September 07, 2021

E-procurement and the future of B2B Transactions in Pakistan

We have come a long way in the past two decades. The internet explosion has transformed jobs, business processes and transactions, and the revolution continues. Nearly all manual systems have migrated to varying levels of technology-driven automation, saving businesses time, money and effort.

One of the goals of automation is to streamline the supply chain and minimize lags in processes. A key component of the supply chain is the procurement or purchasing function, which is responsible for fulfilling both day-to-day and strategic procurement needs that allow a business to function.

Pakistani companies have largely been slow to adopt technology-driven best practices. However, with most large and medium-sized companies now adopting large scale ERP systems for companywide implementation, it is clear that a change in industry dynamics is on the verge; the move towards automation has begun and is gaining momentum fast.

Though ERPs are gaining ground, ERP system implementation is a costly endeavor with lengthy implementation and training periods that sometimes take years. These inevitable barriers present a significant obstacle for many small-scale enterprises requiring ERP systems that focus solely on streamlining their procurement needs.

An efficient and cost-effective e-procurement software can solve this problem not only by automating the process but also ensuring transparency and eliminating the need for separate record keeping for every transaction.

Many businesses struggle with the process of vendor discovery, potentially over-paying existing suppliers and unable to obtain a true sense of the market. An effective e-procurement software would combine both a sound technical framework and physical sourcing support that effectively outsources the company’s procurement. This saves a great deal of time and effort while ensuring transparency in price rates and competitive bids for any given requirement eliminating the time required to find vendors, establish contact and follow up for price quotations.

Khareed’s Prism™ e-procurement module is a cloud-based solution that enables businesses to requisition and source products from a wide range of vendors and manage their procurement needs end-to-end. The cutting edge web-based application provides a holistic solution that provides real time negotiation, oversight of team activities, role-based permission and approvals settings, and a developing base of key analytics.

Maintaining procurement teams and sourcing products physically is an unnecessary, time-consuming hassle for any new or existing business. Prism™ effectively enables the user to request, receive, compare and order any required item on one platform, allows team leaders and stakeholders to monitor on-going activities with actionable insights, and automatically generates reports on a periodic basis.

With a fully equipped support center at our disposal, the Khareed platform enables users to seek sourcing support that ensures competitive rates from a growing list of reputable and verified vendors across Pakistan.

Smartly designed and customizable solutions such as Prism™ are the future. Prism™ is the go-to solution for small, medium and large corporates wanting seamless procurement operations.