eProcurement is proven to deliver return on investment by reducing costs, increasing competition and streamlining processes. However, Nextenders’ 20 drivers of eProcurement ROI paper also outlines other ways that eProcurement pays back.
Automate to evaluate
One key driver for eProcurement the potential for complete simplicity in generating comparative analysis. Why risk human error when adding and interpreting constituent parts of a bid? One-click functionality enables like-for-like comparisons, even factoring in your specific weightings for response elements.
Quicker completion
Data-centric, workflow-driven eProcurement can dramatically reduce the amount of manual administrative tasks required by your procurement team. That means cycle times are reduced by as much as 66%. Eliminate delays by automatically generating key documents, avoiding repetitive tasks and circulating new information electronically.
How often do other tasks and responsibilities impact on deadlines and feedback timescales? The entire process can run to a workflow-driven schedule. Bidders and the procurement team can be updated and chased at each deadline automatically – complete control for you and complete clarity for tenderers.
Environmental peace of mind
You can reduce not just wasted time but also wasted resources as the use of paper, toner and stationery plummets. With sustainability a common focus across business functions, eProcurement instills confidence when answering ‘how green is my sourcing?’
Courier requirements and subsequent fuel emissions are cut during the course of a project – and excess storage space (and subsequent energy cost) is unnecessary thereafter with records kept electronically.
Compliance is a given
With system attributes determined at the outset, best practice can be configured into eProcurement processes. This prevents unapproved or even unlawful actions. All activity is tracked to ensure transparency. Messages are recorded, amends are flagged and authorisations are clearly marked for an internal breadcrumb trail and for any necessary external inspection. The burden of accessing and reporting on compliance information is virtually eliminated.
A pleasure to do business with
It’s natural to want to work with the best suppliers – and of course this relies on them wanting to do business with you. eProcurement systems engender supplier reassurance that bidding will be a simple process, well managed and fairly assessed. Keeping the best suppliers on side helps build mutually-beneficial working relationships, positioning your organisation to benefit from the best service, products, rates, and innovations.
