4 Modern eProcurement Advantages

Periscope Holdings shares how government agencies can turn purchasing into a strategic asset.

What is Modern eProcurement?

Cloud-based, best-of-breed eProcurement solutions easily integrate with existing ERP platforms and give procurement departments access to critical resources such as end-to-end procure-to-pay processes and analytics tools. Governments capitalizing on best-of-breed eProcurement services include Massachusetts, Illinois, New Jersey, Oregon, Maryland and the cities of Baltimore and Tucson. The following slides outline some of the advantages they are realizing.

1) Simplified Management and Reduced Costs

Modern eProcurement solutions easily integrate with ERP applications widely used in government so implementation and management are simple. These cloud-based solutions:

  • Eliminate the need to buy, implement and test on-premises hardware and software
  • Lessen upfront capital investments
  • Offer predictable service fees for the life of the contract

2) Innovative Funding Options

Government agencies can use the money generated from supplier transaction fees to pay for their eProcurement solution. This self-funded financing model:

  • Allows procurement departments to fund modernization without tapping into their budgets
  • Helps IT managers fund new projects

3) Access to Vendor and Transactional Data

Best-of-breed eProcurement solutions support end-to-end procurement processes, including:

  • Online product catalogs that allow buyers to quickly view the information they need
  • The ability to identify woman-, minority- or veteran-owned vendors
  • Customizable vendor management and payment processing tools
  • Analytics tools to make ongoing purchasing improvements

4) Capabilities Specifically Built for Government

The best eProcurement solutions incorporate the latest capabilities used in the private sector, but are also designed with the public sector in mind. These solutions:

  • Comply with the unique laws and needs of government such as expense controls
  • Enable agencies to obtain multiple quotes for products and services
  • Promote greater transparency of government spending activities by making bids and transactions easily viewable