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A Simple Guide to eProcurement Software 2020

Apr 10, 2020

Guide-eProcurement-Software
EProcurement software solving many burning issues and best in class procurement functions are fast evolving with business demands. More efficiently to improve your entire end to end buying and payment cycle with Cloud-based ERP Solutions. With the “The power of eProcurement software” streamline your business needs with the help of innovative technologies that can promote Excellence and Sustainability by shifting focus to value creation and strategic development. 

Start-ups and SME’s at Glance: eProcurement 

EProcurement software also adds significant value for Starts-up’s and small businesses to cut down the operational cost involved and improve the efficiency of the purchase process. Many studies indicate that an organization can enjoy returns in just three years that measure up to 300% of the initial investment. Everything is Digital with Procurement software, identifying vendors or supplies for placing the order and goods arrival is extremely easy. 

The 3 “S” Factors: Simplicity, Saving Money and Short time business growth

Switching of eProcurement communicate would not simply cut the operation cost of your business. 

The process lets you communicate your businesses through sophisticated technology for simplification of the better purchasing process and your business organized with optimized plans to the suppliers, rapidly and smoothly.

Despite various advantages of eProcurement software, at its best of efficient control of inventories, reducing the overheads and significant improvement of the purchasing cycle and helps to your business growth in a short time.

Easy Integrate with any Accounting Software’s

Organizations are in a state of confusion because they are numerous offerings of both ERP and accounting software, many of the features look-alike kind of overlap. So, if you streamline entire business by well connecting every department (also include fiancés and accounting), should start looking out for better cloud ERP that can easily integrate with accounting software. 

But if you are simply looking for to manage the accounting needs, should go any cloud-based accounting software by the well manageable recurring process. As a start-up or a small business, well, to plan to look out for an affordable ERP solution available in the market.

For any organisation, Accounting Software becomes compulsory. Best in Class ERP software’s easy to integrate with any accounting software’s that handles the revenue framework by avoiding human errors and makes flow for transparent financial audit and makes processes easier for business in tax compliance (GST and TDS).

ERP Software handles accounting and financial transactions by reducing the repeating and useless processes and automates the employee’s life-cycle of an organization process plan.

Demand and Benefits of eProcurement Solutions across industries

Consumer demand is increasing, and the possibility of instant real-time inventory, pricing, and populating data has rapidly become a burden for patrons who’ve conventionally relied on manual processes to cultivate and close business deals.

Rewards are priceless for any industry deal with purchasing transactions such as health, insurance, e-Commerce, industrial, manufacturing and many other industries. But implementation may initially be intimidating. Switching to right eProcurement software will revolutionize and optimize workflows can offer extensive benefits, as well as lower costs, fewer errors, and better-quality productivity and supply chain management.

Top Benefits you may not miss:

  1. Increased Productivity with better efficiency such as ordering, invoicing, approvals and payments by reducing the time through automation. 
  2. Reduced Costs by removing paperwork and the costs associated with paper processes.
  3. Shortened Business Cycles with real-time as a part of the automation process and increase capacity of completion of transactions with ease.
  4. Standardization of business Workflows, approvals for purchase orders, request of quotes and proposals. 
  5. Transparency and Control of Tracking improves better visibility, providing end-to-end transparency of all transactions in the procurement cycle

Top reasons should buy eProcurement software

A User-Friendly Interface: Take little time to fill forms, generate invoices and sending them to involved parties should easy manageable with a click.

Real-Time Conversation: With Seamless integrations in real-time, prevents useless spending and efficiently manage within the budget.

Speed and Flexibility: With the innovation of new technologies and cloud computing helps the implementation time from months to days and every organisation is unique in its setup process.

Automated Approval Workflow: Without the need for human intervention, the workflow parameters are set by procurement depart or at management level, the approval should be automated at user and company level control

Mobile Access: In any natural disasters or pandemics like COVID-19 the organisation must be prepared of remote work, with the flexibility of eProcurement software manage approvals through mobile anytime anywhere. It’s all about saving costs.

Automating procurement helps to transform your business growth at Scale

The impact of cost savings comes by significantly procuring the things at the right time and right price from the vendor. Hence, Procurement automation is the answer to simplifying your day to day tasks and today technology will add great value. 

  1. Expedites approval process by fully automating purchase order and enable the quick placing of orders at times.
  2. Provides visibility into your past spend refers to fetching an accurate report of past purchases, order history, supplier quotes, contracts and many others by automation remains in producing the right quality data for better visibility on spending.
  3. Through automation, Promotes see-through communication with suppliers and it is easier for both consumers and suppliers to have real-time communication and tracking of order status.
  4. All contract Maintained in a central repository and accessible through a single click. 
  5. With One-click accessible to all functions, the required information is easily accessible without navigating through multiple systems and it increases Overall Productivity. 

Bottom Line

As it is in the name ‘Pro’ – ‘Cure’, the software that cures all troubles like a pro to effectively manage all procurement functions such requirement generation, Requirement Generation, Requirement consolidation, Vendor Evaluation, Purchase Order Generation, Receiving Goods or services, Recording of Invoicing and payments.

According to Statista the size of Procurement software applications market will bring in an estimated 5.59 billion U.S. dollars in total revenue in 2020. However, All procurement software providers not able to solve every problem. But it is important to choose the parameters required for business while choosing the procurement software.

Hence look out for eProcurement software that fit your business as all in one solution that helps to automate the procurement process and minimize the bigger problems with your buyer and supplier for a smooth transition.

We have also written a blog on frequently asked questions (FAQ) about Cloud Procurement Software, which you will find it useful.

TYASuite

A revolutionary ERP software meticulously crafted to help industries grow without burning a hole in their pockets. TYASuite is a one-stop solution for your company which can be implemented just within a few days.