The advancement of technology over the years has heavily impacted the business world. Both the production and the service sectors are expanding themselves with higher potential every year. Significantly, digital advancement has helped almost every industry increase efficiency, speed, accuracy and has made them able to adapt to constantly changing customer expectations.
To maintain a competitive advantage in the industry and earn higher profits, companies must constantly keep up with the new technologies. Such is the case for the production and manufacturing industries. For these industries, digital advancement has affected the procurement process. With the emergence of online procurement or E-Procurement, the procuring of raw materials has become much easier and faster for these businesses.
Over the years, E-Procurement has also evolved itself and has seen many technologies that support industries. The development pace for these technologies knows no bounds and is continuing to get better and better.
Here are the latest technologies used for E-Procurement
- Cloud-Based Software: Cloud-Based software allows businesses to store large amounts of data under one storage with less investment. Thus, companies decrease overheads and can share information in real-time. Cloud-Based softwares make the procurement process more scalable and flexible by decentralizing it. With the help of cloud-based technologies, many companies offer E-Procurement as services to manufacturing and production businesses.
It also enables organizations to seamlessly involve accounting, customer service, and production management through cloud-based software to increase productivity and maintain a competitive advantage in their respective industries.
- BlockChain: With the growth of cryptocurrency globally, blockchain is beginning to be used in various other sectors of the business world. Essentially, blockchain is an encrypted data ledger that is shared among numerous parties. Its centralized system enables businesses to share vast amounts of data with significant people quickly, efficiently, and secure. With the involvement of blockchain technology in E-procurement services, companies can procure raw materials more efficiently. Not only that, handling digital payments has become more effortless and secure with blockchain technology.
- Mobile Apps: Mobile phones have evolved exponentially from only being a communication device to a technology that can almost get all of your work done. They are the only digital devices accessible to people 24/7. Not only personal usage, but smartphones are now also used in the business world. Many companies have begun to provide their E-Procurement services to mobile applications. This makes the process easier for clients as they get access to summon quotations anywhere they want. Mobile procurement apps are used more than websites across the globe.
- Data Analysis: Data-Analysis has always played a significant role in the development of many businesses. It also holds value in the procurement functions of manufacturing and production companies, where companies are often required to amass large amounts of data to ease the process of procuring raw materials. Such a data-driven approach helps them to overcome challenges by gathering insights and formulating creative solutions. It also discards the risk of uncertain decisions and resource utilization inefficiency. Thus, making sound decisions with a straightforward approach becomes easier for businesses.
- AI (Artificial Intelligence): Artificial Intelligence has been known to be one of the most promising technologies for industries to increase productivity and efficiency. With the constant development in AI, businesses are finding newer ways to introduce AI-based softwares in their work process. So is the case with E-Procurement functions, where data is collected and shared through cloud-based or Blockchain-based technologies but the accuracy in providing the perfect information still lacks. However, AI technologies analyze, condense, segregate, prioritize concerning data as per the business requirements. Thus, they make e-procurement the better option for buyers as well as sellers.
With these leading and latest technologies, fast and efficient E-Procurement services are available to businesses. Now they do not have to worry about the elongated and tiresome process of procuring raw materials. All of these facilities are in one place – OfBusiness.
OfBusiness is an E-Procurement B2B portal that offers a wide range of raw materials to businesses. With the latest technologies, OfBusiness provides swift and detailed quotations as per your requirements. We offer our services across the nation to avoid work delays by using our tech based procurement system for clients.
Get your hands on your quotation now!!