85% of Indian companies face a major challenge of poor IT infrastructure and still procure their materials the traditional way. What are the reasons they have to switch to e-procurement? #eProcurement #ITProcurement

2. 85% of Indian companies face a major challenge of poor IT infrastructure and still
procure their materials the traditional way.
To overcome these hurdles, organizations need to understand the importance of
IT infrastructure and adapt to it for easy and transparent procurement systems
that help in taking effective decisions.

3. Organizations fail to keep-up with the procurement trends due to the lack of market
information.
Upgrading to the trends of procurement, having thorough information on suppliers
help organizations adapt to quality systems for taking effective procurement
decisions.

4. Organizations have to understand what the supply market can deliver – this
includes understanding the problems faced and how the suppliers can
support the organization solve it.
With e-procurement systems, companies can save great time and money
selecting the efficient supplier that match their company’s requirement.

5. A company’s procurement team spends a huge amount of time on meeting
vendors, negotiating and finalizing the right supplier.
These e-procurement processes help companies connect with the suppliers
across the globe and help in quick and transparent negotiations with credible
online contracting tools and file sharing tools.

6. Lately, procurement systems have the ability to import supplier’s catalog and
help businesses place the order through the procurement system itself, such as
punch-out catalogs.
There are more efficient tools that can help to find and purchase products
without punch-out method. They are used more often and has more features that
are user-friendly.

7. With poor data and understanding of the market scenario, forecasting the future
procurement budgets and requirement might go inaccurate.
With e-procurement processes, forecasting becomes much easier with data on
attributes such as, quantity procured, the price quoted, quantity acquired,
supplier’s profile etc., which is readily available for anytime access.

8. Organizations face invoicing issues such as lost documents, pending approvals
and inaccurate data spend.
With the e-invoicing feature, it is an efficient approach and helps businesses
automate their invoice processing.
This helps buyers, suppliers and other managers in the organization to gain
operational benefits.

9. To upgrade to the latest procurement process is essential for
organizations today, as the valuable data-driven information helps to
redesign the procurement processes and to take effective decisions.