Companies worldwide are facing the imperative to expedite procurement projects faster and safer, while meeting all legal requirements for transparency, security and auditability.
The best way to maintain, and even improve, procurement operations amidst a threat or crisis is to implement a digital procurement system.
Find out why digital procurement practices are increasing in importance.
1. Faster procurement cycles
During a crisis, organizations are under pressure to procure things more quickly, such as masks, ventilators, cleaning supplies, remote workstations and more. If not managed properly, urgency can result in cutting corners and ignoring mandatory administrative processes required by law for buyer transparency. Failure to complete all necessary steps and procedures associated with procurement can lead to:
- Vendor fraud
- Internal mismanagement
- Counterfeiting
- Capacity issues
- Price gouging
- Bad contracts
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