An e-procurement system can be one of the most significant operational investments a company can make. But the fact is, you can’t achieve return on that investment without one key ingredient. Here’s how to ensure you have that ingredient and increase your ROI with one simple step.
E-procurement systems offer a lot of benefits; supplier catalog consolidation, a central buyer interface to shop and place orders, integration with accounting, etc.
That’s why these large, enterprise scale systems carry such a hefty price tag. Large companies pay a quarter of a million dollars or more for the software and the setup (including data/integration consultants who work with teams to get everything implemented).
CEOs and other decision makers who risk of that kind of investment want one thing; return on that investment. And they want it as quickly as possible.
But the fact is; you can’t get the most out of your e-procurement investment without one key ingredient: your suppliers have to participate by connecting to your system.
Getting supplier catalog data into your system (onboarding your suppliers) can be a nightmare for e-procurement managers. Even once they have their data loaded, keeping it accurate and up to date presents a whole other set of challenges.
Even with basic data in place, when it’s done through your system, the result is simple “line item” or “hosted” catalogs that aren’t very buyer friendly. These simple spreadsheet listings of supplier products often don’t offer enough information for a buyer to make an informed decision.
That’s one of many reasons that the most effective and intuitive way to access supplier catalog data is through PunchOut catalogs. PunchOut catalogs not only provide a much better buyer experience, they also take the responsibility of data management off the purchasing organization.
However, most suppliers are lacking in either financial or technical resources to provide PunchOut catalogs.
But you can overcome those obstacles, as well as experience a number of other benefits with one simple step: select a partner to enable and onboard your suppliers for you.
Technology exists that allows all your suppliers to “plug in” quickly and connect to your system.
Advanced versions of this technology also allow you to organize supplier catalogs according to your preferred business workflows, processes, and requirements.
Another advantage of the highest standards of such technology is that it can eliminate the need for manual and/or costly third party catalog audits (to ensure all products and prices conform to contractual agreements).
Of course, when selecting a partner to handle your suppliers catalog data, you want to be sure to find one with a reliable and proven-to-perform platform. Equally important is to select a partner with a dedicated, quick-response support team that ensures a simple, satisfying implementation as well as a streamlined supplier experience.
If you’re looking to get faster ROI on your e-procurement investment, talk to our PunchOut experts. Our service and technology has faithfully served thousands of businesses and allowed millions of users to process billions of dollars online.