Online procurement or e-procurement is a web-based procurement management system that accelerates and automates the procure-to-pay cycle. It is gaining wider adoption as organizations see the benefits of shorter procurement cycles, increased visibility into spending, and a streamlined procurement process. One of the most important goals of a procurement division
In Part 1 of this series last week, we showed you how you could take several measures to reduce your organization’s overall expenditure. Here are some more measures you can take to reduce your business expenses: Seek alliances/partnerships. B2B expenses take up a huge chunk of any budget. This is
For any organization, procurement is arguably the most important support function as it impacts almost all the major strategic functions. Almost every department is dependent on the procurement division procuring the necessary resources to carry out its day-to-day activities. This has made organizations look at procurement itself as a strategic
As the old adage goes, ‘A buck saved is a buck earned.’ For your business to turn a profit, it is as important to reduce expenditure as it is to increase income. Just as salespeople and marketers come up with newer and innovative ideas to sell your product, you have
Gone are the days when procurement was just a division that dealt with ordering and procuring goods and services to satisfy internal business requirements. Organizations today are closely monitoring their procurement departments as they have realized their importance and the need for continuous improvement. As a result, procurement has gained
The current pain point confronting many small and mid-sized businesses is data distribution. Many documents are created daily and exchanged among various employees, sometimes resulting in the loss of documents, inadequate security and version control, and document duplication. Paper consumption, which just ends up as waste in vertical industries is
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