What tools are used in e-procurement?
Some e-procurement tools include:
Marketplace: Powered by an advanced database of product information, easy catalog uploads from suppliers, punchouts that allow users to visit suppliers’ websites (e.g. Amazon, Staples, etc.), and consumer-friendly navigation, this functionality gives users the familiar shopping experience they’re used to while you reap the benefits of up-to-date pricing and item selection.
Approval workflows: These make it possible for an action to be taken on different procurement line items upon their approval, without waiting for the approval of other line items.
Analytics: Built-in procurement dashboards allow the user to track on-contract and maverick spend across the entire organization. You can view spend by category, vendor, geography, or business unit for easier analysis. Use the data to find opportunities where approval times can be accelerated, get more spend under management, and monitor supplier performance, all from one platform.
Strategic sourcing: Sourcing functionality that delivers automated capabilities so you can be more strategic about how you request bids, host sourcing events, and connect with new suppliers.