Quicker ROI (Return On Investment)
In the practical aspect, e-procurement brings faster ROI compared to traditional ways. Electronic procurement leads to quicker amortization of the costs and that too at the early stages. In addition to the same, digitalized procurement provides more transparency for the end -to -end process.
Decrease in costs
Costs are one of the most critical factors, especially in terms of ROI calculations according to the latest research, the digital procurement solution always shows significant cost reduction within 6 to 8 months timeframe.
Reduced maverick buying
Low purchase pricing always makes a difference, but at the same time, it not the only factor to be considered when accommodating e-purchasing. Maverick buying arises when the employee makes purchases independently without following the mentioned standard purchase processes. Such purchases results in the high amount of costs as such purchases are done outside of the existing contracts, earlier agreed payment terms and even pricing. E-procurement helps in determining the cash-out rate in order to control the entire purchasing process and thus, the company can eventually reduce such maverick buying.
Streamlined Processes
Lower purchase rates, quicker ROI, decreased maverick purchases now your firm already has strong points that lead to a streamlined process. Along with these points, e-purchase will allow you to reduce the overall process time, strengthen compliance, reduce the chances of errors, improve the relationship with vendors & suppliers etc. Your purchase process will improve and it will become more effective, efficient, straightforward and smooth.
More Control & Compliance
Another big advantage of e-procurement is that it enhances monitoring abilities and strong adherence to existing compliance rules. Compared to the traditional purchase process, an automated & digitalized procurement process provides more transparency and clarity. In fact, you would literally be able to track the entire procedure with your fingertips.
Easy & Comfortable
Easy & comfortable is the last factor, but not the least when evaluating the entire process. It creates a stable environment in which all the respective authorities have access to the data that they desire.
Conclusion
If you are looking forward to investing in e-procurement software, then you have come at the right place. Hit the CONTACT US button and reach out to us for more information.
