London, United Kingdom – Procserve has released an eProcurement white paper for free download that examines how embracing innovative digital procurement technology can lead to many advantages including significant cost savings and operational efficiency, amongst others.
The white paper, which is available online for free download, bears the title ‘The eProcurement report: 21st century procurement moving from expense to advantage’ and confirms the underexploited potential for procurement to deliver substantial, transformational benefits that drive huge savings for organisations of all sizes.
According to BDO LLP, the global accountancy firm that conducted the research, innovation is key and procurement is one area where people are starting to unlock savings potential through new technologies such as eMarketplaces. To demonstrate the extent of the savings, Procserve and BDO LLP have developed a free-to-use savings calculator enabling organisations to accurately assess how much they could be saving through digital adoption of eProcurement technology.
The online calculator is the perfect business tool to understand the opportunity and then grasp it, no matter what stage of the eProcurement technology journey you are at. Try the calculator to find out how much you could be saving: http://thecalculator.procserve.com/?id=cs1
The online calculator works by factoring in company characteristics with a profile of expenditure details to calculate a guideline figure for expected savings per annum of using eProcurement. This includes a ‘self-assessment’ of the company’s online procurement maturity so that the effect of optimising the switch to eProcurement can be fully understood.
Many procurement teams are currently inundated with invoices, copying with out-dated inefficient processes swallows hours of staff time. eProcurement technology addresses this, allowing staff to rein in inefficiency, creating a streamlined process that is easy for buyers and suppliers.
The white paper also concludes that an organisation with a £100 million procurement budget could save in the region of £2-£3 million, just by updating their purchasing processes to digital procurement technology eProcurement. Looking at the broader picture, a 2% saving could make the budgetary difference of taking police officers off the streets or closing a satellite office. The study found the largest savings came from purchasing commonly bought items such as stationery, which typically make up 80% of the items bought through a procurement department. By directing spend through an online network, organisations can save between 3-10% on these items. Scaled up, across more than three quarters of orders the savings could be in the millions.
To learn more about procurement savings, download your free copy of the BDO LLP white paper here: http://business.procserve.com/bdo?id=cs1