8 Steps to Successful e-Procurement Process

Electronic procurement or simply e-procurement refers to the acquisition of products or services on the web. e-Procurement helps in saving the time, efforts and various procurement cost as it turns the manual procurement to the automated procurement process. 

Here are the 8 steps for implementing a successful e-Procurement process: 

e-Procurement

• Define the business objective: Any organization that is operating its business must identify its objectives that they want to achieve from an e-procurement solution. A clear and well-defined business objective ensures the successful planning of strategy.
• Analyze the current procurement process: By reviewing the current procurement process of the organization, one can easily identify the major gaps in the procurement process and can specify the areas of improvement.
• Preparing a revised procurement strategy: At the point when the organization composes the updated procurement methodology, they should keep in mind that the acquisition procedure merely includes a joint effort of people within and outside the business. Hence, an organization should consider internal and external factors, technology, etc. while developing a realistic strategy for e-procurement.
• Do ensure support from management: If the management supports the implementation of e-procurement, it will get the essential attention, active participation of all the stakeholders, and the required number of resources.
• Measure success by KPIs: Against each objective of e-procurement implementation, a KPI (Key Performance Indicator) should be developed. A good KPI provides real-time status of each objective.
• Review the optimal e-procurement solution: After all the processes, the next step is to evaluate and review the e-procurement solution vendors and select the best alternative that meets the requirement of your organization.
• Execution of e-Procurement solution: After selection of best e-procurement solution vendor, it is time to set a well-thought project plan that is done along with the vendor to ensure the success of the implementation of an e-procurement solution.
• Measurement of e-procurement success: Post-implementation, the last step is to measure the success and check how the objectives are met.

To ensure e-Procurement achievement, you ought to have clear business objectives, defined processes, adequate assets, and reasonable desires. You should choose the correct e-procurement method, appropriate usage plan, execution of preparing system and post-execution exercises.