London, United Kingdom – Procserve, the leading UK B2B Commerce Network, has released a new research report for free download. The report examines how embracing innovative eProcurement technology and considering a new strategy can lead to operational efficiency and significant procurement savings, amongst other advantages.
The research report, titled ‘The eProcurement report: 21st century procurement moving from expense to advantage’, confirms the underexploited potential for procurement to deliver substantial, transformational benefits that drive huge savings for organisations of all sizes.
The research carried out by global accountancy firm BDO LLP found that innovation is key, and procurement is one area where people are starting to unlock savings potential through new technologies such as eMarketplaces. To demonstrate the extent of the savings, Procserve and BDO LLP have developed a free-to-use savings calculator enabling organisations to accurately assess how much they could be saving through digital adoption of eProcurement technology.
At present, many procurement teams are inundated with invoices, copying with out-dated inefficient processes swallows hours of staff time. eProcurement addresses this, allowing staff to rein in inefficiency, creating a streamlined process that is easy for buyers and suppliers.
The research report also concludes that an organisation with a £100 million procurement budget could save in the region of £2-£3 million, just by updating their purchasing processes to eProcurement. Looking at the broader picture, a 2% saving could make the budgetary difference of taking police officers off the streets or closing a satellite office. The study found the largest savings came from purchasing commonly bought items such as stationery, which typically make up 80% of the items bought through a procurement department. By directing spend through an online network, organisations can save between 3-10% on these items. Scaled up, across more than three quarters of orders the savings could be in the millions.
Whatever the stage of the eProcurement journey there is value to be gained. The trick is to understand the opportunity and then grasp it. The online calculator is the perfect business tool to do just that.
Could you save your company millions? Try the calculator to find: http://thecalculator.procserve.com/?id=cs1
It works by factoring in company characteristics with a profile of expenditure details to calculate a guideline figure for expected savings per annum of using eProcurement. This includes a ‘self-assessment’ of the company’s online procurement maturity so that the effect of optimising the switch to eProcurement can be fully understood.
For a free copy of the BDO LLP research report click here: http://business.procserve.com/bdo?id=cs1