eProcurement is a term used to describe a digital B2B business process that streamlines and centralizes company activities like the acquisition of goods and services in order to cut costs and enhance purchasing procedures. By automating conventional procurement processes, eProcurement software eliminates paper-based operations and aids in the analysis of spend for tactical cost-saving activities between finance and procurement.

With Tactica eProcurement solution, procurement managers can streamline and automate these policies along with supplier contracts and relationships in one system. In addition, employees can review all catalogs and select the items they need in one central digital hub, rather than going through a lengthy manual process.

Users of the eProcurement software can manage purchases based on permissions set by an administrator, allowing procurement professionals to more accurately manage the delegation of responsibilities. All supplier contracts can be stored in your procurement platform along with supplier contact information and payment terms, making it easier to manage relationships.

A procurement software system is essential for any company that wants to keep an eye on cost efficiency and control.

Selecting and implementing an eProcurement solution is the first step in implementing eProcurement within your organization. It's crucial to consider the needs of all pertinent stakeholders when you do start looking for the ideal eProcurement solution. To do that, one must comprehend how various teams will use it and where it can be of assistance.

eProcurement does away with the need for paper-based procedures, and thanks to its automated features, it significantly reduces—and in some cases completely eliminates—manual procedures and the errors that go along with them.

Employees are able to browse online catalogs and choose the items they want to purchase and the whole process is very similar to online shopping, which everybody enjoys.

An electronic approval of the purchase requisition by the user, if authorized, is the first step in the e-procurement process. By utilizing role based approval workflows, eProcurement solutions like Tactica enable your users to receive what they want to purchase quickly. Automatic routing of approvals and notifications speed up the process without back and forth emails. As soon as the PR and PO are approved, the PO is automatically issued to the supplier.

Once the product or service is received, it is marked in the system as "received" . The receipts will record what has been received and returned, along with the total outstanding items which prevent under or over receiving of the goods or services. Then, supplier can send electronic invoice through the system and 3-way matching will be performed to avoid payment mistakes.

Digitizing your processes eliminates many manual steps, speeding up your workflow and reducing careless errors. Digitization itself can reduce processing costs in a company by up to 70%. But savings are not the only thing that e-procurement solutions offer.

When a company truly adopts an e-procurement solution and achieves 100% user adoption, purchasing compliance increases tenfold, more spend is brought under control, and goods and services can be negotiated at better prices with strategic suppliers. In addition, e-procurement:

Optimize spend by reducing imprudent purchases

Leverage price discounts by bundling orders and buying in volume

Increase overall transaction speed

Standardization of the shopping experience

Negotiate more favourable contracts with strategic suppliers

Strengthening supplier relationships

Hedging against supply chain risks and disruptions

Facilitating routine tasks so procurement teams can focus on strategic initiatives

Minimizing fraudulent purchases