Gone are the days when vendors have to go from office to office carrying brown papers or clear bags to submit proposals, show catalogs and bid for contracts. Companies on the other hand also do not need to worry about storing files and getting worried that something might fall out and go missing during the process of carrying from one office to another.  

In addition, unlike other technologies that might spell doom for the work force. E-procurement does not lead to job losses, nor does it take away discretionary powers assigned to officials. Instead, it aids the traditional workflow process and reduces processing times.  

Also read : E-Procurement 101: Everything You Need To Know

Making use of an E- procurement system allows you to automate the several activities of the traditional procurement with workflows leading to increased productivity and better funds management. 

Our e-procurement tool – Iprokure, can help business managers locate potential vendors and suppliers, invite bids, review bids, award contracts, and oversee the management of contracts. Managing vendors and catalogues, as well as integrating purchase orders, creating invoices, and accepting payments online are some of the other activities involved.   

How does using our E-procurement system distinguish you from others 

• An improved and standardized system cuts down on cycle time and makes it easier for the management to follow the procurement process. 
• There is effective control which improves compliance, centralization, standards, requisition strategy and auditioning data which in turn improves budgetary control that limits spending and ensures a better reporting system.  
• Operation costs are reduced because there is the advantage of more competition among vendors. Spending is also clear, as administrators can see how much is being spent on purchase orders and other things.  
• The centralized tracking of transactions allows for full reports to be made on requisitions; items bought, orders processed and payment made.  
• The automation process will ensure that there are fewer mistakes and all documents are properly accounted for.  
• E- procurement data management helps with collaboration, analysis and decision making. It also helps to close holes associated with corrupt practices in the procurement process.  
• Everyone who uses the system will benefit from better supply chain mechanisms.  
• Internal purchasing is improved and with automatic bid processing, electronic purchase orders, and electronic billing, business can be done better, faster and cheaper.  

Reviews from current iProkure users have shown that most businesses have been able to save costs, manage their timelines better, and experience little or no compliance and fraud issues in the time they have been using our tool.  

Aside from the numerous benefits of Iprokure, business managers can also utilize insights to take a quantum leap to create new business models, improve service offerings and delivery timelines, thereby becoming a very important asset that allows for growth in all areas as the organization is concerned. 

Click on the ‘Get in Touch’ box at the top right and we will show you precisely what you need to do to turn your fortunes around in a free 30-minute consultation.  

What is an E-Procurement system?

The electronic procurement system is a technology that helps improve the purchasing and supply process. It also improves the transparency and efficiency of transactions between agencies and their vendors. It allows people who want to help with public procurement processes to do so through a single online portal. This leads to more transparency, healthy competition, time and cost-saving benefits. In other terms, an eProcurement system is a cloud-based software that makes it easy to find, buy, and manage goods and services online. It has digital and automated tools that businesses can use to support them, set vendor policies, and be more transparent about how the system works. 

The best eProcurement systems can seamlessly combine the tactical and transactional parts of an organization’s procurement process, for the best results. This type of procurement work refers to tasks that are done often and help keep things running smoothly, like writing purchase orders and updating product catalogs.  

Benefits of an E- procurement system include;

1. Streamlined workflow resulting in increased productivity: Businesses save time and money by using a single, automated platform for the main steps of procurement. This means they don’t have to do a lot of administrative and manual work, like filling out paperwork. When teams work together, they save time and can work on more complicated or high-value tasks. In the long run, e-procurement will free up time for the team to work on more important tasks and functions. There are many ways to speed things up, such as by using automated invoice matching. The goods can be ordered and processed in just a few minutes.

2. Cost Effective:  People who use e-procurement save a lot of time and money, because they can choose a lot more suppliers, build trading communities, and more. This makes e-procurement a lot more cost-effective than traditional procurement. Transactions save money because there are fewer people working and all processes are fully automated. This means that they cost less money. Over time, small savings per transaction add up to big money for a business.

3. E-marketing of Products: This is a great marketing tool for both sellers and buyers because there is price transparency (you can easily see how much things cost) and buyers can compare offers from different e-catalog vendors. When it comes to electronic catalogs, some suppliers are trying to make their services more standardized so that buyers can easily compare the offers of different catalogs.

IProkure, our e-procurement system, can cut down on the work your purchasing team has to do while increasing productivity and efficiency.  Furthermore, we do so at a price that you can afford because we are always looking for new ways to solve everyday human problems with technology that is both affordable and easy to use. Picking out the best e- procurement system might seem tedious. However, you have to look out for features that would be advantageous to your organization.

Some of the features that constitute a good procurement system include; 

• Vendor portal: This ensures that the registration process for prospective vendors is simple and easy. Through a systematic and rule-based registration process, they upload essential documents. The vendor dashboard also gives vendors a real-time account of the e-tendering process.  

• E-Catalog: Catalogues are digitized by storing details of all assets disposed of and all procurements made on the cloud. These details are organized and classified in to different categories and are made available for users to access rapidly and effectively.  

• Electronic Document Management and Versioning: Administrative users can approve, reject, and comment on electronic documents submitted on the platform. The vendors can also submit new versions of documents if required.  

• Approval Workflow: There is the creation of custom workflows in line with existing policies for each requisition. Vendors are notified about every approval step helping to save time, money as well as resources during the process.  

• E-Payment Module: Easy acceptance of electronic payment for online transactions. Payments of bidding/tendering fees by vendors and also ensure remuneration of contract cost electronically. Tracking of all procurement transactions is made easy because for every payment made there is a unique transaction ID auto-generated by the system.  

• Contract Performance and Evaluation: People who use the platform can be sure that the contracts they win will be properly evaluated and monitored. There is a way to keep track of the process milestones and delivery time. An alert is sent to the solution administrator on the expected delivery date for goods, projects, and services.

If your company is still doing a lot of its procurement tasks by hand or with old databases and complicated spreadsheets, you should think about getting an e-procurement system.  Spread your wings and see how Iprokure can help.