What is eProcurement or Procure-to-Pay software? An easy answer is that it is a cloud based marketplace where companies can connect with suppliers and their catalogs online, create purchase orders with approval routings, track and manage items and budgets. The system can include connecting to Accounts Payables for invoice matching, as wells as managing inventory, capital projects and budgets and recipe management.
Why would a company want to automate all of these processes? Here’s our 6 favorite reasons:
- Reduce costs while increasing profits (the reasons below explain this!)
- Efficiency and accuracy. Eliminate manual processes, human errors, buried or misplaced paper, and life becomes easier.
- Increase compliance. You control the suppliers in your marketplace and their items, so you don’t have rogue or unbudgeted spending.
- Manage all spend and all suppliers from multiple locations. A CFO’s dream!
- Real-time data, reporting and analytics. Dashboards give high level or detailed reports and visibility to help make the best decisions.
- Prepare and invest for the next economic cycle. We know historically that the economy goes up and down. After several years of prosperity, make sure you can do more with less, when the cycle falls.
Sure, it will impress your boss and stockholders with savings, and save your coworkers extra work, so why not? Schedule a demo today.