E-Procurement

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E-Procurement is the process of purchasing goods electronically. The various stages of electronic procurement include identifying vendors or suppliers, placing orders and the arrival of goods. E-procurement helps to improve the efficiency of the purchase process and decreases the cost involved in traditional purchasing. Most of the paper work is eliminated, thereby cutting the cost and time required reaping benefits often to the tune of millions of dollars.

Studies indicate that a firm can enjoy returns that may measure up to 300% of the initial investment in just three years. The increasing number of success stories point to the growing recognition of e-procurement advantages. This indicates an increased optimism towards automation in spite of the slowing down of global economy. Some companies have adopted automation at all stages of the supply process to maximize e-procurement benefits.

E-procurement is mostly employed in purchasing small and less expensive items such as office stationery. The traditional approach is still preferred for more expensive products such as complex engineering machinery. However, companies are increasingly recognizing the benefits of online sourcing. Online goods procurement helps organizations to sketch out optimized plans for managing the supply chain. E-procurement advantages not only include saving money but also the simplification of the whole process. The optimized plans can be communicated quickly to the suppliers thereby reducing cost and wastages usually involved in the supply chain. The advantages of e-procurement include a reduction of overheads such as purchase agents, effective control of inventories, and the overall improvement of the manufacturing cycle.

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