Necessity for banks to choose electronic bidding procurement

“ Cheap and fine ” or “ Do more with less ” This is what most banking institutions will discuss when considering bidding , Especially the Chief Procurement Officer . But budget growth is getting slower , Expectations for cost savings and efficiency are growing , Even more than ever , How can the organization meet delivery expectations ？

With the development of science and technology and the maturity of the digital age , The electronic bidding and procurement solution supports more physical and digital inputs to be connected , This can reduce costs and improve efficiency . Electronic bidding and purchase has basically become an effective way in the banking business environment 、 The necessary conditions for sustainable bidding and procurement .

  This generation 8Manage E-bidding and purchase supports the following functions that can be used in the banking industry ：

Preparation of purchase requisition

8Manage E-bidding and purchase supports e-purchase requisitions . This function can be used by individuals who have the right to make purchase requisitions .

Supplier selection

8Manage There are electronic catalogues of goods and services available for electronic bidding and purchase , Or the system may recommend potential suppliers based on purchase requisition , Issue a request for quotation outlining the requirements （RFQ）. Suppliers can bid for this work , Specify turnaround time 、 Price and relevant material specifications . In the supplier selection process , Negotiations are conducted offline .

E-purchase order release

8Manage E-bidding and purchase includes workflow functions , The user can choose according to the product 、 service 、 Set automatic approval path for USD value . Once the purchase order is approved , E-purchase orders containing quantity and delivery requirements will be issued by equipment with the help of bidding and purchase software . The purchase order is sent to the appropriate supplier for execution .

Electronic receipt

When delivery is complete ,8Manage Electronic bidding and purchase will automatically generate a receipt . To achieve this function , The system needs to be integrated with asset labels or barcodes , So as to automatically identify the delivered goods .

Electronic invoice

8Manage Electronic bidding and purchase accepts and processes electronic invoices . Suppliers without an automatic electronic invoice generation system can create electronic invoices online through the supplier portal or file scanning .

Accounts payable

8Manage Electronic bidding and purchase tracking accounts payable , Support purchase card 、 Payment options such as checks and wire transfers .

The difference from the above is , Technologies that serve today's mature and emerging solutions tend to deploy much faster . Many of our customers choose software as a service （SaaS） Deployment mode , This mode does not require a large amount of data or system preparation , No integration or light integration required , Can produce results in days or weeks .

Big data and machine learning   

Big data is actually “ Great opportunity for bidding and procurement ”. Big data cannot be obtained in the old way . Then machine learning became popular . When big data and machine learning are combined , Predictive M & A has become one of the game rule changers in the M & a world .

In the bidding world , Machines utilize historical spending and purchasing patterns 、 Existing directory 、 Supplier rating , Perform analysis of forecast business bidding and purchase .

for example ,IT The team may only need to purchase servers . Based on these data , The machine can predict or remind IT The team buys peripherals , Such as random access memory （RAM） And maintenance equipment , Make the bidding and procurement complete . This provides stakeholders with the ability to predict what is necessary , It even helps budget forecasting .

24 Hour self-service support   

Stakeholders can interact and ask , And accept the guidance of the institution's bidding and procurement policy . This will improve compliance , Reduce abnormal expenses , Stakeholders are encouraged to follow rather than bypass policies and processes .

Continuous access to information

Knowledge is power . Suppliers and stakeholders do not need to remember where to look for which piece of information . Digital bidding and procurement will gather information , Enable users to use this information quickly and intuitively .

Focused visibility of stakeholders   

Centralized transaction tracking supports purchase requisitions from other teams 、 Procurement of goods 、 Comprehensive reporting of order process and payments . This advantage extends to ensuring compliance with existing contracts and existing contracts .

Turn passive into active   

By forecasting demand and alerting stakeholders to what they may need based on the identified procurement model , Big data makes bidding and procurement become active , So as to expand the traditional scope of action .

Conclusion

Banking institutions are trying to pass “ Do more with less ” To make yourself timeless , The bidding and procurement team must go beyond the traditional role of cost reduction and compliance , Change it to :

• Re envision the buyer role

• Reframe the stakeholder experience

• Think about how to support better decisions

8Manage E-procurement will support business process outsourcing and shared service centers , Further improve efficiency . However , The ultimate benefit comes not only from reducing costs , And it comes from liberating high-quality bidding and procurement resources from monotonous and repetitive tasks , So they can focus on delivering value to the business .