A true digital procurement organization does a lot of good things for the business. Electronic procurement automates repeatable tasks, thereby increasing efficiency and reducing costs; Through artificial intelligence (AI) and easy-to-use online tools, e-procurement provides real-time insight and analysis to stakeholders across the business, while deploying new and smarter ways to inject data models to enrich day-to-day operations and decision making.

In addition, e-procurement, as a platform for new levels of collaboration, has changed the way buyers interact with suppliers and other third parties. The question is not, “Why go digital?” It’s “when to go digital.” In the digital revolution, most purchasing organizations have been left behind. This needs to change quickly.

How to develop an effective e-procurement strategy?

data

Data from outside and inside the organization tells not only what was purchased at what price, but also why it was purchased. Understanding data and providing forward-looking support requires the right technology — especially artificial intelligence, natural language processing, analytics and robotics.

experience

An intuitive user experience will encourage stakeholders to use online purchasing tools.

Technology and talent

Generating real value requires a cross-functional team that includes data scientists and artificial intelligence experts, category experts, IT and design professionals.

Policies and procedures

Policies and procedures need to be reviewed to update the operating model and ensure that everyone understands the new responsibilities.

Evolution of electronic procurement

Digital purchasing is only the first step in an ongoing journey. Over the next two to four years, we will see further development of the next generation of e-procurement, where data from outside the enterprise’s own ecosystem will provide more advanced decision-making. Organizations must start their e-procurement journey now to ensure they don’t fall behind in the race for competitive advantage.

1.0 – Document why decisions were made about transaction processing; Context in the data world

2.0 – Use electronic procurement technology to record data and transactions; Digital Process Management

3.0 – Manipulating and interacting with information outside the data ecosystem; Intelligent functions guide business decisions rather than transactional ▪ Driving growth through e-procurement

Prospect of procurement work

In the digital revolution, purchasing organizations have largely been left behind. Robots automate and simplify manual, daily purchasing tasks through e-procurement; Procurement agents and consultants help people make the best purchasing decisions to provide the best value for the business. Now, the familiar frustration surrounding purchasing has given way to a simple, intuitive purchasing experience that users will embrace enthusiastically.

New-technology e-procurement software 8Manage SRM has the potential to streamline processes and increase efficiency, enabling greater automation of procurement and procurement tasks.

Advanced data reporting:

8Manage SRM’s e-procurement technology unites procurement and accounts payable, providing decision-makers with insight and visibility that can reveal barriers and new avenues for growth.

Whether it involves forecasting cash flow, understanding preferred supplier payment methods or identifying potential frauds, advanced reporting through 8Manage’s simplified purchasing dashboard will go a long way in helping leaders plan and strategists effectively.

Match with the right supplier:

8Manage SRM provides real-time 360° supplier information management, including supplier product information, communication records with suppliers, and vendor related transaction information to enhance your ability to find and work with suppliers.

At the same time, the system also provides the new supplier qualification verification management, and the existing supplier performance management function. Every time a transaction occurs, performance information is automatically captured and updated.

One-stop management of all expenses:

8Manage SRM provides better control over expenditures by consolidating all indirect and direct expenditures and service procurement into one system. By linking purchase orders to contracts, from contracts and catalog items to one-time expenditures, you can ensure that your orders are consistently applied to improve compliance.

Conclusion:

As procurement technologies continue to improve, less complex procurement functions, such as sourcing suppliers or purchasers, processing purchase orders, etc., will most likely be automated. Electronic procurement management software with inventory tracking, supplier management, order fulfillment, and document management capabilities will become the best choice for more and more organizations. In addition, organizations may outsource these functions to focus on more complex or strategic procurement tasks and reduce costs.