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Why Your Traditional Procurement Process Needs an Overhaul

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Your traditional procurement arrangement has served you relatively well over the years but there’s always room for improvement. Before you can begin to put in place improvements to the procurement process, it’s necessary to have a clear overview of the current procurement process in use. To do this, assess and document every aspect of the procurement process, including time frames for different tasks, suppliers involved, compliance checks, payment methods, etc. Subsequently, think about your desired procurement arrangements and put it in black-and white so that you have a form of reference. Once you’ve completed these steps, you should have a clearer idea of what needs to be included in your new e-procurement strategy to maximize the effectiveness and efficiency of your business procurement process. Identify gaps and solutions to bridge the gaps Having clarified your current and desired procurement process, you can now start to identify the gaps in your current procurement strat
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Why E-Procurement Makes For A Great Investment Asset

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e-Procurement software delivers many benefits to organizations looking to automate their manual procurement processes, better control organizational-wide spend or improve supplier management. Eliminates slow and laborious manual processes Widely regarded as ‘the bane’ of the finance team’s life, the manual processing of supplier invoices is a time-consuming process and inherently prone to error making. The missing PO or VAT numbers, incorrect financial values and non-matching line items are repeat offenders; the act of manually entering data and rectifying such issues can perpetually slow down the entire processing and payment of these invoices. Sourcing new suppliers Offering both online tendering and auction capabilities, e-Sourcing helps drive best value and optimizes strategic sourcing outcomes. The simplified electronic process helps to remove paper, process time and manual overheads from supplier negotiations. Risk is less as only those suppliers who meet criteria spec
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How To Save Big On Office Supply Expenses Through Supplier Consolidation

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Supplier consolidation is the process of reducing suppliers within a specific supply market and focusing on the most successful suppliers within the same supply market. Aimed to reduce supply chain costs and improve efficiency, consolidating suppliers is a strategy that can be implemented by any industry. The global business environment is an inherently complex environment. Understanding the types and costs of such complexity is important in order to identify and eliminate the causes of waste, expense and risk. Reduce Purchasing Costs  As the number of suppliers is reduced, buying power increases. Strategic sourcing processes can be employed to introduce competition and lower purchase prices. Price and other associated landed costs (i.e., shipping, handling, taxes and duties/ fees) are together referred to as purchased costs. As the number of suppliers rises, the annual incremental savings associated with these purchased costs decreases, both for indirect spending overall, but a
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