LONDON--(BUSINESS WIRE)--Organizations have started adopting e-procurement to overcome the challenges associated with conventional procurement practices. In conventional procurement practices, a simple thing such as seeking approval or writing a proposal would take several meetings either with the top management or the suppliers to yield positive results.
Procurement market intelligence firm SpendEdge recently examined the advantages and challenges of e-procurement in its blog titled ‘The New Procurement Trend on The Block: E-Procurement’.
SpendEdge observes that, “Thanks to the internet, the purchase function has undergone drastic changes across the globe, thereby offering procurement a seat at the top management table and a say in strategic business decisions.” The e-procurement system enables employees, chief procurement officers (CPOs), suppliers and end-users to facilitate a purchase online. E-procurement benefits the three levels of management by improving spend visibility and enabling control over its finance, speeding up the process by eliminating redundant and superfluous steps, and helps employees to make purchases efficiently by placing orders with top rated and preferred suppliers.
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However, e-Procurement is still a distant dream for several businesses. SpendEdge says, “The inflexibility of organizations is stopping them from adopting technological changes.” Employees are the most important factors leading to the success of e-procurement but too often the fear of losing their job and their apprehending of the technology to be complex, unwieldly and slow nature hindering the embracement E-procurement systems.
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