Procurement professionals should identify and implement technology that aides the procurement process and supports the overall strategy of the organization. The technology should create measurable results (linked to Return on Investment) including, reduced transaction costs, improved process efficiency, a reduction or elimination in “maverick spending”, increased contract compliance, improved transparency, reduced cycle times and improved inventory costs. Technology can also increase supplier access to bid opportunities which can result in increased competition, diversity and inclusion of suppliers.
Electronic procurement (E-Procurement) can be defined as the purchase of goods and services that enable the business to run its daily activities or the automation of business processes and procedures with the goal of saving business costs.
Electronic Integration in Business
Enterprise Resourcing Planning (ERP) is a process used by companies to manage and integrate the important parts of their business to implement by integrating all the processes it needs to run a company with a single system.