E-Procurement Marketplace Definition

Procurement Marketplace Software

Purchasing has changed – for consumers and businesses alike. Finding what you need, comparing prices and features, and finalizing a purchase can all be done from a mobile device. Procurement systems range from manual processes stuck in the last century to intuitive, cutting-edge technology that empowers purchasers.

Amidst all of the exciting procurement advances, lies the foundation of the e-procurement marketplace.

What exactly is a procurement marketplace? How does it power the rest of the procure to pay process?

An e-procurement marketplace is an online shopping center. Companies can customize a one-stop marketplace to include all their vendors. The marketplace connects to other purchasing tools. Each module of the procure to pay system relies on the data and accuracy of the Marketplace.

Purchasing without a Marketplace means having as many marketplaces as you have vendors. Essentially, every time purchasers need to buy something, they are subject to a totally unique process based on that vendor. The amount of unnecessarily manual and administrative work quickly multiplies.

What does my procurement Marketplace need?

Marketplaces work best when they are customized to the needs of the individual business and purchasing team, but great Marketplaces all have a few things in common.

Accurate Information

The power (or lack thereof) in a Marketplace comes from its ability to quickly and easily share one common source of truth for all purchasers. If a Marketplace’s data is outdated or inaccurate, the entire P2P process is weakened from the onset. A powerful Marketplace relies on accurate data.

Customization

Businesses all have unique needs, and their procurement software should cater to those needs. Users trying to purchase for a production company will have different needs than users working for a manufacturing plant. A custom marketplace gets the right information into users’ hands faster.

Simple Process

A good Marketplace helps users by simplifying their procure to pay cycle, not by adding lengthy drawn out steps. Powerful software keeps the complexity on the backend so that users see a seamless, intuitive purchasing experience.

Comparison Tools

A trademark of modern-day marketplaces is the ability to compare different features, including price, vendor, delivery options. A business marketplace needs to offer that same capability. This can be even more powerful with a custom marketplace because users can compare across vendors, too.

So what can an e-procurement marketplace do for you? Learn more about marketplaces’ role in business purchasing with a live demo fit to your needs.

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