Connection Between mid-market Companies and E-Procurement

Mid-Market Companies & E-Procurement: The Connection

All companies regularly deal with procurement, but not on the same level. A large international business needs to manage global purchases, meaning its procurement budget and strategy are tailored to meet that need. But, a mid-market company doesn’t need the same level of service provision to the customer. That’s why e-procurement has become such a popular tool among large corporations, but many mid-level businesses remain doubtful of its benefits. To help clarify the matter, we’ve decided to briefly explore the connection between mid-market companies and e-procurement.

Content Management for E-Procurement

Mid-size companies usually don’t have the infrastructure or resources to produce top-quality, catalog content, preventing them from getting proper visibility. E-procurement solutions solve this problem by providing pre-made and localized catalogs cost-effectively, moreover helping them focus on scaling and acquiring an edge over their competitors.

A reliable e-procurement solution often comes with thousands of suppliers for several product categories in every industry. This allows mid-market businesses to swiftly access these categories and avoid the lengthy process of finding and onboarding suppliers.

Spending Wisely

Mid-market size companies often don’t have a CPO or a CEO that can laser focus on procurement. With all the daily operations they have to manage, they simply don’t have adequate time to make the purchasing experience cost-efficient.

E-procurement solutions can help bridge this gap by streamlining the buying process and making products easy to search for. Hence, instead of utilizing resources on hiring and training labor to handle purchasing, they can spend their hard-earned cash on areas that matter more. Plus, automation allows the staff to focus on the core aspects of the business that’ll generate revenue.

Flexibility of E-Procurement

Many mid-sized companies don’t have sophisticated supplier management tools found in large corporations. Utilizing a reliable e-procurement solution, they can fill this data management gap and interact with the procurement organization without needing systems like ERP. 

Furthermore, they can manage profiles, catalogs, purchase orders, and invoices in a single system sufficient to meet their mid-size needs. Too often, companies spend substantial sums on complicated, extensive ERP solutions, while a much simpler e-procurement system could easily do the trick.

Bottom Line

When it comes to mid-market companies and e-procurement, executives need to carefully consider their needs and challenges and find reliable, fitting solutions. Too often, mid-level organizations lack the resources for sophisticated systems, but at the same time, they sorely need a way to fill the gaps in their operations. 

This is where a reliable e-procurement solution like Penny’s can lift the burden off a company’s shoulders, allowing them to solely focus on generating profits. To find out more about our various solutions, please contact us.



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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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