Procurement can be complex, particularly when you add digital procurement into the mix — not to mention new software and processes! However, the digital space has completely transformed how we view and use procurement in 2023.
This blog will break down what digital procurement is, how it works, its benefits and drawbacks and finally, where to find E-Procurement.
Digitalisation in procurement refers to the implementation of automation, AI, analytics and other digital software and processes which boost efficiency, diversify supply management, and increase overall ROI.
This transformation of taking your procurement processes to the digital space can also be generally referred to as E-Procurement. However, E-Procurement really focuses on the software chosen to facilitate interactions and transactions between buyers and suppliers. These tend to be through purchase orders, invoices, and bid/tender platforms.
As of 2023, digital procurement has become the rule, rather than the exception. The reality is, with the majority of businesses choosing to digitalise their procurement processes, keeping traditional procurement practices means your business will be left behind. Ultimately, digital procurement allows for the streamlining of operations which manual procurement simply cannot achieve.
This is why it is crucial to adapt to the modern digital age if you want your business to not only thrive, but also stand the test of time.
At Hudson, we can take a look at your organisation’s strategic and operational processes and provide you with a full health check. If you want to improve your procurement processes but don’t know how to go about it, we’re here to offer support!
Digital procurement starts with an evaluation of your organisation’s current procurement processes and the identification of procurement technologies that would benefit your business.
Here are some examples of tools to consider:
Digital procurement comes with many benefits to your business, though you may only know them as saving you time and money! While this is the case, there are many more benefits to know. So, let’s cover them all:
Even though digital procurement has advanced in 2023, no procurement process is ever flawless. While we believe that digital procurement has many benefits which far outweigh the disadvantages, it is still good to know the full picture:
We house 11 dedicated tendering portals, where you can find the right suppliers for your business.
Simply create a ‘Buyer’ account and upload your specification.
Innovative technology to streamline and increase the transparency of your procurement processes.
Our procurement training platform is where you can learn all things procurement and become an expert!
With Procure Consult, we offer support with tender management and ad-hoc procurement consultancy. Our expert team will manage the end-to-end procurement process or offer assistance at any stage, as and when required.
With Procure Health Check, we’ll conduct a full review of the strategic and operational procurement processes within your organisation. We’ll identify the areas that need improvement and help you drive greater value from the procurement process.
The purpose of Procure Analyse is to conduct a high-level analysis of your spending activity. We’ll help you understand your current purchasing behaviour and highlight areas that can deliver greater value. Procure Analyse is also offered as part of Procure Health Check or as a standalone service.
With Procure Outsourcing, we deliver a range of procurement solutions on an outsourced basis, completely bespoke to you. This can range from delivering multiple tender projects as a package to delivering the full procurement function of your organisation.
Get in touch for a consultation and find out how we can help your business drive better value from procurement.
Top 10 Tips to Improve Your Supply Chain Management Improving your supply chain management is…Read More