Putting he letter "E" in front of a conventional business practice doesn't magically transform it overnight. Nevertheless, companies today can bring automation to bear on a wide range of practices, including sourcing and procurement tasks. Virtually every dollar a company spends, in fact, can be spent more wisely if the right systems are put in place.
Companies that want to shop more smartly have a huge range of opportunities to do so, from targeted areas such as travel and entertainment to broad procurement programs for core materials and other supplies. While the current economic climate makes it tempting to mandate cost cuts across the board, a wiser course might be to inject some electronic discipline around expenditures so that you can feel confident that you're getting your money's worth.
Source: CFO, http://www.cfo.com
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