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.

Singapore's No.1 Purchasing System for Enterprises

Ensure efficient procurement costs. Manage purchase requests across multiple branches. Seamlessly place orders with various suppliers and get the best deals, all through a single system.

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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.

The Main Features of the Procurement System

PO, RFQ & PR Management

Generate purchase requests and convert them into purchase orders instantly. Create and send quotations to multiple suppliers.

PR Approval
Management

Approve or disapprove purchase requests from all departments, locations, or employees with just one click. Minimize unauthorized purchases.

Online Portal
for Suppliers

Vendors can share digital catalogs through the vendor portal, and you can do the tender process to have the best offer.

Vendor/Supplier
Rating

Evaluate your vendors or suppliers. Analyze their performance based on their product quality, services, lead time, prices, etc.

Blanket Order Management

Place orders according to the prices and times that you have agreed upon with your suppliers. Schedule your recurring orders automatically!

Landed Cost Calculation

Find out the total cost of items that have arrived at your doorstep, including their taxes, shipping costs, insurance, and currency conversion.

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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Providing the right solutions for our clients is our focus and priority.

FAQs

Frequently asked questions about our software solutions.

We provide various types of support, from free consultations and blueprints to training and user manuals, ensuring that your software is runs smoothly.

Our solutions are very comprehensive and designed for 15 industries. Our ERP system offers unlimited user licenses. Therefore, it can be used by everyone in your company at no additional cost.

We provide ready-made software that continually improves our development team. However, our software can also be tailored to meet the unique requirements of each of our clients.

Yes, our software has a mobile version to help you run your business better. Our mobile apps cover various functions, depending on the modules you are using.

HashMicro is web-based ERP software that can be run through the internet on any mobile device via any web browser.

We use PostgreSQL database management system, which ensures data security and scalable performance for many of simultaneous users.

We use Python, one of the most popular programming languages, to develop our software programs.

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.

E-Procurement is the use of internet-based technology, such as websites or applications, to procure goods, services, or conduct auctions. HashMicro’s e-procurement system automates and streamlines the procurement process, improving efficiency and reducing manual effort.

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.

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 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.

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 procurement of goods but on a simple scale.

It 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.

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.

From small businesses to large corporations, organizations of all sizes are increasingly recognizing that the ecological and ethical costs of doing business are just as important as the economic costs.

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.