Buying and Paying Smarter by understanding e-Procurement
E-procurement, also referred to as electronic procurement or supplier exchange, is defined as business-to-business (B2B) requisitioning, ordering and purchasing of goods and services over the internet.
By procurement automation executives in leading firms have found a way to save 10-15% off the bottom line, improving margin and funding new growth. They are transforming their company spending cultures by leveraging visibility into their purchasing, invoice processing, and expense reimbursements.
How exactly? By automating procurement and accounts payable functions – also known as Purchase to Pay (P2P) – with cloud-based e-Procurement solutions.
Our What is E-procurement white paper discusses how procurement and P2P automation can help you gain critical visibility and:
- Manage more areas of spending
- Take advantage of strategic sourcing
- Collect and analyze all spending data
- Motivate employees to buy smarter
- Encourage a more cost-conscientious culture
The fundamental role of e-Procurement in supporting a new approach to spending is further explained. With a P2P system, each step in the buying cycle is automated – ordering, receiving, matching, travel & expenses, approvals, tracking, assets and inventory – collecting key financial data in real-time and empowering you with efficient tools to see more about how every dollar is spent. From there, you can use this information to influence change and make decisions that help build a competitive advantage.