In a running business, procurement from a defined set of vendors is routine, and encompasses multiple transactions on a day to day basis. When it comes to a large no. of repeated purchases for varying sets of items, different terms of procurement may apply. This over a period of time becomes cumbersome to manage through a manual process of interfaces and handoffs between buyers and sellers.
The procurement eXchange thus offers a mechanism to connect the network of both buyer and seller onto the same platform, so that transactions can be processed electronically. The network is set up in a way that clearly reflects the true state of how the business is conducted and offers one to one contract management for seamless trade processing. The change in master data, from rate contracts to item masters with each of these vendors, can be pre-configured and reviewed from time to time, so that these can get applied to day to day transactions with the assurance of an error free and efficient procurement process.