The e-Procurement suites may differ on the basis of what they offer to the user. The main components of a typical e-Procurement suite are the follows-
e-Procurement or electronic procurement refers to the process of purchase and sale of goods or services through electronic methods, primarily the Internet. It is an alternative to the manual process of procurement, and is certainly superior to the latter in many respects. Organizations are increasingly opting for e-Procurement platforms, realizing its potential to curb irregularities and unnecessary costs.
Supply Chain Management is vital for any business. Organizations invest a lot of resources in the process of procuring goods, services and raw materials. So, an efficient and stream lined procurement process is a huge advantage for businesses.
e-Procurement consists of Indent Management, RFX creation, e-Tendering, e-Auctioning, Vendor Management and Contract Management among other processes. An e-Procurement solution can automate the whole process, thus saving the organizations from the hassle and irregularities involved in manual procurement. e-Procurement portals are designed for users to register as a buyer or supplier, submit all the relevant documents online and take part in the tendering process that follows.
The manual procurement process has always been pestered by the inefficiency of the system, lack of transparency, less accessibility and unwarranted expenditures. e-Procurement platform can overcome all these shortcoming and thus prove to be a necessity for any business. The digitizing of the procurement process leads to simplified workflow. It also makes the process equally accessible for everyone.
The salient benefits of e-Procurement have been listed below: