Despite all the talk about e-procurement and its benefits, many real estate businesses are somewhat reluctant to adopt e-procurement solutions. Fear over a lack of accuracy in due diligence, added costs, and complexities in deals are just some factors that prevent the widespread adoption of e-procurement in the real estate industry.
However, reality paints a different picture. With enough research and communication, most real estate players can understand the tangible benefits of e-procurement in the sector. We like to help with that by listing some of these benefits here.
1. Informed Decision Making
Forecasting features in e-procurement systems can offer information on market demand. This allows the company to plan for future swings in demand and make educated decisions early on.
2. Pivoting Easily
To satisfy the demands of their target market, companies may need to pivot their company model and operations. This can take a long time, especially for businesses still using traditional record procurement management processes. Such operations are automated by e-procurement tools, which may also help with the automatic transfer of information among departments.
3. Decrease Human Errors
Companies can use automated workflows to easily access previous orders, compare them, and eliminate human mistakes prevalent in conventional manual ordering procedures. The company can use error-free paperless functions by minimizing missing and duplicate orders and automating the paper-based system.
4. Faster Transactions
Transacting and communicating from a unified tool reduces total transaction time by avoiding wasteful back and forth between numerous systems and platforms.
Some platforms also provide tender clarification features, allowing customers to speak directly with suppliers about any tender-related concerns on the same platform. Automating workflows and procedures, accessing ready-made templates, saving communication time, and transparency boost productivity.
5. Maximizing Data Security
Using e-procurement solutions, real estate businesses can go paperless on workflows and documentation like signing contracts and filling out order forms on digital platforms. That helps protect their data from hackers, attacks, and incidents like fire, earthquakes, or natural calamities.
6. Saving Money
Automated workflows decrease the total hours needed for administrative activities by optimizing procurement operations with a digital platform, creating additional time and money for other critical business operations.
Also, most e-procurement solutions use data to offer insights on orders allowing procurement managers to consolidate related orders and determine the total cost spent on a vendor to negotiate for bulk purchase discounts and save more money.
Sooner or later, real estate firms need to adopt and train all of their employees on using e-procurement tools. With everything going digital and paperless nowadays, the market will simply leave those stuck by the old ways behind.
Today, data is vital for advancing market shares in every industry, and real estate is no exception. Therefore, having access to a reliable e-procurement solution can put them well ahead of the curve. We at Penny exactly offer such flexible solutions that can be customized to your specific industry. Just contact us and let us help you right now!