Introduction

The role of procurement has changed dramatically in the past few years, as companies aim to gain tighter control over supplier performance to increase efficiencies and maximize growth and profits. Organizations have shifted from decentralized to centralized models to tighten controls, standardize processes, and provide the needed negotiating power with vendors. Savvy organizations are responding to these demands by leveraging integrated electronic procurement tools to support key procurement processes. These organizations are garnering results by effectively managing and collaborating with their supplier base, meeting and exceeding savings targets, strictly enforcing contract compliance and streamlining the overall procurement process.

More companies are now adopting electronic procurement (eProcurement) automation solutions as the advantages of these tools become more evident. eProcurement tools enable purchasing systems to control costs and risks, while
connecting with suppliers near and far. Organizations can automate all or part of the Procure-to-Pay (P2P) process to gain the following advantages:

• Control over all goods and services purchased
• Instant access to live pricing, suppliers and contracted products
• Reduced costs by leveraging volume
• Improved visibility of spend, transparency and interoperability
• Improved management information across all areas of purchasing
• Improved collaboration with suppliers
• Negotiated vendor savings that impact the bottom line
• Time to engage in more strategic activities
• Faster procurement of goods and services
• Reduction in paper and duplicate records
   

eProcurement solutions infuse best practices across the procurement lifecycle that span online requisitions, catalogs, supplier punch outs, electronic purchase order delivery, contract tracking, compliance management, and procurement
management; all of which will be covered in this report.

Electronic procurement is finally coming of age. While many organizations have automated portions of their supply chain and accounts payable, purchasing processes are still undermanaged. PayStream Advisors most recent research indicates that 58 percent of organizations are seeking additional information to manage both their direct and indirect spend. This market analysis report is targeted to those organizations seeking information regarding electronic
procurement solutions.

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