Procurement Platform : Intangible Benefits

In today’s digital world, manual procurement process has evolved and is getting digitized. But the big question is, what is the need for digitizing the platform and what benefits to look for from the platform? There are a lot of benefits in digitizing the procurement process. It delivers incisive analysis and insights to the CPO, gives full control across categories to sourcing professionals, and enables ‘consumerized’ ordering to buyers. The list can go on. Let us discuss about the intangible benefits.
a. Transparency:
Procurement process become more transparent and as the platform is used for keeping the overall data, it helps in eliminating the duplicate orders, accurate inventory, tracking the procurement cycle resulting in complete control of the overall procurement process. More so, the bids are encrypted & secured till the bid is opened and cannot be viewed by buyer
b. Standardization:
Procurement platform helps in standardizing the process and workflows involved in the cycle there by reducing any deviation of the procurement policies and guidelines. Standardization also helps in integrating the processes effectively and keeping the quality of the goods or services procured.
c. Global Reach:
Procurement platform enables the organization to reach the suppliers globally rather than locally only. This will give the organization competitive prices for the goods to be procured and also in increasing the quality of the product.
d. Data Management:
Procurement platform stores all the information of the supplier and goods procured, it gives a better insight to the organization in planning and creating the roadmap for development of the procurement process. It also, gives an insight of the market trends involved and will aware the organization regarding the price trends for each of the
goods procured.

What procurement platform are you working on? What are some benefits that you have experienced? I will be happy if you exchange your views with me.

Until later.. Cheers!