Wazzup Pilipinas!
Procurement is one of the most important business processes for many organizations, whether large enterprises or small and medium size companies. Many decisions taken by departments have a procurement implication that can impact on the overall cost of carrying out the decision. Here cost includes the total cost of the good or service and not simply the price that is paid.
In the private sector, procurement is viewed as a strategic function working to improve the organization’s profitability. Procurement is seen as helping to streamline processes, reduce raw material prices and costs, and identifying better sources of supply.
However, the process often pose many challenges such as understatement of purchase details, inappropriate selection methods, inadequate supplier information, selecting unsuitable supplier and risk in negotiations, just to name a few. However, with the advent of technology, automation of the procurement process can now be done which can help achieve the best results for your procurement projects.
Below are just some of the values and additional advantages brought by technology in the procurement process that the traditional processes cannot provide.