Top Five Benefits Of E-Procurement & Cloud-Based Computing

e-procurement solutions have seamlessly integrated all the siloed data, and cloud computing allows people to access unlimited sources of information through the internet.

In the past, companies had to download & install several programs on a physical server or computer to handle procurement and data management. But now, e-procurement solutions have seamlessly integrated all the siloed data, and cloud computing allows people to access unlimited sources of information through the internet.

In fact, it’s impossible to list all the benefits of e-procurement and cloud-based computing right here. That’s why we’ve decided to focus on the five leading ones.

1. Boosting Speed

Thanks to cloud computing features, developers can quickly test their ideas and design app architecture in no time. Before cloud computing, they had to resort to on-site hardware and deal with lengthy procurement processes, but not anymore.

Moreover, e-procurement can keep the business moving without being limited to office hours or relying on human intervention. Consequently, with the capacity to process transactions in real-time, companies can achieve a level of speed and efficiency simply not possible before.

2. Saving Money

Companies no longer have to spend a sizable part of their budget setting up servers and equipment maintenance by having access to cloud infrastructure. Without the need to invest in hardware and facilities to collect and maintain data, the Total Cost of Ownership (TCO) drops significantly. 

In addition, thanks to automation through e-procurement solutions, organizations don’t need to spend a lot on hiring large teams to handle tasks manually. That, in turn, will save the company from the inevitable human error that could ultimately turn into costly disasters. 

3. Scalability

As companies expand, they need more resources to keep up with the growth and deal with fluctuating demands in IT, bandwidth, storage, and many other areas. Doing so requires budgets and extra time beyond most small companies. With cloud-based computing, they can easily expand their capacity without spending any resources or time setting up physical infrastructure, thereby giving them an edge over the competition.

Similarly, with e-procurement solutions, companies don’t need additional equipment or staff to handle data management, communication, order fulfillment, and any other part of the supply chain. E-procurement systems have unlimited capacity to easily deal with all of these tasks and keep up with the growth.

4. Control

Every company needs complete control over their sensitive data, but managing access authorization manually is virtually impossible. Cloud computing classifies user authorizations, providing you control and streamlining collaboration between departments. Plus, since several people can simultaneously access a document on the cloud, there’s no need for waiting or producing extra copies.

E-procurement systems can continuously control and monitor every step of the purchase cycle, including order placement, approval, and fulfillment, without the need for constant human intervention. It can also manage transaction details and provide a clear idea of current expenditure and possible savings.

5. Integration

The success of any procurement process relies on effective communication between all the parties involved. Disparate, siloed data architecture creates confusion and disconnect in communication, delays the procurement process, and leads to missed opportunities. By integrating all data sources into a single interface, cloud computing and e-procurement solutions streamline the entire process, thereby maximizing customer satisfaction.

Bottom Line

There’s no doubt about the benefits of e-procurement and cloud-based computing for small and large businesses. By finding a reliable solution, business owners can prevent a number of problems that plague companies today.

We at Penny offer a wide range of e-procurement and cloud computing systems able to be tailored to your needs and budget. Therefore, please don’t hesitate to contact us now.



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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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