An increasing number of businesses are adopting e-procurement solutions to take advantage of the features a B2B procurement platform is offering. Online B2B marketplaces and e-procurement platforms, in particular, make it easier for organizations to find suppliers, negotiate deliverables, close contracts and analyze the outcomes of a deal.
Adopting the right e-procurement strategy and software is tricky though, as you need to take into account multiple factors such as your existing procurement processes, expandability, and customizability of the B2B platform as well as your strategic business goals. So, how to implement a new e-procurement platform in a way that will actually add value for your business?
Procurement is a crucial element of your supply chain management. That is why you should look for and implement an e-procurement solution that enables you to minimize stockpiles and avoid shortages of raw materials. Furthermore, you need to end up with better flexibility and better risk management if you are to have a working e-procurement process.
You need a thorough supply chain management strategy in mind when adopting a B2B marketplace or a specialized e-procurement platform for the purpose of purchasing raw materials or services online.
Having an e-procurement solution in place opens the gate for procurement process optimization and taking advantage of data you collect throughout the entire process of contract negotiation and delivery. E-procurement allows you to know your suppliers better and also know your customers better if you implement a B2B platform that combines procurement and sales features.
Your purchasing, production and sales teams pursue different goals very often, so create a culture and policy of encouraging dialogue with all departments and employees if your e-procurement process is to work as intended. Furthermore, you should take into account the established practices and needs of your existing and future suppliers to both select the right e-procurement solution and customize it to work the right way.
Once you have selected your e-procurement platform and have communicated the right e-procurement priorities, processes and procedures it is time to customize the platform and develop it further.
It is a smart approach to start small by rolling-out the platform gradually across both internal teams and third-party suppliers. Starting with a limited number of stakeholders enables you to tweak the procedures and optimize the entire procurement process before you expand your e-procurement platform’s features and coverage.
A slower adopting of B2B e-procurement enables you to integrate your platform with other systems gradually. Thus, you have the opportunity to test various use cases and procurement scenarios and introduce features, processes, and procedures that work best for your business.
Like any other business software, the adoption of a new B2B procurement platform requires you to put the effort into defining your strategic goals and communicate them with your employees and partners. E-procurement enables you to optimize your entire supply chain but you need to introduce new practices carefully and test them against current procurement procedures.
Also, you should experiment with procurement options but adopt new practices gradually and create a collaborative environment across teams to take full advantage of the opportunities offered by innovative e-procurement practices.
Punch-Out, or Punchout refers to a digital system in which a supplier allows customers to browse his product catalogs online and then purchase goods or services within the client’s e-procurement system. Thus, punch out actually describes a B2B procurement platform in which you can purchase products from external suppliers within your own digital infrastructure.
August 5, 2020
The potential of development using an e-business platform is huge, not only in Europe and North America but China, India, the Middle East and any country with a propensity for completely integrated online business models. The number of both buyers and vendors is increasing dramatically and any business that wants to keep up with the times must distinguish which type of marketplace serves their needs best.
July 22, 2020
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