e-Procurement

e-procurement related articles information and writeups. creating awareness about features and benefits of automating procuerements using procurement software

Importance of Procurement in Manufacturing

Posted on January 7, 2020September 3, 2024 by forceintellect

Importance of Procurement in Manufacturing What is the Importance of Procurement in Manufacturing Industry? What is Procurement in Manufacturing? Procurement refers to an organization's strategy to acquire goods and services for ensuring successful business operations. The procurement process ensures the right materials/products/services are obtained at the right price, from the right source/vendors, in the right quantity, meeting the right specifications, and delivered at the right time to the right users. What is the importance of Procurement in Manufacturing organization? Companies in...

Future of Procurement

Posted on June 20, 2019November 28, 2022 by forceintellect

What does the future of procurement look like? Let us look at how digital transformation and technology advancements are likely to shape the future of Procurement. Procurement has started to get recognition as a strategic function that provides a competitive edge. With Procurement KPI and measurement metrics being implemented religiously, organizations have become conscious, that streamlined procurement processes can significantly improve their profitability. Organizations have therefore shifted their focus from manual sourcing and demand management to a more digital, automated and technolog...

How to measure the success of e-Procurement?

Posted on June 10, 2019November 28, 2022 by forceintellect

How to measure the success of e-Procurement? It's an established fact, that e-procurement solutions help organizations in implementing effective procurement processes and strategies. Saving on procurement price and procurement time are two easy to recognize benefits. e-procurement solutions provide many more tangible and intangible benefits beyond these two easy recognizable points. It is often difficult for organizations to define procurement KPI and metrics which help understand how to measure the success of e-Procurement solution implemented. Given below are some important points which ma...

Procurement KPI Metrics | Measure Effectiveness of Procurement

Posted on June 5, 2019November 28, 2022 by forceintellect

Procurement KPI Metrics | Procurement KPIs and metrics Procurement is a vital business function and impacts the performance of an organization. It may affect product quality, costing, timely delivery, and customer satisfaction. So it is important for organizations to monitor and improve, performance and health of procurement. Procurement KPI metrics help organizations to track and report performance and effectiveness of procurement in meeting business objectives. If you can measure it, you can improve it ! Measure Procurement Performance to achieve significant improvement in Procurement Per...

9 steps of effective Procurement Process

Posted on May 20, 2019November 28, 2022 by forceintellect

9 steps of effective Procurement Process The procurement process involves a series of activities undertaken to ensure the required materials are available at the right time in the right quantity. Procurement is a strategic business function which impacts the operations, supply chain, quality, cost and profits of most business organization. Hence it is crucial to have an effective Procurement Process. An effective procurement process involves understanding & consolidating the procurement needs of all departments/units of an organization, finding out suitable vendors, evaluating their te...

Difference between Procurement and Purchasing | Procurement vs Purchasing

Posted on May 13, 2019April 21, 2023 by forceintellect

Difference between Procurement and Purchasing | Procurement vs Purchasing Both procurement and purchasing are business terms that are quite similar and many people and organizations use these terms interchangeably. However, there is a distinct difference between Procurement and Purchasing. Purchase is more or less a term for transaction activities whereas Procurement is a term for rational activities or strategic activities which includes transactional activities also. In other words, Purchase is a subset of procurement. Let's have a detail look at both business terms and explain explain ...

8 Steps to eProcurement Success

Posted on May 6, 2019November 28, 2022 by forceintellect

8 Steps to eProcurement Success Do you want to save time, effort and procurement costs? Have you noticed that manual procurement process is person dependent, involves a lot of paperwork, repetitive tasks and is time-consuming? "8 steps to eProcurement Success" is a methodology to transition to eProcurement. Redefine Procurement! Digitize & Automate your procurement process with an e-Procurement software solution. e-Procurement or electronic procurement refers to the purchase of goods or services online. Implementing e-Procurement in an organization involves automating the procurement ...

What are the benefits of e-Procurement ?

Posted on April 29, 2019November 28, 2022 by forceintellect

What are the benefits of e-Procurement? Procurement costs generally account for 60% to 70% of the total expenditure of Manufacturing SMEs. Procurement is a critical business function, affecting the overall performance and efficiency of an organization. Most Manufacturing SMEs face challenges such as limited human resources, market competition, a struggle to meet delivery commitments, etc. Most manufacturing SMEs still carry out manual procurement process, which involves a lot of tedious, recurring activities to be performed with limited manpower, time and skills. Let us now understand how M...

What is e-Procurement? Components of e-Procurement | e Procurement

Posted on April 23, 2019April 21, 2023 by forceintellect

What is e-Procurement or eProcurement? E-Procurement or eProcurement or electronic procurement is the process of purchasing goods or services online. e-Procurement software solutions help to automate the entire manual procurement process right from requisition of goods to issue of the purchase order. Organizations, mainly those in manufacturing or related sectors, typically spend 60% to 70% of their total expenditure on the procurement of material and services. These materials and services have a large impact on their final product quality, product cost, product delivery, and customer satisf...