Accelerate time-to-value of eProcurement solution
eProcurement solutions help organizations empower end users and accelerate the requisition-to-PO process. By shortening the cycle time of purchase order (PO) and invoice processes, eProcurement enables greater supply assurance and improves cash management. It’s no wonder that cloud-based eProcurement suites are likely to be among the fastest-growing technologies in 2022.
The most technology-enabled procurement organizations operate at a 25% lower cost than peers while also delivering higher-value services. While there is a broad array of eProcurement offerings available to enterprises today, selecting the right partner and building a mature procurement system requires knowledge and experience that many organizations may lack.
The Hackett Group can help. Offering a proven approach, proprietary insight and unrivaled expertise, we help organizations choose the right technology, ensure stakeholder collaboration, accelerate implementation and maximize adoption of eProcurement systems.
The challenges of eProcurement
Companies that manage integrated business planning effectively can realize a myriad of benefits.
Organizations designing and building eProcurement systems must implement technology and best practices to solve a number of significant challenges.
Users frequently find that items in eProcurement catalogs are difficult to find and the information is out of date. Often, items will have minimal description and lack photos, and users may encounter confusion around unit of measure and pricing.
Process challenges can stymie users as well. Approval processes may be too time-consuming and required receiving in the system may be cumbersome. Users may experience a lack of system and process support, or they may lack an understanding for when using an eProcurement solution is ideal.
eProcurement systems are often problematic as well. Users may be required to sign on multiple times and in multiple environments, and they may lose information when system timeouts occur. Lack of order status visibility is a common complaint and ordering for multiple departments may be overly complex.
However, the right technology, processes and protocols can easily overcome these eProcurement challenges. That’s where The Hackett Group can help.
Deploy eProcurement technology with The Hackett Group
The Hackett Group is an intellectual property-based strategic consultancy for companies around the world. With unparalleled intellectual property based on more than 23,000 benchmark studies with businesses, we offer services for digital transformation, implementation of leading enterprise cloud applications, procurement transformation, workflow automation, supplier management, strategic sourcing, third-party risk management and more.
Our eProcurement services accelerate the journey to world-class performance. We offer:
- Business process design
- Sourcing and procurement best practices
- Functional research and advisory services
- Project management
- System implementation
- Change management and training
- Metrics and reporting
To enable our clients to gain maximum value from their technology, we help organizations to:
- Promote collaboration among stakeholders to build support and knowledge.
- Select procurement solutions based on objective analysis.
- Identify objectives and performance targets to ensure success.
- Use best practices and out-of-the-box functionality to minimize complexity.
- Manage change to maximize adoption and deliver sustainable benefits.
- Accelerate time-to-value by using proven tools and templates along with configurations built on best practices and prior experience.
Benefits of eProcurement solutions with The Hackett Group
When working with The Hackett Group to optimize eProcurement, organizations can:
- Create more efficient purchasing processes by reducing the cost per order and cycle time from processing orders.
- Manage demand more effectively by only loading approved items into catalogs.
- Achieve greater spend visibility by capturing line-item level detail from the catalog.
- Improve compliance and spend visibility by relying on guided buying from approved supplier catalogs at pre-negotiated prices.
- Drive supplier rationalization by giving requisitioners greater visibility to preferred sources of supply.
- Reduce invoice processing delays and errors.
- Increase automated matching by enabling invoice information to be matched to line-item PO information from the catalog.
- Improve first-pass match rates between invoices and POs by reducing pricing mismatches.
The Hackett Group difference
As a leading global strategy and operations consulting firm, The Hackett Group offers a broad range of solutions, exclusive assets and technologies to global companies. From managing working capital and streamlining order-to-cash processes to reducing SG&A expenses and building a procurement strategy, our offerings are fueled by a deep understanding of the best practices and behaviors of companies that have achieved world-class performance.
Customers choose eProcurement solutions from The Hackett Group for three key criteria:
- Our holistic approach. In addition to technology, we consider the policies, processes, organization and governance that will drive success, ensuring that your organization will be able to use eProcurement solutions to work better and more efficiently.
- Proprietary insight. Our proven performance improvement accelerators and unparalleled intellectual property help to speed implementation and time-to-value.
- Unrivaled expertise. Our eProcurement professionals have guided hundreds of successful initiatives in complex, global organizations.
What is eProcurement?
eProcurement solutions provide a self-service utility for buying goods and services, creating requisitions, viewing catalog content with pre-negotiated prices, finding preferred suppliers, obtaining approval for purchases, managing spend against a budget and communicating POs to suppliers.
What is eProcurement software?
eProcurement software provides tools for managing catalogs, requisitions and purchase orders, and streamlining approvals and workflow.
What is The Hackett Group?
The Hackett Group is an intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices digital transformation firm. The firm’s services range from benchmarking and strategy to smart automation, supplier management, cost reduction, managed services and many other areas of finance, human resources, information technology, procurement, global business services, supply chain and operation.