Electronic Procurement: Creating Buyer/Supplier Collaboration Through Procure-to-Pay Solutions
The role of procurement has changed dramatically in the past few years, as companies aim to gain tighter control over supplier performance to increase efficiencies and maximize growth and profits. Organizations have shifted from decentralized to centralized models to tighten controls, standardize processes, and provide the needed negotiating power with vendors. Savvy organizations are responding to these demands by leveraging integrated electronic procurement tools to support key procurement processes. These organizations are garnering results by effectively managing and collaborating with their supplier base, meeting and exceeding savings targets, strictly enforcing contract compliance and streamlining the overall procurement process.