Organizations both large and small, from the healthcare industry to business services are examining non-inventory expenses and implementing dramatic business process changes when it comes to purchasing. The role of purchasing in mid-market organizations is rapidly moving from a back office accounting function to a strategic corporate initiative to manage spending through improved supplier negotiation and collaboration.
58% of Surveyed Organizations are looking for strategic eProcurement solutions to manage direct and indirect spending to improve their bottom-line.
The availability of low-cost and easy-to-use electronic Procurement solutions is driving this change by providing business process automation tools, as well as the visibility and insight necessary for cost control. While organizations have devoted resources to supply chain integration and back-office payment processing solutions, purchasing processes are still under-managed. The most recent industry analysis indicates that 58 percent of organizations are looking for solutions to manage direct and indirect spending to improve their bottom-line.
When employees are provided with easy-to-use eProcurement tools that deliver live access to supplier pricing, an organization can leverage their buying power along with a rich set of data against supplier performance, resulting in a dramatic cost savings. Electronic procurement eliminates the paper approval process, and moving to electronic documentation and contracts means purchasing information becomes immediately visible across the organization.
Electronic Supplier Catalog management means easy access to live pricing that can be checked against a budget for approval, which saves significant employee time as they manage compliance responsibilities. Creating a strategic supplier network for non-supply chain vendors, offers organizations important direct benefits for contract pricing and purchasing integration.
As cXML technologies and other new industry standards advance for payment and invoice processing, suppliers can work hand and hand with purchasing managers and your eProcurement solution to improve user experiences and facilitate company specific data integration; resulting in a more streamlined and efficient process that goes well beyond negotiated supplier savings. Visibility to live pricing, approval status and delivery information, as well as visibility to approve against budget and role based visibility - all factors influencing ease-of-use and employees quickly transitioning to managed purchasing.