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.
The eXchange offers:
- Connecting multiple buyers and sellers through a single platform
- Electronically processing transactions
- Changes in master data are updated in real time
- Assuring an error free and efficient procurement process
Procurement no longer needs to be a tedious task, with unnecessary time spent in follow ups, correcting errors, and other mismatches, in terms of items and their prices. The eXchange, ends the need to constantly stress over basic administrative activities, and emphasizes on urging the workforce, to use the intelligence gathered instead, to come up with newer ways to go to market.
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