How to simplify the automation of modern e-procurement?

The global industry is plagued by procurement inefficiencies.Digital e-procurement is trying to stop this trend.Modern e-procurement software is not about slow processes marked by multiple manual interventions, low spend transparency, and unusual purchases, but about the built-in efficiency measures that simplify the industry.In this article we will look at how e-procurement platforms integrate disparate procurement IT environments and use digital solutions.Here are three automated features in e-procurement software that can help save money.

1. Instant Purchase Orders

Due to the rampant problem of abnormal purchases, professionals in the purchasing industry are familiar with the "no order, no payment" policy.The insistence on purchase orders may make spending transparency the most important factor, but it also slows down the procurement process.In an industry where prices are highly volatile and supplier transactions can fall apart without a quick response, the ability to generate purchase orders quickly is invaluable.

Modern e-procurement software solves the problems caused by strict adherence to purchase order agreements.Automation enables your procurement team to create digital purchase orders and move from data entry, pricing to multi-level authorization and delivery in rapid succession.By automating the purchase order process, you will get a digital assistant:

● Email/SMS notification
● One-click electronic signature

With automatic purchase order, purchasing parameters are easy to set.With standardized invoices, accounts payable workload is reduced and rejections are reduced, resulting in time savings.The digitization process also means that sensitive supplier data remains safe under the same cybersecurity protections of e-procurement systems.Finally, instantaneous reorders can be programmed and processed in advance in the system, eliminating supply disruptions.Purchase order automation is a win-win for both parties and has done a lot to build strong business relationships with suppliers.

2. Automatic Authorization

As mentioned earlier, authorization is where a typical time delay affects the procurement process.These authorizations can also be streamlined through the use of digital e-procurement solutions by automating procure-to-pay (P2P) processes.

Automated P2P integrates electronic or electronic signature technology.This allows supervisors at all levels to approve purchases within the e-procurement platform where purchase orders are created and delivered.

This allows supervisors at all levels to approve purchases within the e-procurement platform from which purchase orders are created and delivered.With record maintenance, the system applies signatures to files as well as metadata tags (name, approval time, location, etc.) so that authorization can continue while detailed records are maintained.

3. Other Business Process Management (BPM) Operations

Many business process management (BPM) operations in e-procurement software have double duty.Built-in record-keeping capabilities leverage a centralized repository and store data for later use.

For example, contract management solutions also handle key aspects of legal compliance.Reverse e-bidding can record supplier data for at-a-glance comparisons of suppliers in the future.Because BPM provides consistency over time through automatic version control, it reduces the frustration of billing and invoice processing.Obviously, automation speeds up the process, but digital BPM in e-procurement software also provides this secondary efficiency benefit, further saving time and money.

Summary

Over the past decade, the streamlining of e-procurement technology has focused on achieving cost savings.Implementing the latest technology makes business grow faster and helps keep supply chains moving.

Hyundai ElectronicsProcurement Software8Manage SRM conducts each step of procurementTight tracking and management helps you automate, control and collaborate end-to-end P2P processes while providing real-time visibility.

8Manage SRM integrates supplier and contract management, purchase requisitions, online purchasing, electronic inquiry and price comparison, electronic purchase order and delivery, inventory and fulfillment tracking, electronic signature, easy search, reporting and more.From budget management to optimized spending planning, it also simplifies ordering and ensures flexible transaction models.

Improving efficiency by automating purchase orders, authorizations, and other business process management operations is about saving time and resources, which benefits the bottom line.8Manage SRM provides advanced, intuitive procurement solutions for businesses looking to automate their procurement processes to drive user adoption, better manage spend, reduce processing costs and enhance supplier collaboration.