The word eProcurement has become common nowadays. Businesses know their limits and tactics to tackle e-tenders by placing suitable bids. But, is getting tenders are the only intention of eProcurement? Are businesses yet to realize the complete potential of electronic procurement? Well, the question seems to be limitless, but what benefits an organization can see when electronic procurement is used with its full potential? In this blog, we explore the journey of eProcurement to advanced eProcurement that has the potential to change the phase of thy business.
Instigating Smart Purchase
The most popular proverb says “Work Smart Rather Than Hard”. Procurement or purchasing department are often overshadowed by other disciplines of marketing such as Sales, R&D and IT. But, being a significant part of every business, procurement executives are often pressurized to look for various options to buy a commodity at the best price. However, purchasing a commodity at the best price in right point of time is a challenge.
Finding the most qualifying supplier is highly essential to save significant costs without compromising in terms of quality. Other common difficulties include maintaining a stable supply whilst monitoring their performance over time. Although supplier issue is a major challenge that every organization has to encounter in supply chain position, they cause the buyers a big headache as they cited in a survey. At this point of time, electronic procurement comes into the picture wherein buyers meet suppliers crossing boundaries. Unlike any other marketplace, with CormSquare’s unique Smart Purchase option buyers can request as many quotes as they need, chat with vendors real-time and seal the deal at ease. A varied time tested options integrated in an efficient marketplace helps buyers to get suitable commodity at their fingertips.
E-Auction: To Get the best
Normally, e-auctions are designed to get the commodity at the best price. This practice, right from its inception, has been constantly evolving due to its significance in electronic procurement’s toolset. E-Auction, when applied at right circumstances can fetch multiple benefits, which are beyond expectations. Hence, it always plays a lead role in electronic procurement.
One of the key benefits offered by this tool is early focus on requirement specification. The latter part of a successful e-auction make sure that vendors are aware of exactly what they have to provide. This transparency is advantageous to both parties and will help maintaining a sustainable relationship throughout the contract.
E-auction, when integrated at right point of time acts as a benchmark against the competitors. At this circumstance, a vendor may discern the commodity in terms of price, wherein an insight may lead it to re-evaluate its business strategy. Timing is another mutual benefit offered by this tool whereas in a contract the price negotiations may go on for weeks. However, e-auction are finished within 60 minutes.
Supplier pre-conditioning is another mutual benefit offered by this exclusive tool as it plays a significant role in saving both parties time. Conditioning messages integrated in eProcurement ensures suppliers to start their bid at a realistic figure.
Besides, electronic procurement is integrated with a set of tools such as digital catalogue and standardized templates to ease the overall procurement process.
As a leading B2B marketplace, CormSquare aim is to provide a secure and user friendly eProcurement software integrated with varied tools that ease thy business in terms of purchasing commodities and locating verified suppliers across the globe.