eProcurement Software Makes Procurement a Transparent Process
Working in an online environment has transformed the manual process of procurement from one of hard-copy
invoices and inefficient invoice-matching to an online eProcurement platform that is seamless and completely
transparent. eProcurement allows buyers to shorten the cycle of the procurement process, and for CEOs and
CFOs to enjoy greater control over spending.
Traditional Approach to Procurement
The traditional procurement process necessitated many steps from the initial request to the order fulfillment. The
process of matching invoices to goods receipts and bills of lading was often done manually. This labor-intensive
process slowed down operations which resulted in slower payments to valued suppliers.
The offline nature of the traditional procurement process also meant that valuable data was not able to be used
to its full potential. CEOs and CFOs were often forced to plan their yearly expenditures without the full picture of
the company’s cash-flow.
By completely redesigning the process using a data-driven approach, Pantavanij has achieved an eProcurement
solution that suits the needs of today’s business world.
Realities of a Digital Business World
The Internet has forced many businesses to update and streamline their processes and practices for the online
world. The procurement process is one that has benefited greatly from the availability of online data.
By using online data, CEOs and CFOs now have the ability to forecast and plan their expenditures throughout the
year. To enable this the traditional procurement structure had to be redesigned to increase its transparency.
Pantavanij accepted the challenge of incorporating this data-driven approach into streamlining the procurement
process to serve the needs of not just the buyer, but upper management as well. In creating the online eProcurement platform, it was found that by automating a lot of the repetitive steps, the length of the
procurement cycle could be shortened.
Benefits to an Entire Operation
By automating the matching of invoices with goods receipts and bills of lading, a company will have a much
greater understanding of the true length of the procurement cycle. They can use this data to effectively lower
their available stock and operate in a leaner and more efficient manner.
The eProcurement software features an easy-to-use dashboard which means that everyone, from the
department requesting the order, to the CEO and CFO, can easily see where an order is in the process. By using
the database of pre-approved suppliers, rush orders become easier to place and quicker to be received.
Upper management can also access the dashboard at any time, wherever they are to get real-time data that will
assist them in making crucial cost projections.
What’s more, suppliers will be happy to offer more favorable terms, which will add to the cost savings, because
their payments will be remitted quicker thanks to the software’s automated receipt-matching system.
Contact Pantavanij to Realize the Benefits of eProcurement
For CEOs and CFOs, making the switch to the Pantavanij eProcurement platform can be invaluable. In a business
where shortening the time between input and output as much as possible can be responsible for increasing
market share and staying ahead of the competition, a data-driven approach to procurement is the most logical
choice to make.
Call us today, or fill out our online form to speak to one of our representatives about how eProcurement can
transform and streamline the way your company operates.