Why You Need a B2B E-Procurement Site
More and more modern B2B businesses are now leveraging technological progress to stay competitive and fulfill the demands of customers. A B2B eCommerce e-procurement site also called the “procure-to-pay” system,” is used by corporate consumers to place orders and ensure competitive pricing.
A B2B procurement platform provides a central workspace and a unified dashboard for procurement teams, where all relevant records and tasks are stored for easy reporting and retrieval. Some also have a self-service B2B sales portal for suppliers where they receive quote requests. Some other benefits of an e-procurement system are:
Speed and Accuracy for Your Procurement Team
Automation engines shine the brightest when it comes to ensuring seamless transitions between tasks. Whenever a step is completed, the next person in the queue is notified in the workflow through a text message, email, or other forms of communication. This ensures no tasks for B2B procurement get skipped in between, as an automated system is programmed to move directly from point A to point B. The system makes sure it follows the tasks in the right steps to completion. This ensures nothing gets skipped over or overlooked.
Business Partners and Vendor Management
Another important highlight of B2B purchasing is vendor-vetting. Things are not as simple as blindly purchasing anything from anyone. It is only logical to want to deal with trustworthy suppliers when dealing with B2B procurement. Your e-procurement system has got you covered in this regard. It comes with business records tailored to it, such as those from Dun & Bradstreet. This helps B2B buyers and procurement managers decide if they can put their faith in certain buyers or not. Vendor management is often accomplished via an online sales portal.
Your e-procurement software has a dashboard that you will need to familiarize yourself with; it can be a really valuable asset for collaboration.
This vital B2B procurement function conveniently shows ongoing purchase order updates. It can also keep you posted on other information, such as the products that still need to be acquired by the company. If you are concerned with record security, you can restrict access to pages and information based on the roles of the involved participants.
Workflow Automation and Procurement Processes
Picture this, you did not crosscheck an invoice against the items listed on it, and you paid it straight away. This can and will result in the goods being received to meet expected standards. What will follow would be a dispute process with the supplier, involving you attempting to get a refund.
This is what makes workflow automation so special. It lets you assemble workflows that can identically represent how your business handles the procurement function. It has the ability to oversee goods inspection documentation, handle B2B invoicing, and even requisition to deliver purchase orders. An automated workflow runs consistently in the background. This is how it lessens and even eliminates errors and the financial and time costs associated with them.