How Efficient Cloud-Based Procurement Systems Improve Buyer-Seller Relationships

Some people believe that capital is everything for starting a business. But, in reality, that’s only one of the key ingredients because companies aren’t truly tested until they go operational. As you already know, hardly any business can find solid ground and achieve new heights without a good buyer-seller relationship.

Without a good relationship between the business and the buyers, mistrust and pessimism will push customers away and into the lap of the competition. Today, many companies use cloud procurement solutions to maintain a healthy relationship with their clients. Keep reading if you’re unsure how a cloud procurement platform can improve this relationship.  

Understanding Customers

Businesses cannot manage customer data manually and keep up with the competition. It’s a massive waste of time to go back to the procurement department for every clarification on data. In addition, the siloed data architecture of the company doesn’t provide a unified view of buyer behavior and expectations. 

By deploying an efficient cloud-based procurement system, companies can access all of that information from a single, consistent source, allowing them to tailor their offerings to customer demands and maximize buyer satisfaction. 

Improving Communication & Trust

Utilizing a cloud procurement platform allows businesses to gather the data into one centralized base, keeping everyone on the same page. It also creates an efficient channel of communication between the buyer and the seller, showing the business what works and what doesn’t, enabling them to tailor their strategy to increase customer satisfaction. 

Furthermore, since all data is centralized on a single source and available to the public, it’s far easier for the buyers to trust the business and how it works. 

Reducing Costs & Delivery Time

Cloud procurement solutions with built-in monitoring can accurately track spending, reduce overhead and boost performance. These automated systems streamline purchase cycles and enhance the order fulfillment speed.

Plus, by simplifying reports on orders, payments, and callbacks, everyone would know their specific role to reduce delivery time. It also allows buyers to access a broader range of products and services that fit their budgets. Continuous monitoring of contract compliance will speed up the entire process even further.

Bottom Line

This article briefly showed how an efficient cloud-based procurement system could bring businesses and customers closer. Like any other relationship, the buyer-seller relationship depends on understanding, communication, and trust.

Businesses in every industry can now utilize these tools to comprehend the buyer, communicate with them and maximize customer satisfaction. Of course, the perfect solution fits precisely with a customer’s budget and unique needs.

Luckily, we at Penny offer such solutions. So, please don’t hesitate to contact us and obtain the best e-procurement platform for your business.



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Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

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