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Difference Between Procure to Pay and eProcurement. Eprocurement or e-procurement comes from electronic procurement. Benefits of an eProcurement Solution. Also, an eprocurement solution provides you with clean spend data, which is the basis for a sound spend analysis and eventually relevant category management.
If you’re planning a transition to eProcurement, you’ve likely come up against the question “who should pay for this?” With so many competing priorities and budgetary constraints, when does it make sense to go with a vendor-paid eProcurement model? What is vendor-paid eProcurement? And for good reason. powered by Sounder.
eProcurement solutions are helping government agencies not only overcome those challenges but create new efficiencies never before possible, manage spend more effectively and deliver more value to the public. The post Highlighting the Impact of eProcurement in the Public Sector appeared first on Ivalua.
It is an important part of the decision-making process and requires careful consideration of a wide range of factors, such as cost, quality, reliability, and delivery times. That’s why it’s important to analyze spend and successfully define/execute sourcing and supplier management strategies across all spend.
The post 10 Things Your ERP Can’t Do (And Why You Need an eProcurement Solution) appeared first on Bonfire. ERP systems are great for many things, and are integral to many public agencies’ core functions, like finance management and HR.
It’s also important to regularly audit procurement processes and ensure you’re following industry best practices. Tools like eProcurement platforms, contract management systems, and supplier portals streamline tasks such as order processing, invoice management, and supplier communication.
MENA countries import a lot of food; disrupted supply chains and price increases mean potential food shortages. Cut off from these importantimports, MENA companies sharpened their focus on transforming supply chains, as a means of becoming more resilient and agile. Enter eProcurement.
Coming from the vendor side, I knew our eProcurement platform had the potential to transform sourcing and purchasing in the public sector. The very last project I worked on really opened my eyes to the promise of eProcurement. Driving impact with eProcurement. Reflecting on the journey. That’s right, I was on the vendor side!
One important step in changing public procurement is the recently adopted Procurement Act 2023 , which supersedes the Public Contracts Regulations 2015. Key Platforms: Tracker Intelligence, Delta eSourcing, Atamis, Jaggaer Tracker Intelligence, Delta eSourcing, Atamis, and Jaggaer are widely used eProcurement solutions.
Step 1: Use eProcurement Systems as a Potential Source of Revenue. eProcurement has been part of the technology footprint in many states for decades, to reduce cycle times, streamline processes, and collaborate with suppliers. . However, a smaller subset of these states have looked at eProcurement as a potential source of revenue.
On Eprocurement, the MI platform is progressing really well and we’re looking at a proof of concept on the way very soon. We’ll also be appointing a digital partner who will help us shape our future Eprocurement landscape. Make sure you’re following us for important updates. More comms to follow on this!
eProcurement is appealing because it can help agencies move the needle on strategic goals, including project efficiency, stakeholder collaboration, and vendor engagement. When we asked participants how they’re approaching price uncertainty, they spoke about the importance of system portability.
Procure-to-Pay technology has been particularly important during the Covid-19 pandemic as it helps organisations capture negotiated savings to protect profitability, ensure employees are productive when remote and better manage cash flow, among other benefits. in “The Forrester Wave : eProcurement Platforms, Q4 2019.”.
Procure-to-Pay software has been particularly important during the Covid-19 pandemic as it helps organisations capture negotiated savings to protect profitability, ensure employees are productive when remote and better manage cash flow, among other benefits. in “The Forrester Wave : eProcurement Platforms, Q4 2019.”.
The first, authored by Duncan Jones and published on December 10, is The Forrester Wave™: eProcurement Platforms, Q4 2019 , which covers purchasing and invoicing (similar scope to Gartner’s P2P Suites Magic Quadrant ). In the Forrester reports, Ivalua and Coupa appear as leaders in both the S2C and eprocurement Wave reports.
On Eprocurement, the MI platform is progressing really well and we’re looking at a proof of concept on the way very soon. We’ll also be appointing a digital partner who will help us shape our future Eprocurement landscape. Make sure you’re following us for important updates. More comms to follow on this!
As a reform community, we agreed that we need to focus more on long-term value, with sustainability, social value, and innovation becoming increasingly important and that contract management is where this value is often won or lost.
Andrew Cochran , State eProcurement Manager, State of Ohio Department of Administrative Services. Victor: While reducing costs is important, it’s not the only not the only thing that’s important. Ivalua’s comprehensive Source-to-Pay eProcurement solution can help you get on the path to Procurement transformation.
Access to this data is especially important when there are supply chain disruptions , such as those caused by the global pandemic. The pandemic has brought to light the importance of agility and resilience for business continuity, and modern Procurement organizations can add significant value in this area.
The first, authored by Duncan Jones and published on December 10, is The Forrester Wave : eProcurement Platforms, Q4 2019 , which covers purchasing and invoicing (similar scope to Gartner’s P2P Suites Magic Quadrant ). In the Forrester reports, Ivalua and Coupa appear as leaders in both the S2C and eprocurement Wave reports.
We have tremendous insight into every part of the procurement process and all of the players involved, especially now with the help of eProcurement platforms like Ivalua. Say your procurement organization is used to an ERP system and you decide to introduce an eProcurement software platform like Ivalua. Robots can’t run the business.
Internal client education Educating internal clients on procurement compliance is incredibly important—which all our panelists echoed. Get eProcurement with compliance built-in. Does leadership have a process for enforcing policies? Does leadership support procurement education for other departments?
Some suppliers are equipped to provide more strategic value than others, and it’s important to identify your most strategic suppliers so you can best prioritize your efforts. For suppliers, it’s important to provide information in advance about how they can ensure they are paid in a timely manner. Here are 6 key steps to follow: 1.
As government bids follow a definite procurement process it is important for Bid Managers to meet all the deadlines and eligibility criteria of Government Procurement. Most government institutions have a Supplier Database and it is important to get yourself registered in the respective portals to secure a free and fair chance to bid.
Procurement’s value became evident, as did the importance of the supplier relationships they had built. For information on how Ivalua’s end-to-end eProcurment solution can improve transparency and data quality in your organizagiton to support these efforts, contact us today. Procurement Teams Step-up.
A couple of weeks ago, ISM and Spend Matters had their first Eprocurement Technology Summit in Baltimore, Maryland on the Inner Harbor. I attended with a few colleagues from Directworks. We wanted to go to see what kind of conference it was, and could be in the future.
Rather than trying to secure budget for new tools, André advises working with tools you already have, like your eProcurement system or even Excel. Both DeNita and André discussed education as a key piece, stressing the importance of working with vendors to understand procurement processes.
And then in August, Mr McKee, the Minister for Public Finance, visited Dovetail Enterprises to hear about the important role supported businesses continue to play in boosting the Scottish economy through delivering goods and services, and providing meaningful employment, training and support, for those of us who may otherwise be excluded.
The global pandemic and associated challenges to the overall business environment underscore the importance of procurement and smart supply chain management in driving business value, while also protecting the bottom line,” said David Khuat-Duy, Corporate CEO of Ivalua.
While it’s important to have the big picture, you can’t expect to predict the exact demands facing you as a Procurement professional 5 years from now. Don’t be afraid to try something new. Stay flexible. The future is destined to bring us a lot of change as times are more unpredictable than they’ve ever been before.
In that brief run-through, which covers just some of the key guidance, one important point may have struck you already. This is sensible advice, and really, it could apply to almost every organisation, type and category of Procurement I can imagine.
Many CPOs and their teams will also be spending too much time on operational activities and manual processes that add limited value to the business, yet distract from more important responsibilities. If procurement is to do more, it must be more efficient and free up capacity for higher value activities that support new strategic priorities.
You will start where you need to and fix the most important problems first. You need rapid time to value, but also flexibility to grow as you mature and your requirements evolve. We won’t force you to choose either supplier management, or source to contract, or procure to pay. Start asking questions early & win fans among your users.
Early Adopters are putting particular focus on data and analytics and Amy Fong says that Procurement groups understand the importance of clean and harmonized data that can be used to monitor, analyze, and even predict outcomes, for better decision-making.
The Importance of Ambition. That frees capacity, increases influence and improves access to insights for better decision making. But it doesn’t by itself give you an edge. To do that, you need teams that can act on that information, use that free time, to bring their best ideas to life. Just how can you do that?
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