Advancements in technology have revolutionized the way organizations handle their procurement processes. These transformations are often made possible with the help of an eProcurement platform, replacing slower, more complex, and less reliable processes that slow down operations.
eProcurement software provides businesses with advanced supply chain management features that will help streamline your process and free up time for your employees to focus on other tasks. It enables swift responses to market fluctuations, cost advantages, and securing critical resources, ensuring a competitive edge. With ongoing issues and challenges in supply chains, eProcurement solutions are no longer an option, it is a necessity.
With many different eProcurement platforms, features, and benefits, it can be a challenge to choose the right solution for your needs, and integration with a system will take time and resources, so it is important to choose the right solution, the first time around. Before selecting an eProcurement platform, factor in these 6 must-have features for any business, to gain more strategic and efficient procurement:
1. Critical eProcurement Services, Right Out of the Box
Using an eProcurement platform with the necessary procurement solutions that can be used is key.
Consider functions such as:
- Punch-out capabilities
- Order tracking
- Parametric search
Having these functions available right out of the box allows for additional customization, where it matters most for your organization. Standard features to track orders, punch out to suppliers, and find the required parts and materials make the purchasing experience more efficient for managers.
2. Real-Time Information
With delays throughout the supply chain system becoming a new normal, quick and insightful decision-making creates a major competitive edge. Real-time data that is available 24/7 enables organizations to see important inventory and availability details outside of traditional business hours. It enables groups to make faster procurement decisions based on data when outside circumstances change.
3. Customizable Approval Processes and Workflows
The eProcurement software being considered should allow for approval setups and authorizations. The ability to customize approvals gives greater control over spending and better adherence to the organization’s spending budgets.
4. Mobile Application
Mobile access to eProcurement platforms unlocks a new level of flexibility for MRO management. It allows users to access the platform and perform procurement activities from anywhere, at any time. This feature is particularly useful for maintenance and operations teams who may need to make urgent purchases while on the job site.
5. Reporting and Data Sharing
Reporting and data transfer capabilities are key components to track and measure performance. Standard export functions enable seamless sharing of system data between interconnected systems. These features offer a reliable and efficient way to transfer valuable information, enhancing collaboration and streamlining operations.
6. Scalable eProcurement Software
As your business grows, the software adapts to handle increased transaction volumes, more users, and additional locations without compromising performance. Scalability is a must-have feature for eProcurement technology, as it lessens disruption within your company’s operations. Instead of changing platforms with expansion, choosing software that can adapt ensures consistency.
Aim for Greater Visibility and Control Over Procurement with Powerful eProcurement Technology
While eProcurement platforms can include a robust offering of tools and functionalities, these 6 features are must haves. Ensure the platform you choose includes these features to help narrow down your search.
eProcurement software offers a holistic solution for FM, tail-spend management, and MRO procurement, streamlining processes and enhancing efficiency. It serves as a crucial strategic tool for effective supply chain management, enhancing visibility and agility. By providing real-time insights and improving coordination among stakeholders, organizations can promptly:
- Respond to disruptions
- Optimize operations
- Efficiently secure scarce resources
This ultimately enables businesses to adapt swiftly to changing market dynamics and maintain a competitive edge.
SDI’s eProcurement solution, ZEUS, offers a digital platform for MRO, tail spend management, and works in tandem with our cloud-based eMarket solution for real-time access to all tail-spend items. Contact SDI to schedule a demo of the powerful, customizable eProcurement platform for simplified purchasing.