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eProcurement Solutions Provide Real-Time Information

The role of procurement in education is evolving, and the pandemic provided a glimpse into one of the key drivers of this evolution–the importance of a procurement solution that provides real-time information. For much-needed supplies, such as personal protective equipment, procurement must have real-time information about supply, sources, and prices to accelerate decision-making and collaboration. Delays or inaccuracy in such information can lead to canceled orders, incomplete or delayed shipments, unwanted substitutions, and overpaying. The following are a few examples of how eProcurement solutions are advancing the use of real-time information in day-to-day procurement.

Real-time Comparison Shopping Across Approved Contracts

As consumers, we have always comparison shopped–haggling for the best price has been part of the earliest markets. With the emergence of the internet, comparison shopping can now be instantaneous. Consumers can find the same products from different suppliers with just a few clicks and then choose the best price. Unfortunately, requisitioners at work do not behave like consumers, and they tend to make the most convenient purchase. This convenience costs districts a significant amount each year. Artificial Intelligence technology now makes it possible to identify, in real-time, lower prices and substitutes for items prior to checkout.

Real-time Price Check

Real-time online price checks can proactively analyze thousands of contract price data points each day and identify discrepancies, enabling procurement to remedy pricing issues prior to purchase.

Real-time Evaluation of Invoices versus POs

Automating the matching process eliminates manual steps and instantly feeds the invoice into the financial system. When issues during matching are uncovered, the invoice is sent electronically back to the supplier to correct and resubmit.

60- to 90-day Implementation

Real-time procurement is a must for districts that want to streamline their procure-to-pay process and improve compliance and savings. School districts can see benefits quickly with applications that complement existing financial systems and can be implemented in 60 to 90 days. Often a return on investment can be achieved within a single fiscal year. By making informed decisions based on real-time data, school districts can quickly revert meaningful dollars directly back to the classroom.

This article was first published on the Florida Association of School Business Officials (FASBO) Bulletin Board.

Click here for more information about how EqualLevel’s eProcurement solution uses AI to provide procurement departments with the real-time information they need.

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