Survive Challenges of Procurement with an E Procurement Software

Procurement is an act of buying goods and services of a company which includes preparation and processing of demand. The process is time taking because of approval of payments and receipts generation. Though we have understood it at a definition level, think how much time will it consume in an IT company? Many procurement tasks in an IT company take more time and effort which they should not. The lack of clarity and precise information on procurement is what causes a majority of the delays in the IT sectors. So, is there a way to understand and implement it at ease?

We live in an era of disruptive technologies where organizations have a variety of solutions to different problems. One such e-procurement solution for procurement challenges is the Eprocurement Software. An abundance of free procurement software is available on the internet, but they are limited to their functionality. One of the best and promising procurement management systems an IT company can avail is the 'BAZ' product. BAZ is an eprocurement software offered by Empronc Solutions Private Limited. The product promises and ensures a balanced cost and massive returns delivered to an IT company.

Procurement challenges faced by an IT enterprise and how BAZ can solve them

The challenges faced with a procurement process include are

1. Lack of Standardization
2. Violation of Contracted rates
3. Unorthodox spending with vendors
4. No visibility of complete requisition
5. Cost reduction and maximize savings
6. Accurate data

Lack of Standardization

One of the vulnerabilities of the procurement process is standardization. The unavailability of a standard system and a responsible management delays procurement process. This unavailability leads to chaos while generating receipts and approving payments. The probability of missing out on payments and receipts increases along with their initiation. Thus the lack of a standard procurement system consumes a majority of the time of an IT company.

An Eprocurement software like BAZ is the only solution for enterprises to standardize their procurement process. When the process is standardized, it can easily be understood and implemented by employees while making payment approvals and generating receipts.

Violation of Contracted rates

Though procurement is a mutual understanding between enterprises, the contracted rates of buying certain goods and services do get violated. This violation primarily happens because of manually generated tenders.  The rates cause imbalances in the supply chain management of the company.

One of the prompt features of BAZ is its restricting feature over the vendor's list. It helps organizations to find and evaluate all the potential suppliers. The best of them is selected based on the requirements of the enterprise.

Unorthodox spending with vendors

The unorthodox way of spending is another challenge faced by an IT enterprise. An enterprise may end up buying certain goods and services which may not be necessary for them. Later, these additional goods won't fit into the supply chain management of the company. Hence, a majority of the time, enterprises fell into the trap and end up spending more with vendors. An enterprise can avoid unorthodox spending by implementing an etender software.

The etender system of BAZ provides receipt order generated for both the parties electronically. The record of etender gets saved within the software to avoid unorthodox spending and maximize profit.

No visibility of complete requisition

A vendor receives a requisition when there is a demand for a specific product. But in the procurement process, it gets mentioned merely.  A supply chain management is responsible for the circulation of goods and services in an organization and flow of product outside an organization. When this supply chain management faces imbalances, it has no cause to rise requisition for a specific product.

An Eprocurement system like BAZ simplifies supply chain management within the organization. The simplification of the supply chain improves requisition approval process. The etender system makes it more dependable and quick to raise a requisition for certain goods.

Cost reduction and Maximize savings

Every enterprise prioritizes saving and cost reduction, but only a few achieve it. Lowering cost of production is a primary mandate of procurement. A majority of the professionals have a hard time while saving money. Thus every organization needs an etender software to restrict and seal deals

BAZ is uniqueE-procurement software which provides right from governance, risk, and compliance. It can help in cost management, cost visibility and for bringing steadiness in payment approval system.

Accurate data

The data or records help an organization to evolve and improve. Collecting an accurate dataset and how to use it is another concern for supply chain managers. Eprocurement solutions like BAZ can collect precise data for supply chain managers.

The data from the supply chain system is processed by BAZ to get desired statistics for supply chain managers to improve production.