Tuesday, 13 March 2012

Supplier and Buyer Benefits

The new age of information technology has revolutionized the global business world. It has brought in a radical change in the approaches, methodologies, and the strategies of business operations across the globe. One important introduction amidst the innovative changes taken place in the business arena is the E-Procurement.

E procurement is an inventive and beneficial web based purchasing system that caters to all business transactions and interactions through internet and other networking devices.  The system organizes, manages, and streamlines all purchasing transactions between buyers and suppliers, thereby providing transparency to the cost management system.

Advantages of eProcurement

The advantages of eprocurement can be summed up to the following:

  • The system leads to increased efficiency and productivity in the business processes. Eprocurement not only provides intelligent business techniques, it also gives rise to new aspects of the business which in turn focus on strategic sourcing.
  • Eprocurment leads to efficient tracking of transactions through a centralized data repository. This in turn gives rise to an all round improvement of the working system which would no longer revolve around petty manual jobs. The system provides a complete report on the items ordered, items purchased, order processes, requisitions, and payments made.
  • It leads to improved compliance to business policy and transaction guidelines. The system introduces a standardized workflow with a transparent approval processes to make business process more efficient and also enhance buyer-supplier relationship.
  • E-procurment drastically reduces the operation time required for buying or selling as the buyers do not have to stand in queues and pay the money manually. This leads to an overall development of the system.

Buyer’s Benefits of e-Procurement

The system has proved to be a blessing to both buyers and sellers. It has triggered the way businesses run their operations in an efficient and transparent manner. For buyers, efficient purchasing process, improved cost management, and enhanced customer relationship becomes an added advantage. In addition, some of the other benefits of an e-procurement system to buyers include:

  • Availability of pertinent information
  • Well organized centralized data repository
  • Standardized transaction processes
  • Improved contract compliance
  • Improved cash flow
  • Lower cost of administration
  • Less inventory
  • Reduced material and process costs
  • Easier access to the seller’s product list
  • Faster ordering
  • Lower transaction costs
  • Less paper work
  • Increased efficiency
  • Centralized purchasing offices
  • Provides integrated data warehouse
  • Create better business opportunities

Seller’s Benefits of e-Procurement

E-procurement also brings host of advantages to sellers as they can now have a better and wider access to the global market place. In addition, the other benefits of e-procurement to a seller include:

  • Increased sales volume
  • Reduced operating costs
  • More collaboration between the buyer and seller
  • Better communication with customers
  • Improved performance
  • Streamline the procure-to pay process
  • Increased supplier visibility
  • Improved product quality
  • Handling low value transactions
  • Improved compliance to policy

Spend Analysis

In the fierce competition of today’s business world, it is absolutely necessary for every organization to manage their resources and monitor their spending to improve their efficiency. It is only when an organization measurably analyzes as to what products and services it is purchasing, at what cost, from which suppliers and how often, can the management take apt decisions to improve the functioning of the organization.

This is where our Spend Analysis service comes into play. Spend Analysis is defined as the process of aggregating, classifying and analysing the spend data for the purpose of determining the trends, changes or loopholes in the way a company manages its expenses. Spend Analysis gives you a whole new perspective of your expenditures, in a manner that is more effective, accurate and lucid than the conventional tools like Excel or disparate data warehouses. Such comprehensive cost management improves the procurement productivity of a company in the long run.

The key features of the Spend Analysis application include:

  • Extraction of all the spend data
  • Validation of the aggregated data for completeness and accuracy
  • Classification of the data as per classification systems which are industry-standardised.
  • Cleaning of the data to remove discrepancies in naming conventions; and addition of complementary information like contract terms, minority status etc.
  • Data analysis to determine the money spent across different categories and business lines.

Benefits of Spend Analysis

Spend Analysis fits into your business practice and gives you an all-new visibility of your spending ways. This can benefit your organization is a number of ways:

  • Provides a better visibility and understanding of expenses
  • Identifies the best saving opportunities in the company’s budget
  • Helps monitor the effectiveness of a company’s sourcing.
  • Improves the efficiency of spending
  • Ensures fast and flexible spend data extraction
  • Aids supplier rationalization
  • Enables export of the spend data to third-party analytical tools.
  • Eliminates maverick spending
  • Allows easy prioritization for the policy makers

SmartSell - Web Based B2B Application

With the growing age of technology, it is required to have an intellectual system that can organize, maintain, and manage all business transactions. This kind of a system is certainly a blessing for the business world as it helps to diminish the efforts of the team which can be utilized for strategic decisions. E-Procurement is one such introduction in the techno-world that has radically changed the working methodologies and processes of businesses across the globe with improved productivity and maximized revenues.

E procurement technologies are in the spotlight at the moment. The demand is at its zenith and it is required in almost every field of business and commerce. E-Procurement has become an imperative tool for any organizations to accomplish brilliance in their deliveries. Adding to the advantages offered by e procurement, technology introduces an effective and beneficial tool termed as ‘SmartSell’.

In general, SmartSell is a web based B2B application. It is generally for the mechanization of sales and distribution of finished goods, products and services. The main function is to traverse venture for sellers and buyers. It provides online information and accomplishes the process flow from catalogue display - ordering - release - expense. The system also helps organize the complete business transaction process and communication by electronic means.

The feature SmartSell also incorporates the standard and make it centralized distributed. This distribution work flow helps enhance the effectiveness of sales and distribution management process. The system has a flexibility to customize to the requirements of the implementing organizations.

Some of the key benefits are:

  • Improve transaction performance
  • Study and analyze supplier ranking system
  • Provide quality services at competitive prices
  • Define supplier performance
  • Detect potential risk in the transaction process
  • Increase transparency and credibility of procurement management process

SmartBuy – A Comprehensive Procurement Solution

E-procurement technologies have become an important and increasingly reliable source for exchange of electronic data. The data transfer in e-procurement take place through internet or many other networking devices and systems.  Taking into account the vast amount of traffic that crowds the whole of internet, eprocurement can be used for increasing the amount of revenue obtained and helps in providing transparency to the system of cost management. At an age where e-procurement has taken whole of the business world in its clutch, one recent introduction of SmartBuy has maximized the benefits of e procurement.

SmartBuy is a brilliant electronic procurement solution that makes sourcing and purchasing more quick, secure, and efficient. The system is designed with in-depth knowledge of business transactions and the best of technology to maximize the efficiencies of business transactions and reap higher profit margins. Suitable for both large and small companies, it helps organizations understand their spend pattern, streamline order management process, facilitate payment cycles, and improve productivity.

Key Features of SmartBuy

SmartBuy is an electronic means of handling procurement that makes the system more powerful with its extraordinary business intelligence. Some of the key product features are listed below:

  • It is an extensive electronic market for business transactions.
  • A common place for buyers and sellers to integrate and communicate.
  • A common repository for businesses to transact safely and efficiently.

Benefits of SmartBuy

SmartBuy is a comprehensive electronic procurement solution that offers a host of benefits to both buyers and sellers. The entire business economy is adapting to the wonderful procurement experience offered by this inventive technological system. Some of the key advantages of SmartBuy are as follows:

  • Tremendous cost reduction in the transaction and administration costs.
  • Increased transparency and efficiency.
  • Reduce procurement costs.
  • High savings on purchasing.
  • Streamline order management process.
  • Quicker and faster purchasing.
  • Access to wider and deeper supplier network.
  • Reduced transaction cycles.
  • Intelligent analysis and reporting.
  • Better management of supply bases.
  • Build collaborative supplier relationships

eTendering – A New Mantra to Improve Business Transparency

The eTendering system is a dynamic web based application designed to provide an effective online solution for filing and bidding for tenders. It automates the traditional tendering system with 100% compliance to legal & regulatory acts.

With our eTendering solution, we intend to revolutionize the traditional paper-based tendering system which is very tedious and time-consuming. Along with being faster than the old tendering method, online tenders are also extremely convenient, both for the buyer and the bidder.

The key feature of this eTendering application is that allows organizations to share the RFQs(Request For Quotes) online. Along with that, organizations can also submit the multiple required supporting documents through this application. In this manner, a secure platform for tender review and awarding is assured through eTendering system.

Why to choose eTendering System

There are innumerable plus points of the eTendering system in terms of effort, cost, quality, compliance and security. This application is beneficial for all levels of organizations be it PSU, Private Sector or MSME. Here are some key reasons why you should choose this system:

  • First of all, e Tendering is completely transparent. There is a lot of corruption in the high tiers of the business world today, due to which tenders are dispersed to selected suppliers without even calling for bids in a fair manner. With our eTendering system, there is an increase in transparency of the bidding process.
  • Secondly, the bidding and procurement of products speeds up considerably with this application. This is mainly because there is no tedious paper work involved. Besides this, the tenders are available online 24/7, thereby allowing the interested parties to make their bids at any time of the day or night.
  • Thirdly, the eTendering system is built in an optimized environment for the users to operate even from minimum configuration IT infrastructure. To add to the ease, bidders can view and make their bids for orders without roaming around offices. They can do so at the convenience of their homes at the click of a fingertip. This easy accessibility of tenders at any given time or place allows for a mass reach.
  • Lastly and most importantly, the e Tendering system is very secure as the system itself performs validation of the buyer as well as the bidder. All online payments and transactions are also tracked by the monitoring system. This provides assurance that this online system has no fraud tenders posted on it.

eRFx – The Ultimate E-Sourcing Solution

eRFx is the spectacular technological innovation introduced to make the e-sourcing process more effective and efficient. The inventive system is software that enables to analyze, organize, streamline, systemize and mechanize all the phases of esourcing, thereby helping companies enhance their competitive edge in the procurement industry. The system also gives birth to a revolutionary marketing trend for wider market access and deeper business vision.

The term ‘eRFx’ comes from a consequential combination of ‘E’, ‘RF’ and ‘X’ with each variable having its own significance. ‘RF’ is the shorthand used for ‘Request For’ and the variable ‘X’ in the suffix caters to tender management requirements like Proposal (RFP), Quote (RFQ) and Information (RFI). Further to that, ‘E’ in the prefix stands for electronic that caters to online system of web based software. The term together stands for ‘Electronic Request for Proposal/Quote/Information’ and fulfill all the needs of an online sourcing.

Key Features of eRFx

Each eRFx has its primary goal and significance in the actual procurement process. The significance of each of these variables is as follow:

  • eRFP (Electronic Request For Proposal): This is to have an online collection of proposals used for effective evaluation and shortlisting of business cases.
  • eRFQ (Electronic Request for Quotation): It caters to electronic collection of product or service quotes used for shortlisting suppliers.
  • eRFI (Electronic Request for Information): It caters to electronic analysis and collection of relevant information used for shortlisting suppliers.

The eRFX with its brilliance in the industry is a blessing to both the buyers and sellers. Buyers take to enjoy a wonderful buying experience with all the transactions and negotiations taking place through the online medium. The system also gives the buyer an added advantage of accessing all the relevant information and purchasing data from a centralized data repository whenever required. Coming to the supplier’s end, eRFx offers a comprehensive solution to their business needs as well. It gives them up-to-date information on when and where to submit offers and product details. As a sum up to the spectrum of benefits enjoyed by both buyers and suppliers, ERFx opens a rewarding gateway to a healthy buyer-supplier relationship.

Benefits of eRFx

To help you learn and understand the eRFX system better, here are some of the most significant benefits:

  • Helps to intensify supplier competition.
  • Reduces almost 70 to 80% of time required for executing the tendering process.
  • Helps handle and monitor larger number of projects with ease.
  • Maximizes buyer’s purchasing benefits.
  • Helps to automatically consolidate supplier responses.
  • Improves compliance to business requirements.
  • Ensures a transparent and consistent sourcing process.

eCatalogue – Access Catalogue at a Click of a Button

eCatalogue is an online search and product procurement solution which will revolutionize the traditional method of trading. Gone are the days when buyers would refer various broachers or directories to find the related suppliers and communicate manually for enquiries. This needs lots of efforts and expertise to get the right vendor.

eCatalogue is a b2b solution which serves as an online communication link between the buyers and vendors, bringing them what they need quickly and efficiently. The major roles of eCatalogue include:

  • Validating the registered buyers and sellers.
  • Providing catalogues of the products.
  • Searching the qualified vendors for the enquiries and communicate to customers.
  • Online Payment gateway.
  • Rating of all suppliers and purchases.
  • Maintaining history of all transactions.

Key Features of eCatalogue:

The key features of eCatalogue for the suppliers are supplier registrations, products/ services registrations, catalogue & product information, communication with interested buyers and supplier ratings for trades.

If you are a buyer, the following features of eCatalogue will be of interest to you: product categorizations, centralized vendor contacts, post-buy requests, floating enquiries (RFQ), catalog comparisons, online order placement and payment, shipment tracking, communication management and maintenance of trading history.

How eCatalogue Works?

Business on eCatalogue is done in a very reliable and transparent manner. Once a vendor registers on eCatalogue, an evaluation for authenticity is carried out. After this primary evaluation, access for creating a product catalogue is provided. In case a buyer is interested in buying a particular product, the buyer can browse through and compare the catalogues of various vendors. They can then communicate with the qualified vendors and raise enquiries for quotes (RFQs) or order samples online. Once convinced, the buyer can place orders through the portal. There is also a provision to track shipments and rate a supplier on the basis of product quality and promptness of delivery, ensuring complete trading satisfaction.  

Benefits of eCatalogue for Suppliers and Buyers:

eCatalogue has innumerable benefits for the suppliers. For instance, suppliers can update their online catalogues with great ease; they can target a wider base of buyers who now have access to their catalogues at the click of a button; they can receive electronic orders and enquiries; they can send quotes to buyers online and even receive payments through the portal.

On the other hand, eCatalogue has much to offer for the buyers as well. The buyers can reach qualified and trusted vendors without any manual empanelment efforts. The detailed and accurate online catalogues increase the efficiency of trade and reduce the error rate of mismatches between the invoice and the purchase order.