What is e procurement?
Purchase of product/service through electronic means, primarily the internet is known as e-procurement. Scaled up and superior in many respects, it is an alternative to the manual process of procurement preferred by many organizations for the countless number of benefits it is said to offer. This piece of writing is an attempt to bring out the advantages of e-procurement and why organizations are opting for this option.
Advantages of e-procurement
While the potential to eradicate irregularities and unnecessary costs being the main reason for opting e-procurement, there are quite a few other reasons why this option is selected. Let us have a look at them in detail.
1) Cost reduction: Seeing that e-procurement eliminates the cost associated with paper-based system and leverages volume buying, one can have great advantage over cost reduction and it isn’t surprising to know that e-procurement is much more cost-efficient than traditional process.
2) Gain market information: In an e-procurement setting, you will have other people participating in the buying and selling process and this will help you gain the market information and understand your competitive advantage and know the specifics of the marketplace where you hold that advantage, while also to target your efforts on that marketplace and scale up your returns on marketing investment thereby yielding more sales.
3) Global procurement simplified: With e-procurement applications supporting out of country regulations, currencies and more, it is simple for buyers and suppliers in different countries worldwide to communicate and co-operate.
4) Reduced administrative hassles: When you are said to have the aforesaid advantage, you can be very sure of having a reduced administrative hassle.
5) Transparency is the key feature of a successful procurement, with e-procurement both buyers and sellers are said to have that advantage, as long as they choose a professional platform that allows them to put forward. This in turn empowers business with the ability to add more strategic value to the company, while still making profitable additions.
Bidzpro is a fully-managed online marketplace changing the way of buying and selling products and services through strategic procurement solution. Our unique online bidding portal makes e-procurement simple and helps both buyers and sellers reach a new height of growth and success, all eventually leading to hassle-free buying and selling.