The constant influx of innovation in the field of sourcing and procurement has simplified the lives of supply chain professionals by eliminating burdensome paperwork and facilitating and automating both complex and simple tasks. E-procurement tools and various other procurement technology solutions significantly benefit the organization by allowing greater productivity, visibility, and cost efficiency. Although old-school techniques such as supplier relationship management and category expertise remain relevant today, the new procurement technology systems are transforming the way businesses approach contract management, supplier negotiation, reverse auction, and category management.
Given that the procurement professionals are always on the move and demand instant information, mobile procurement applications can empower them to drive greater results and value. Such applications help organizations streamline their procurement process with features such as on-demand notifications, purchase order creation, and real-time analytics from a mobile device. Procurement professionals can conveniently compare and request items from anywhere saving them time and providing them full visibility on suppliers.
Digital Signatures and Certificates
Digital signature certificates make the e-tendering process possible by its ability to access buyers information or services online and ensuring security. Digital signatures eliminate the lengthy paperwork and allow for contracts to be carried out within minutes. Additionally, such procurement technology can also facilitate automatic contracts and ease the RFP processes along with simplifying the purchase order.
Unlike traditional product or services catalog, e-catalogs are interactive and can store enormous quantities of items that can be organized and classified into different categories as per requirement. Electronic catalogs can be easily edited and modified on a recurrent basis and help convert inquiries into order resulting in substantial cost savings.
Migration to Cloud
Small and medium business enterprise are migrating to cloud technology to enjoy the benefits of procurement technology solutions without having to make heavy IT infrastructure investments. Businesses are opting for Software-as-a-Service (SaaS) model for their procurement needs. Such digital procurement platforms provide value that in-house solutions cant match. Also migrating to the cloud can reduce the overall costs and provide flexibility and scalability to the organization.
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