eProcurement Makes a Company More Competitive
The internet is slowly changing the way the business world operates for the better. Computer systems streamline many of the tasks and processes that are vital cogs in the operational supply chain of companies around the world. eProcurement is one of the best ways that companies can streamline their operations.
Clinging to the old way of doing things is often seen as being complacent. For CEOs and CFOs who have to answer to a board of directors, complacency can ruin careers, and it can be disastrous for the companies they run. Competitors that have embraced new technologies in their operations are likely to become the market leaders in their industries.
Solve Pain Points
Every CEO understands the concept of ‘pain points’. These are recurring problems in processes that can cripple a company’s ability to operate smoothly and productively. For proactive CEOs, rectifying these pain points is their number one priority.
An inefficient procurement process is one such pain point that can severely harm a company’s ability to maintain a smooth supply chain. This inefficiency can have a snowball effect on a company’s operational stability and lead to a loss of productivity, cost overruns, and ultimately, customer dissatisfaction and a loss of market share.
Solving these procurement pain points requires the CEO and CFO to pinpoint problems in the procurement process and find systems that can streamline the entire workflow.
One of the most effective systems is the eProcurement platform services from Pantavanij. Every CEO and CFO owes it to their company’s stability, overall health, and bottom line to consider what this system can mean for their company.
Dramatic Improvements in the Procurement Process
When you have multiple buyers in different departments conducting procurement processes, the finance department and top management can become overwhelmed by slight variations in what should be standardized steps.
But with an eProcurement system, everyone is on the same page.
The Pantavanij eProcurement system is a paperless, cloud-based system that uses data to automate many of the steps in the procurement process. A paperless system centralizes all procurement information so there will be no more lost invoices or document-trail gaps.
The cloud-based system provides CEOs and CFOs with a Dashboard to enable them to see everything and track all the steps and expenses in real-time, from anywhere in the world.
Being data-driven, the eProcurement system stores information on purchasing history and uses that data to automate repetitive processes.
Your company will be able to save time, avoid duplicate spending, leverage volume buying, and increase transaction speed.
Buyers and Suppliers Working in Sync
For buyers and suppliers who have established a mutually beneficial business relationship, an eProcurement system can simplify things, giving you the ability to check on job acceptance information from suppliers any time of day.
The process of sending purchase orders is automated, so you can instantly see whether the order is approved and its shipping date.
This makes the job easier for not only the CFO and the procurement office, but the CPO and CTO as well. They don’t have to devote their time to making stopgap solutions for errors, and can concentrate on improving products and production methods.
Eliminate Errors and Increase Speed
Human mistakes can be costly. By reducing the need for human intervention in the parts of the procurement process that could be automated, your buyers can streamline the entire process. An eProcurement system can eliminate the need to return supplies that were ordered in error and reorder them. This can dramatically speed up your supply chain and increase overall productivity. You’ll immediately be able to see the difference in the data analysis component that the eProcurement platform provides.
Quicker, more accurate transactions, an invoice management system that increases accuracy, greater supply chain flexibility, and increased control over multiple departments’ procurements can all significantly lower your company’s costs and ultimately make your enterprise more competitive.