What is eProcurement?
eProcurement has seen a significant increase in demand and is quickly becoming the industry standard for more and more companies thanks to the many benefits it offers.
What is eProcurement?
The term eProcurement (electronic procurement) refers to the purchase and sale of goods or services via the internet for business-to-business (B2B), business-to-consumer (B2C), or business-to-government (B2G). This type of procurement process is made possible by built-for-purpose software systems or buying portals.
The eProcurement system can manage the end-to-end buying process that mainly consists of catalogue management, vendor management, purchase order quotations, purchase orders, order statuses, shipment notices, invoicing and payments.
eProcurement systems are on the rise and fast becoming the industry standard for many companies who want to efficiently manage the buying process. The increased demand for eProcurement solutions is mainly due to digital transformation and the benefits that eProcurement systems offer to companies.
As well as the Aphix ERP integrated eProcurement solution, there are many other systems available on the market from companies like Coupa, SAP Ariba and Oracle to name a few.
What is an eProcurement system?
eProcurement systems are designed to help companies centralise and automate core buying processes like catalogue management, purchase orders, order status, notifications, reminders, invoices, payments and more, between buyers and suppliers.
These systems provide users with a better understanding of purchasing transactions and the life-cycle of a company’s contract with their suppliers. An eProcurement system’s rich features help improve efficiency, effectiveness, visibility as well as managing the overall costs of procurement.
An eProcurement system enables you to see all of your business spend in one place. It will help to make cost control, compliance and anything spend management related easier and more effective.
Key Benefits of eProcurement Systems
Without a doubt, eProcurement systems have many benefits to offer growing companies. Below, we’ve listed the most important benefits that you should be aware of when looking for a fitting eProcurement system.
Increased efficiency & productivity with manual task automation:
Many of the tedious and time-consuming everyday tasks such as document management and updates of purchase order quotations, purchase orders, price negotiation, order status updates, reminders & notifications, invoices, payments, and more are automated or streamlined by eProcurement systems for both a company and its suppliers. This increases efficiency and productivity while freeing up time for staff to complete other tasks.
Improved user experience with advanced procurement workflows:
End users can self-service 24/7, from anywhere, and on any device online. This creates a faster, more efficient, and more frictionless processing of employee requisition and supplier payments all leading to improved user experience, satisfaction, and retention.
Money saved through improved visibility of purchases:
eProcurement systems give companies improved visibility into their spend. Data collected is very valuable and can help your company control expenditure, identify areas that you can consolidate with your suppliers, or even leverage opportunities to negotiate cost savings.
Reduced errors & time saved with real-time ERP integration:
ERP integration ensures that real-time, accurate product and account information is shared between your ERP software or finance and account system and your supply chains for a better and more accurate flow of information and transactions by all parties involved in the procurement process.
4 Types of eProcurement systems
eProcurement systems vary depending on your business requirements. There are many types available on the market (Oracle, SAP etc.) and that cover different areas of the procurement cycle, there’s no unified separation, and it’s difficult to separate e-procurement into unique types.
Below, you’ll find a list of 4 different types of solutions for different areas of eProcurement.
Order Punchout Catalogue
An order punchout catalogue is a type of online software that gives an eProcurement application the ability to allow customers to access a supplier’s website from within the customer’s own procurement system.
Punchout catalogues make it easier for customers to access, browse, compare, and buy products from a supplier’s eCommerce site, all while remaining within their own eProcurement or ERP system.
For more information, you can read our punchout catalogue blog.
A supplier or vendor portal is a web-based eProcurement solution that allows companies to manage and connect with 3rd party suppliers for goods and services.
The portal provides suppliers with a system that makes their job easier by automating manual, time-consuming daily tasks while providing the updates a company needs without all the grunge work that’s usually required.
For more information, you can read our supplier portal blog.
An eCatalogue is a digitised version of your print catalogue that acts as your go-to place for potential and existing customers when they wish to view products, services or place an order online.
An eCatalogue solution offers many benefits for suppliers from accurate, real-time information and pricing, to easy management, lower costs, quick easy updates, and many more.
For more information, you can read our 10 benefits of eCatalogues blog.
Uniform Management System
A uniform management system is a secure online solution that accelerates the process of ordering and reordering sets or packs of apparel, equipment, and other products within compliance or uniform heavy industries.
It can help businesses of all types to significantly streamline, automate, and improve their procurement process by using this tool online.
For more information, you can read our Uniform Management System blog.
Each eProcurement system listed above is designed to help your company streamline and automate the procurement processes and solve problems for your business.
eProcurement software is an essential tool for any business that has a complex or time-consuming procurement process.
They offer distinct advantages to companies regardless of their size or complexity. With the right piece of software, your business will become more efficient and closer to achieving its goals.
Remember, eProcurement systems are not built to be complex or too hard to use. They are built to help make your life easier and remove tedious and repetitive tasks.
If you’re interested in eProcurement solutions such as Order Punchout Catalogue, Supplier Portal, eCatalogue, or Uniform Management, take a look at the Aphix eProcurement suite of products. They are designed to solve some of the most common procurement problems.
You can request a demo to see our eProcurement solutions in action and understand how they can help your business.
Alternatively, you can send us an email on email@example.com to ask any questions or call us on +353 (0)41 2137222 and a member of our team will be happy to help you.