5 ways to reduce cost and save time

Written by  Itbid Team on 23 June 2015
Few ways you can reduce cost and save time through e-procurement  


  1. Use templates at the RFI stage; this will ensure that your suppliers are asked specific standard questions with the information being included in your data base in the company’s desired format. The suppliers would be required to put everything in the same way so that their order goes through the system. This in turn will save time for the buyers and allow them to conduct accurate and quick analysis.
  2. Through eprocurement, the RFQ can be arranged in such a method that will clear any doubts on the supplier’s end. You can enable prompts that ask the suppliers specific terms and options. This will enable the buyers to easily locate the vendors offering the best price.
  3. By using an eprocurement system, you can easily gather the information you want and analyze it. For example, making a top 10 vendors list can become easy when you can go through the options you have enabled your vendors to choose from.
  4. For example, you can enable the e-auction option. This allows the suppliers to bid against one another and save money on supplies. E-auction is a best option when supply outpaces demand.
  5. Start initiating data generation through the e-procurement system. This will enable you to design ‘what ifs’ situations which will utilized for more effective and beneficial purchasing decisions. Several of the e-procurement programs have multiple currency and multilingual options that supports and allows global purchasing. This saves both the energy and time of the buyers.

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