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What are the benefits of eProcurement?
Electronic procurement allows departments and teams to remotely access all procurement-related data for oversight. It then allows anyone to raise a Purchase Requisition digitally. Automated, electronic approval routing is faster and more secure than its manual counterpart. The automation of invoice processing, three-way matching, and record-keeping reduces errors in entries, deadlines, and payment amounts.
Using procurement system software enables organizations to organize and gain insights into data. Sourcing the right products becomes easier because of real-time access to supplier performances, catalogs, and deals. The company can also enforce vendor consolidation better through software, so chances of rogue spending are eliminated.
Vendor portals make communication with the supplier faster and allow them visibility into payment statuses. The software generates custom reports about the company’s chosen KPIs automatically as well. Spending patterns become visible, allowing for faster problem identification and mitigating dark purchasing.
Better visibility and access to data ultimately mitigate fraud, reduce risks, save time, reduce manual work, enhance supplier relationship management, and save costs.