The major advantages of electronic procurement

1
KEY ADVANTAGES OF
ELECTRONIC PROCUREMENT
In the last few years the role of procurement has
changed dramatically. There is a shift from
decentralized to centralized models in an effort
to tighten controls and standardize processes.
Centralized models create negotiating power with
vendors. Various organizations are responding to
these needs by integrating electronic procurement
tools that support various key procurement
processes. Here are some key advantages of
electronic procurement
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2
OPTIMIZING THE PROCUREMENT PROCESS
Automation solutions contribute to processing
efficiency by removing paper from the equation.
When a buyer orders from an online catalogue, an
organization can review and approve the purchase
electronically with workflow tools and suppliers
are informed electronically.
3
COST REDUCTION
Since Purchase-to-Pay automation significantly
reduces the amount of paper used it decreases the
time it takes to process purchase orders,
invoices and payments. This helps organizations
save billions of dollars.
4
VISIBILITY ACROSS ALL TRANSACTIONS
Purchase to Pay or Procure to Pay automation
provides real time, accurate data. This leads to
visibility and transparency across all
transactions for both buyers and suppliers.
Visibility across all transactions facilitates
transaction research, discrepancy resolution, and
reduces supplier inquiries by providing buyers
and suppliers access to the same information.
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