eProcurement Protects Businesses
Powerful Procurement Solutions
Easy-to-use, e-procurement is relatively new in the P2P landscape, but as technology improves at an increasing rate, online technology has become absolutely necessary. Not only is e-procurement technology easy-to-use, but it can also protect your business.
Here are three ways that e-procurement technology protects you in P2P.
Procurement fraud is incredibly costly. Just recently a procurement fraud scheme cost the US Navy $2.3 million. With e-procurement, all your payment documents are in one location so altering documents cannot go unnoticed. With an automatic 3-way match between invoices, goods receipt, and purchase orders, any discrepancies are automatically tagged in your system.
Because procurement fraud is such a widespread issue, many organizations and industries are under increased scrutiny and need to be able to provide records in case of an audit. With e-procurement, every record is very easy to find- where a manual procurement process would be a nightmare to deal with in case of an audit. E-procurement in an audit would remove doubt, stress, and save a lot of time.
A key way that e-procurement helps everyone is that it is incredible effective and efficient. It saves times for everyone in the procurement chain and empowers employees to do their job well. Saved time in things like e-invoicing or expensing on-the-go means employees can focus on vision-achieving tasks that help the company progress rather than administrative, manual work.
Learn more about fraud detection, audit protection, and effective procurement with a Live Demo. Register today.