If your company is not using e-Procurement, you are losing the best opportunity available today to drive savings and increase profits. On average, acquiring products and services accounts for more than 50 percent of every dollar of revenue that a business gains, including the combined costs of administrative resources and the cost of the products and services.

      Sadly, relatively little emphasis has been put on procurement and purchasing processes in the past. This has hurt company bottom lines at a time when no one can afford negative impacts on profits and revenues.

      Fortunately, technologies that leverage the power of the Web and Internet have created an incredible opportunity for businesses to dramatically reduce the costs of administration, products and services while revising and enforcing internal procurement policies. Your business can remain competitive and significantly increase profits by moving from traditional procurement to an e-Procurement strategy.

What is e-Procurement?

     Typical procurement processes within an organization include one or more purchasing/selling departments, all of which rely on paper-based systems. Purchase orders (POs), requests for quotes (RFQs), invoices and payments are transmitted via phone, mail, fax and e-mail. Procurement departments are typically disparate across organizations and geographies, and each has its own hierarchies, processes, rules and relationships. As a result, the system is highly vulnerable to human error (lost POs, lost invoices and incorrect procurement data entry, for example), and actual and total expenditures...

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