Optimizing Operational Performance Through Eprocurement Systems
EPROCUREMENT PROCESS
Financial Executives are charged with optimizing operational performance, task made increasingly complex by the fluctuation of market conditions. With the growing demand for accuracy and efficiency and greater cost scrutiny, finance executives are turning to eprocurement systems to improve efficiency and reduce costs across their organizations.
Eprocurement software, or e-Procurement, is an electronic system designed to streamline the purchase process, from sourcing to requisition to payment. By moving the purchasing process online, companies can save time, reduce costs and errors, and increase visibility and control.
An effective eprocurement system enables finance executives to manage their budget in-line with revenue goals and control costs at detailed level. Enterprises can improve efficiency and accuracy with query builder that quickly finds, classifies and reports all the data associated with expense-related transaction. Dozens of departments can work together better with an intuitive user interface. Automation of purchase requisitions streamlines communication, so that all participants are informed in all stages of the procurement cycle.
Finance executives can easily reconcile supplier invoices and make payments with confidence, creating single source of payment and eliminating any risk of costly invoice duplication or late fees. With real time data at their fingertips, executives can monitor budget line items and gain full picture of spending.
In addition to better spending control, eprocurement systems provide for expedient supplier selection. Executives can compile bids, compare data and identify set of preferred contractors to ensure the best price for their organization. Centralized management of the supplier pool allows organizations to track the performance of each vendor, including delivery time and quality, providing them with valuable insights.
Overall, with eprocurement system that provides end-to-end visibility, transparency and accuracy, enterprises can reduce their supply chain costs while enhancing operational performance. The improved efficiency, visibility and tighter budgetary control that come with Source-to-Pay system make it an attractive solution for finance executives.
