What Is The Impact of an E-Marketplace on Procurement Processes

The capacity to stay cost-effective while also growing an enterprise is a significant challenge that businesses encounter on a daily basis. Companies are witnessing a number of shifts in how existing and new consumers choose to purchase the software.

When it comes to business software, most firms no longer follow the conventional annual procurement cycle, and more than half are fully prepared to purchase automated solutions anytime new tools are required.

E Marketplaces are synch platforms that help companies go to the next level. If you’re wondering how, keep on reading to understand the role of e-marketplaces in procurement processes.

Photo by Lisheng Chang on Unsplash 

Streamlining Operations

As more consumers and stakeholders turn to digital platforms and e-procurement alternatives, e-marketplaces are witnessing a fundamental shift. Incompatibility, inadequate information, and poor shopping experiences are important sources of frustration for many firms, driving them to abandon procurement processes. Plus, many companies report supplier inefficiency, sluggish vendor response, and operational friction as prevalent, lasting challenges with traditional purchasing processes.

On-Spot Access

Technology is an essential component of daily business operations, and purchasers want digital solutions that can be readily identified, tested, paid for, and installed with the push of a button. This is more important than ever in today’s economic scene, as organizations are expanding and adopting a remote work culture. That has become possible with the integration of e-marketplaces and procurement processes that keeps markets right at a company’s fingertips.

Saving Time & Money

One of the primary benefits of e-marketplaces in procurement procedures is time and resource savings, transparency, implementation speed, and agility. In fact, many businesses consider pricing transparency to be the most important benefit of an e-marketplace.

Bottom Line

To keep up with the market and operational mentality shifts, businesses must adapt swiftly by introducing creative solutions faster than ever. They can do that by incorporating e-marketplaces in procurement processes. We at Penny can help you do that by offering a wide range of solutions that perfectly meet your specific needs. Just contact us, and let’s get started.



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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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