Electronic Procurement Management
Source: PayStream Advisors
E-Procurement is also known as Electronic Procurement. Today, marketplace is full of various e-procurement products and the organizations are in a rush to implement these products. However, all this came to a big halt with the crash of dot com era. This paper starts by stating that the companies have now learnt that the technology is not the panacea for all the problems. This research has been conducted by PayStream and it investigates the resurgence in the demand for e-procurement products. This paper tries to build a case for the implementation of e-procurement solutions. It states that the manual processes are generally inefficient in nature. The manual processes also lack qualities such as supplier spend management and tracking. It also lacks visibility and flexibility. The paper also states that with increasing complexity and sophistication, manual processes are not able to manage the quantum of contracts. The paper then moves on to discuss key motivators behind electronic procurement. E-procurement tools may be used for leveraging automation and therefore procure-to-pay automation is coming up as a major factor for the supply chain management. It also is providing bottom-line improvements. However, there is a disparity in the adoption of the technology, as it is mainly adopted by the bigger companies.