E-Procurement is the process of buying goods online. The different stages of e-procurement include identifying vendors or suppliers, ordering and the arrival of the goods. Eprocurement helps to improve the efficiency of the purchasing process and it reduce the costs involved in buying traditional way. Most of the paper work is eliminated, thus reducing the cost and time required often reaping benefits to the tune of millions of dollars.
Research studies say that a company can enjoy returns that can measure up to 300% of the initial investment in just three years. The growing number of success stories point to the growing recognition of the benefits of eprocurement. This indicates greater optimism towards automation despite the slowdown in the global economy. Some companies have adopted automation in all phases of the procurement process to maximize the benefits of business.
It is mostly used in the purchase of smaller, less expensive items such as office. However, companies are increasingly recognizing the benefits of online recruitment. Buying goods online helps organizations to outline plans optimized to manage the supply chain. It not only save your valuable money but the process is also simple and easy. Optimization plans can communicate quickly to suppliers reducing costs and losses usually involved in the supply chain. The advantages of e-procurement include reduced overhead costs, such as purchasing agents, effective control of inventories and improving overall manufacturing cycle.