As procurement organizations move toward automating and enhancing purchase-to-pay processes, they often seek to improve processing times, costs, and compliance. Many businesses automate AP first, focusing on fixing problems that arise from inefficient processes, such as heavy paper invoice volume and frequent late payments. When automating procurement, however, organizations focus more on controlling spend at the front end through better purchasing visibility and control.
With procurement automation initiatives, the task not only requires implementing a dynamic solution that fixes existing problems—it also involves changing internal habits, strategies, and attitudes around spend from the very beginning.
eProcurement software reins in unregulated manual purchasing procedures, bringing all company spend into one controlled environment. These solutions allow staff to make educated and strategic buying decisions with built-in competitive pricing, clear product information, policy controls, budget integration, and purchase requisition approval workflows. The solutions also streamline processes for PO creation, order management, receipt and reconciliation, and integration with AP. In all, eProcurement software does more than just transferring manual processes to an online portal — it enables the transformation of the function into a strategic entity.
This research report by PayStream Advisors explores the latest market trends in procurement management and current adoption and usage of eProcurement software. It offers a guide to the features and services available in eProcurement solutions, and provides adoption best practices to those organizations actively seeking an eProcurement system.
Theme: Procurement
