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Difference Between Procure to Pay and eProcurement. Eprocurement or e-procurement comes from electronic procurement. Benefits of an eProcurement Solution. – Spend control through real-time visibility into budget consumption, negotiated prices, preferred suppliers, engagement channels. .
With resources flat or declining, the only way to accomplish more is to free capacity through automation and improve the quality and accessibility of information for faster, better decision-making. It sets the foundation, reducing operating costs and freeing capacity. Top of the list is supplier adoption.
It also requires a focus on procurement-supplier relationships, and striving to be the customer of choice for your suppliers. Yet today’s Procurement organizations are plagued with inefficient processes, poor supplier stakeholder collaboration and data silos. Balancing New Priorities Makes Procurement More Valuable.
The conference will address a number of critical issues, such as: How to accelerate the digital transformations required to free capacity, improve decision-making and enable scalable collaboration with suppliers and stakeholders? How to manage today’s crisis, and prepare for the next?
Today, they are tackling new priorities like risk management, supplier compliance, actionable insights. Increased Capacity for Strategic Thinking. If procurement is to do more, it must be more efficient and free up capacity for higher value activities that support new strategic priorities. More Intelligence, Quicker Decisions.
Strong leadership with the capacity to convince and rally the board is critical. Step 1: You are early in your journey and you want rapid time to value, quick deployment of best practices and the required high adoption by users and suppliers. Adoption can stand in the way – stakeholders, suppliers and compliance can be tough.
Global automotive component supplier Meritor is a great example. They configured a unique approach to new product introductions (NPI), digitizing their engagement with suppliers, resulting in bringing more products to market faster and with greater profitability, multiplying their stock price over the period.
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