What is e-procurement and its example?

E-Procurement is the process of procuring goods and services or auction by utilizing internet-based information technology facilities that are generally in the form of a website or application. E-Procurement is widely used by every company to facilitate the procurement process. One example of e-procurement in Singapore is HashMicro's e-procurement. HashMicro provides the best e-procurement that can facilitate the procurement of goods automatically and efficiently. The practice of requesting, ordering, and buying goods and services online is known as electronic procurement, often referred to as e-procurement or supplier exchange. It involves business to business transactions. Utilizing an e-procurement system's optimum pricing and timing for purchasing goods or services is its main objective. It's crucial for firms to build relationships with suppliers if they want to achieve this goal. This makes it possible for procurement staff to bargain deals with suppliers.

What is the function of procurement in the company?

The function of procurement in the company is to ensure the procurement of goods and services can run on time by taking into account the specifications needed but able to minimize expenses in order to achieve the efficiency of the company's costs. Procurement also functions to make the company's procurement so that there is no purchased goods which stock is still piling up. And Also, Procurement involves every activity involved in obtaining the goods and services a company needs to support its daily operations, including sourcing, negotiating terms, purchasing items, receiving and inspecting goods if necessary and keeping records of all the steps in the process. In addition, Procurement is an important step in understanding supply chains, because it helps a company find reliable suppliers that can provide competitively priced goods and services that match the company’s needs. That’s the case whether the company is seeking raw materials for manufacturing, a marketing services provider or new office supplies.

What is the difference between purchasing and procurement?

Procurement is an activity such as identification of needs and vendor selection, while purchasing is a part in procurement such as ordering, receipt payment, and many others. In short, Purchasing is a procurement of goods but on a simple scale. It is is the process of finding and agreeing to the terms of a purchase. It includes identifying potential suppliers, negotiating contracts, and selecting the supplier that offers the best value for money. Purchasing is the actual act of buying goods and services. It is also known as the process of identifying, prequalifying, selecting and procuring suitable goods or services or work from third party suppliers through direct purchasing, competitive bidding or bidding processes while ensuring timely delivery of the right quality and quantity.

Manage All of Your Purchasing Needs with One Procurement System

Centralise transactions and supplier data in one platform for efficient procurement, quick decisions, and seamless ordering across branches. Request a free demo and see how it works yourself!

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The Benefits of HashMicro's Procurement System

Full Traceability

Track the products coming into your warehouse and get notifications when your order is shipped and received.

Easy Backorder Management

You can adjust item delivery and payment from vendors based on how many goods you have received.

Controlled Procurement Cost

Procurement cost is more efficient thanks to budgeting and cost center per department or project.

On-time Payment

Automated notification allows you to track unpaid invoices to improve procurement efficiency.

Discover All Exclusive Features of The Most Favorable Procurement Software

Turn Vendors into Successful Partners

Build strategic relationships with multiple vendors for better contracts and significant cost savings.

Features

Vendor Listing
Vendor to Approve/Reject
Blacklisted Vendors
Vendor Evaluations
Vendor Pricelists

Simplified and Faster Purchasing Process

Speed up the essential procurement process starting from purchase requests, vendor selection, to billing payments.

Features

RFQ/PR/PO Management
Automated Approval
Online Tender
Delivery Status
Analytical Dashboard

Optimize Stock and Supply Chain

Get detailed information on stock quantities, prices, variants, and storage locations for all your products.

Features

All Product Overview
Product Variants Management
Product Bundle Management
Custom Product Template
Reference Purchase Price

Find The Best Vendors Faster & Easier

Reduce the complexities of collecting data and selecting vendors based on accurate information and analysis.

Features

Vendor Listing
Vendor to Approve/Reject
Blacklisted Vendors
Vendor Evaluations
Vendor Pricelists

Better Team Evaluation with KPI Tracking

Easily oversee purchasing team performance with objective assessment points based on target and KPI.

Features

KPI Progress Tracking
Individual Target Tracking
Cost Saving Record
Performance Overview
Purchase Team Analysis

Real-Time Reports with Accurate Data

Get complete reports of the entire procurement process starting from RFQs to invoices payment.

Features

Performance Overview
Purchase Request Analysis
Purchase Bill Summary
Vendor Rating Analysis
Bill Payment Report

Purchasing System Integration

Inventory Management System

Integration with the Inventory Management System will facilitate the control of procurement costs and avoid unnecessary and excessive purchases.

Procurement

Accounting System

Forecast expenses and revenue resulting from the goods or services you buy by integrating the Purchasing System with the Accounting System.

CRM-Sales

Do the purchasing only for requested items to prevent buying unnecessary items and exceeding the budget.

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Explore Other ERP Modules

We also provide other modules that your business might need.

HRM

Calculate payroll and CPF, generate IR21, IR8S and IR8A documents, and maintain employee database using an all-in-one HRM system.

CRM-Leads

Improve your conversion rate by managing your prospective clients and monitoring sales team productivity with the CRM-Leads System.

Warehouse Management

Set up inventory capacity all over the warehouse. Keep track of incoming goods and outgoing items through a single system.

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What Is
Procurement Software?

Procurement is a form of activities carried out by the company to buy raw materials, various business equipment, production machinery, or various building materials, repair equipment, and services that are currently needed by the company. Procurement helps companies to procure goods that meet their needs and needs in the amount, location, quality, time, and cost as low as possible.

In addition, another goal is to help companies reduce costs as much as possible so that companies can get large profits. Therefore, the procurement process is one of the right ways to realize these benefits.

In order to give businesses clarity, control, and uniformity over their complete purchasing process, procurement software is essential. Employees can purchase all of their needs from procurement software in one spot. Due to the fact that everything is kept in a single spot that anybody can access based on their user permissions, many systems also enable improved supplier relationship management.

A procurement system is a tool that automates acquiring goods and services, such as purchasing, ordering, and supplier management. E-procurement, or electronic procurement, involves using internet-based platforms (such as websites and applications) to conduct procurement activities like online purchasing or auctions.

A notable example is HashMicro's e-procurement system, which helps businesses access the best prices and ensure timely purchases, ultimately enabling procurement teams to negotiate better deals with suppliers. An essential goal of using e-procurement systems is to optimize pricing and timing so that companies get the best value while strengthening supplier relationships for future negotiations.

Procurement plays a crucial role in ensuring the company obtains the necessary goods and services on time, according to required specifications, while keeping costs efficient. Beyond cost management, procurement also helps prevent unnecessary purchases that could lead to excess inventory piling up.

It covers a range of activities such as sourcing suppliers, negotiating contracts, purchasing items, and overseeing delivery and quality checks. Accurate record-keeping throughout the entire process ensures transparency and accountability.

In addition, procurement is key to building a reliable supply chain. By finding dependable suppliers offering competitive prices, the company can secure the resources it needs—whether raw materials for production, marketing services, or everyday office supplies.

Procurement is a broad, strategic process that involves identifying a company’s needs, selecting suitable vendors, negotiating contracts, and managing supplier relationships. It focuses on the entire supply chain and aims to secure quality goods and services at the best value while ensuring long-term supplier reliability and cost efficiency.

Purchasing, on the other hand, is a subset of procurement. It refers to the specific transactional activities involved in buying goods and services. This includes placing orders, receiving goods, processing payments, and keeping records. Purchasing is more operational and task-focused, whereas procurement is more strategic and relationship-driven.

In short, procurement is the strategy; purchasing is the action. Procurement decides what to buy, from whom, and why. Purchasing makes sure the order is placed, received, and paid for properly.

Because spending touches all areas of the business, organizations are actively looking for ways to optimize procurement and accounts payable services for immediate savings and lower total cost of ownership (TCO) through process optimization and automation.

Procurement is often paired with accounts payable within an organization as a center for cost savings and value creation, and procurement services themselves can, when automated and optimized, provide a template for continuous improvement across an organization.

Also known as purchase-to-pay, the procure-to-pay (P2P) cycle includes all the activities involved in purchasing goods and services from suppliers, from the creation of initial purchase requests (RFPs) and purchase orders to paying vendor invoices.

In a typical P2P process, the buyer will complete the RFP, submit the completed form for approval (if necessary), then contact procurement to create a purchase order and send it to the vendor. Once received, the vendor fills out the PO, ships the goods, and then bills the buyer. The accounts payable team then verifies the invoice and pays the invoice, then enters all transaction data into the company's financial records.

Managed effectively, P2P processes provide not only savings but also expense data that senior management can use to gather actionable insights that drive better business process management and strategic decision-making.

Sustainable procurement, sometimes called sustainable purchasing or green procurement, is a formal approach to purchasing goods and services at the best price and value while minimizing the associated ecological and ethical impacts. Companies using continuous procurement are proactive in selecting vendors that adhere to clearly defined standards. They also establish their own internal controls to reduce waste, create positive ecological and social impacts wherever possible, and engage in responsible corporate citizenship.

When choosing the best procurement software in Singapore, it’s essential to consider the specific needs of your business. Here are some of the top options:

HashMicro Procurement Software stands out for its comprehensive and customizable features that automate every aspect of the procurement process, making it ideal for businesses of all sizes.

SAP Ariba offers a cloud-based platform that connects buyers and suppliers globally, streamlining procurement and supply chain management with advanced analytics.

Coupa focuses on providing complete visibility into spending and enhancing supplier relationships, with powerful tools for spend analysis and e-procurement.

Oracle Procurement Cloud delivers a scalable procurement suite that automates processes, manages supplier risk, and controls costs, making it suitable for growing enterprises.

GEP SMART leverages AI to provide actionable insights across spend analysis, sourcing, and supplier management, offering a unified procurement platform.

These software solutions represent some of the best options available in Singapore, each catering to different business needs and offering unique features to optimize procurement processes.