Resources are frequently wasted by organisations as a result of inefficient spending during the procurement and sourcing processes.
Analysts indicate that the majority of companies squander as much as 4% of their entire external expenditure on excessive transaction expenses, ineffectiveness, and non-adherence.
An organisation can reduce spending by up to 50% by using a digital Source-To-Pay (S2P) solution, which results in an extra 31% in overall savings.
Know MoreIn procurement, while buyers and sellers interact for transactions, these do impact peripheral participants like payment processors, warehouses, logistic providers to name a few. All these participants start interacting with banking and financial solution providers and regulators. Intellect already having expertise across banking and financial services domain found natural extension of their product suits to support procurement automation.
The true viability of the business lies in delivering value not just individually but for the innumerable stakeholders that participate across the value creation process but also collaboratively such that one element reinforces the value for another creating an interconnected system.
The interactive images below will help understand what are the elements in the value chain for procurement for an institutional procurement process and how they render value to the other elements:
The inner layer represents primary stakeholders that manage transfer of goods & services
1. Buyers: The governmental & institutional bodies that procure or consume the goods & services
2. Sellers: The local, national & international bodies that create or render goods & services for the consumption. These could be Original Equipment Manufacturers, Resellers for OEM goods and/or marginalized and/or Medium Small Enterprises
The middle layer represents secondary players in the ecosystem but play a pivotal role for an efficient & transparent procurement process. They can become part of the ecosystem through seamless integrations and AI interventions
1. Logistic Providers: The agents that support transit of goods consignment from the supplier location/warehouse to the buyer consignee location through multiple routes of land, water or air. The status, tracking & customer support from logistic providers if seamlessly integrated into the buyers & sellers systems lead to a holistically updated engine that allows both buyers & sellers to efficiently manage their upstream or downstream operations
The outermost layer may be the indirect players in the procurement process between two direct bodies of buyers & sellers, their intervention has a paramount role for success of large-scale procurement engagement such as public procurement for masses
1. Banks & Financial Institutions: The Banks & Financial Institutions present a very pertinent role in the ecosystem by becoming a) a source of supply chain & trade financing for the buyers & sellers b) a medium for timely and reliable source of payments to the sellers by invoice discounting
2. Social Institutions, World Banks & other MDBs: With the overarching goal to promote growth & development for the underprivileged across the world, mentioned institutions are a prime player in the ecosystem by enabling funding & technology support to the ecosystem
3. Government Oversight Bodies: The regulatory & compliance bodies that serve as watchdogs for a transparent, inclusive & compliant process
iCPX revolutionises corporate procurement efficiency and financial processes, we are at the forefront of innovation in eProcurement solutions. Our commitment is to seamlessly integrate cutting-edge AI technologies and foster the API Economy, empowering businesses worldwide to achieve unparalleled productivity, cost-effectiveness, and strategic agility.
With iCPX, we set a Contemporary Context to technology. We don't see technology as a set of tools or systems but as an integral part of human experience.
Read MoreMake Procurement processing unbelievably easy with iCPX.
Schedule a
demo to experience how we help your organization’s topline and bottomline