Business
enterprises both large and small deal with exchange of goods and
services and the transaction is either in the same form or in cash.
The process of buying of supplies and services, for use in the
business process is termed as procurement. With technology
being integrated into every system, most business houses use
automated tools for procurement. The tools like the enterprise
resource planning and EDI aid procurement specialist with the buying
process.
Technological innovations and growth of e-commerce have given rise to electronic procurement. Also referred to as e-procurement this process involves the use of electronic media for acquiring materials and supplies. However, irrespective of being a consumer or a retailer, for the home front or for the business organization, the first step in every procurement process is identification and recognition of the requirements.
The process involves generating a purchase requisition for the product either as an automated or a manual one followed by the request for quote (RFQ) or purchase order depending on the purchase status of the product, payment to the supplier as per terms and conditions and finally the delivery of goods or services. Today with number of purchase order software available in the market is equipped with its directory listing of genuine suppliers, making the procurement process easy.
Depending on the business and the organizations the procurement process may differ but is definitely aimed towards the benefit of both parties involved. The whole process of procurement however should be in compliance to the regulations. Further, the Internet has opened up a wider scope for researching and consulting for procurement services and efficient order management system. The automated procurement process integrates the suppliers, buyers and collaborating partners into a value network with the use of intelligent IT systems.
The electronic procurement method adopted by most organizations not only facilitates better post award management, way ahead of the traditional purchase order software, but also ensures an automated end-to-end workflow in the procurement process leading to improved organizational efficiency and significant reduction in overhead costs.
The advent of the cloud computing technology, leading enterprises of the industry sector have designed and developed cloud process based procurement process. This process is an all in-one package with every details from definitions of products, organizational hierarchy, managers and administrators, user language preference, existing and approved price list, supplier data base etc, available at ones finger tips. Such systems with features like article selection, product comparison and structured shopping carts facilitates a configurable post award management. Along with detailed delivery reports and order confirmation, the cloud based e-procurement process provides an end-to-end display of all the procurement transactions.
Read on - After sales service , travel expense management
Technological innovations and growth of e-commerce have given rise to electronic procurement. Also referred to as e-procurement this process involves the use of electronic media for acquiring materials and supplies. However, irrespective of being a consumer or a retailer, for the home front or for the business organization, the first step in every procurement process is identification and recognition of the requirements.
The process involves generating a purchase requisition for the product either as an automated or a manual one followed by the request for quote (RFQ) or purchase order depending on the purchase status of the product, payment to the supplier as per terms and conditions and finally the delivery of goods or services. Today with number of purchase order software available in the market is equipped with its directory listing of genuine suppliers, making the procurement process easy.
Depending on the business and the organizations the procurement process may differ but is definitely aimed towards the benefit of both parties involved. The whole process of procurement however should be in compliance to the regulations. Further, the Internet has opened up a wider scope for researching and consulting for procurement services and efficient order management system. The automated procurement process integrates the suppliers, buyers and collaborating partners into a value network with the use of intelligent IT systems.
The electronic procurement method adopted by most organizations not only facilitates better post award management, way ahead of the traditional purchase order software, but also ensures an automated end-to-end workflow in the procurement process leading to improved organizational efficiency and significant reduction in overhead costs.
The advent of the cloud computing technology, leading enterprises of the industry sector have designed and developed cloud process based procurement process. This process is an all in-one package with every details from definitions of products, organizational hierarchy, managers and administrators, user language preference, existing and approved price list, supplier data base etc, available at ones finger tips. Such systems with features like article selection, product comparison and structured shopping carts facilitates a configurable post award management. Along with detailed delivery reports and order confirmation, the cloud based e-procurement process provides an end-to-end display of all the procurement transactions.
Read on - After sales service , travel expense management
