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How Can Efficient Cloud-Based Procurement Platforms Save Time & Money?

Since cloud-based procurement solutions are becoming prevalent, some businesses may be on the fence about utilizing them. In addition, companies with established infrastructures may not see the benefits of a cloud-based procurement system.

Regardless of the depth and range of their operation, a cloud-based solution can help them cut down costs and save time in different areas, some of which we’ll address here below.

Saving Money

Cloud-Based Procurement Platforms Save Time & Money

When it comes to a cloud-based procurement system, there is no one-size-fits-all. However, the right one can help significantly lower operational expenses. Here’s how an efficient cloud-based procurement system can help you cut down costs:

  • Labour: As you transition a chunk of your manual operations to a cloud-based solution, there will be less need for hands-on labour, and you can save money on staff salaries. Plus, rather than hiring cloud experts to manage your procurement systems, you have a skilful team of professionals, which drastically reduces the costs of vetting, interviewing, engaging, and training.
  • Maintenance: With a third-party cloud-based platform, there will be no server and hardware maintenance or repair costs.

Saving Time

Some companies may insist they’re well-equipped and well-trained to carry out their operation in the shortest amount of time. However, even the most trained professionals and internal platforms can’t match the speed and efficiency of a first-rate cloud-based procurement system. Here are some of the benefits of a cloud-based procurement system, as far as time-management is concerned:

  • Higher Productivity: With traditional procurement, human agents are involved in every step, naturally a time-consuming process. However, an automatic solution can quickly monitor the supply chain, handle catalogue management, analysis, negotiation, and significantly lower the error rate.
  • Faster Transaction: Instead of being limited to office hours, a cloud-based system can initiate, complete, and approve transactions in real-time and submit every purchase order to the respective suppliers. For example, a cloud-based procurement system can authorize the reception of an order, process the invoice, and pay the vendor.

Bottom Line

In a world where businesses must keep up with changing market demands, all of their success or failure boils down to two things: time and money. An efficient cloud-based procurement platform can help businesses streamline their cycle and upgrade their operations.

However, it’s essential to choose an e-procurement solution that covers enough ground to meet your demands on every level. Fortunately, with Penny, you have access to a wide range of solutions tailored to your requirements. Contact our team of experts to nail down exactly what you need and pave your road to success!

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