Digitalized transformation is literally the “In-thing” for the industries. Wherever you roll your eyes, you will be hearing all about it. But, let’s take a look beyond these statements. The truth is that you just cannot ignore the digital revolution happening in the market. In fact, it is a good thing. This revolution has gained a complete momentum and shall 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, the e-procurement brings faster ROI compared to the traditional ways. The electronic procurement leads to quicker amortization of the costs, that too at early stages. In addition to the same, the digitalized procurement provides moe transparency for the end to end process.
Decrease in costs:-
Costs are one of the most critical factors especially in terms of ROI calculations. It has a lot of weightage from the procurement expense perspective as well as the process perspective. According to the latest researches, 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, they are not the only factor to be considered while accommodating e-purchasing. Maverick buying arises when the employee makes buys independently without following mentioned standard purchase processes. Such purchases results in 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.
Lower purchase rates, quicker ROI, decreased maverick purchase- now your firm already has strong points that lead to streamlined process. Along with these mentioned points, e-purchase will allow you to reduce the overall process time, strengthen the compliance, reduce the chances of errors, improvise the relationship with vendors & suppliers etc. Your purchase process will improve your process and it will become more effective, efficient, straightforward and smooth.
More Control & Compliance:-
Another biggest advantage of e-procurement is that it enhances the monitoring abilities and strong adherence to existing compliance rules. Compared to traditional purchase process, 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 factor which is the last, but not the least while evaluating the entire process. It creates the stable environment in which all the respective authorities have the access to gain the data that they desire.
If you are looking forward to invest in e-procurement software, then you have come at a right place. Hit the CONTACT US button and reach out to us for more information.