Connect with us

Sales & Marketing

5 Advantages Of e-Procurement Systems For Your Business Management Process

Erica Johnson

Published

on

In a business, of course, various parts have their respective functions. For example, the finance department that functions as a corporation or business financial control. There is a crucial part of a business, namely procurement management.

This section plays an important role in the procurement process. Therefore, you would like to know the advantages and how important this part is within the business process. In addition, understand the definition and the way it works briefly.

Definition of e-Procurement

Before understanding the advantages of e-procurement software, you would like to understand the definition of the principles during this section. Procurement itself is an activity administered by companies to shop for goods. What types of goods were purchased? There are various types.

For example, production machines, building materials, business equipment, and services that companies need to run their business. Of course, the goal is to assist companies in getting the specified goods.

When you need an item, of course, the corporate wants to urge what it needs properly. This good need is sweet in terms of quality, location, time interval, and most significantly a matter of price, 

Of course, this section also functions so that the prices incurred by the corporate are as small as possible by using e-sourcing software for automated analysis to help the company find savings with the opportunity to drill down in more detail. 

Thus the corporate can get a much bigger profit. Therefore, companies need to implement a procurement management system.

Advantages of Procurement Management System

Not only to urge a less high price, will this technique provide benefits for the corporate. So don’t be surprised if most large companies have this technique to help the procurement process. The following is a full explanation of the 5 advantages of a procurement management system:

1. Procurement Management Can Reduce Operational Costs

The procurement solutions should be concise and clear. Therefore, it takes a team that must ensure that all company needs can be met. If it’s not regulated, it’ll be difficult for the corporate to record which goods are purchased or not.

If it’s not regulated during a system, the procurement process also can’t be made concisely. With a transparent management system, the procurement of products also can be done easily. For example, it becomes clearer about the timeline of the procurement of goods. The company can see when the tender will be conducted and when the products are often used.

Even in an era of rapid technological development, the procurement system is administered electronically or is commonly referred to as e-procurement. With this technique, the corporate is far more ready to reduce operating costs. Companies are not got to spend money on meeting consumption to buying paper.

The company only needs to appoint one person in charge of each item and provide it with digital devices.

2. Transparency is improved

All procurement of products will definitely be recorded during a system. Thus, procurement activities are going to be far more transparent. All sections can check the costs offered by outside parties or vendors. Frauds such as price markups will not occur because they can be checked through the system.

This process also helps oversee procurement management. Moreover, all the appointment processes to procurements will be recorded by the system and made into an archive. Supplier and vendor data also can be recapitulated and may be accessed easily. These steps are often how to stop corruption, collusion, and nepotism. The company also can make sure that all payments are made on time.

3. Can Be More Efficient and Effective

All the systems created will facilitate the whole appointment process to procurement. For example, if it’s administered employing a tender system, it’s easy for companies to see and compare bids. It would certainly be far more efficient if you didn’t use the system because you had to see the bidding papers one by one.

Companies can also do filters. For example, trying to find a vendor or supplier who provides a rock bottom offer or matches the budget. Thus, the procurement team not must read all offers that aren’t within the budget. At the time of appointment of suppliers is additionally easier.

With the system, the team will be ready to see the small print of the vendor’s offer. For example, ranging from the delivery period and payment time. This data also can be stored within the system. If you would like it at any time, you not got to bother trying to find vendor and supplier data.

4. Productivity Can Increase thanks to Procurement Management

With the assistance of procurement management, all procurement processes are often administered quickly and simply. All stages from getting to payment are often done quickly. Thus, the procurement team no longer needs to take a long time when working on the procurement of goods.

Faster processes also help companies be more productive. This can also affect the assembly costs incurred by the corporate. Moreover, the system is additionally easy to use and may store many archives. The procurement process has often avoided the necessity to start out from scratch.

5. Lowering the Risk of Errors

Human error is extremely likely to occur altogether processes within the company. With the procurement management system, all employees can see the stages that must be passed to procure goods. With this guide, of course, the team responsible won’t miss this stage.

Employees also easily correct the steps taken. Work also can be done faster and without fear about human error. 

Published November 19th, 2021

Continue Reading

Sales & Marketing

‘Bullish’ marketing industry plans to boost spending power in 2024

Courtney Shields

Published

on

‘Bullish’ marketing industry plans to boost spending power in 2024

UK marketing leaders are gearing up for a ‘bullish’ 2024, with more than 70% planning to boost digital budgets this year, new data shows.  

Following four years of economic flatlining and commercial pressures for many of the UK’s top marketers, 2024 is expected to see a resurgence in industry optimism, with increased investment being directed in key growth areas including AI, websites, SEO, broadcast and podcasts, as well as email and content marketing.  

The data from more than 500 UK marketing leaders, commissioned by search-driven content agency No Brainer, is available to in-house and agency marketers now. The first report is called the 2024 eCommerce Trends Report

In addition to No Brainer’s findings, a recent Statista report indicates the eCommerce market is set to reach a projected £100b ($124b) in the UK for the first time in 2024, and eComm marketers are poised to make 2024 the year they seize a greater share of consumer spending.  

The report by No Brainer also reveals significant spending growth in key areas of marketing, with many marketing decision markers saying they intend to invest over 60% more than they did in 2023 in the following areas: 

  1. AI: 64% to increase spend by as much as 60% 
  2. Website: 64% to increase spend by as much as 60% 
  3. SEO: 62% to increase spend by as much as 60% 
  4. TV, Radio & Podcasts: 59% to increase spend by as much as 60% 
  5. Email Marketing: 58% to increase spend by as much as 60% 
  6. Content Marketing: 57% to increase spend by as much as 60% 
  7. Digital PR: 57% to increase spend by as much as 60% 
  8. Influencer Marketing: 56% to increase spend by as much as 60% 
  9. Organic social: 56% to increase spend by as much as 60% 
  10. Paid search: 55% to increase spend by as much as 60% 

Some of the highest budget increases came from marketers working in sectors including Education with 69% increasing by up to 60%, Finance with 64% increasing by up to 60%, and Retail with 56% increasing by over 40%. Only 14% of marketing decision makers said they’ll be dialling back on budgets in 2024. 

Gary Jenkins, Director at No Brainer, said: “Four years of rising costs, inflationary pressures, and squeezed budgets has made life tough for UK marketing leaders tasked with delivering growth, but we’re expecting to see that turn around in 2024 with many taking a more bullish approach in terms of spending power. 

“This is great to see, and not just because we play in this space, but because if businesses of all sizes are serious about recovery and growth, then investing strategically in the right areas of marketing is crucial. Sadly, in challenging times, these are the things that can often be the first cut.  

“When every penny matters, like it has in recent years, then there’s a laser focus on marketing leaders proving the value of every pound they spend, and quite rightly. It’s got everyone challenging the ROI of their spending across every marketing sector, and the same rule should apply with these increased budgets.  

“It’s about putting them to best use. A solid, strategically planned marketing strategy can unlock new audiences, drive more revenue from existing ones, and drive more brand loyalty and advocacy, so it’s still a case of spending smart, even if spending more.” 

Interested in hearing leading global brands discuss subjects like this in person? Find out more about Digital Marketing World Forum (#DMWF) Europe, London, North America, and Singapore.

Tags: budget, Content Marketing, seo, spending, websites

Continue Reading

Sales & Marketing

Why social listening platforms can’t listen – and how SocialVoice is looking to step in

Courtney Shields

Published

on

Why social listening platforms can't listen - and how SocialVoice is looking to step in

The market opportunity for brands who get influencer marketing right is huge.

According to Goldman Sachs, the creator economy is worth around $250 billion (£205.4bn) today. By 2027, it could hit $480bn (£394.5bn), in line with predicted growth for global digital advertising spend. In line with this trend is an increasing preference for brands to use nano- and micro-influencers in their campaigns. The State of Influencer Marketing 2023 Report puts this at 39% and 30% respectively. With the rise of trends such as FinTok and others front and centre, no longer is there a subject which cannot be touched by an influencer; someone passionate, authentic and knowledgeable enough to earn consumer trust.

Getting the right influencers, in terms of what they say, how they say it and how many people they say it to, is therefore vital. Indeed, an entire martech sector has mushroomed in the form of social listening. Yet Nicholas Greig, chief revenue officer at SocialVoice, has a problem with the term.

“Social listening platforms can’t listen,” explains Greig. “All they can do is scan the metadata.”

While social listening tools can look at hashtags and comments, crunch engagement rates, and look at the sentiment of the written word, SocialVoice believes there is no tool currently on the market which can get ‘inside’ a video and analyse the voice. Until now.

The aim of SocialVoice is to enable analysis of an influencer’s past activity, through every frame of every video on every platform. Tone of voice can be analysed, beyond the written word, to assuage fears around brand safety as well as brand fit. This can go from the usual sentiment analysis to understanding personal versus corporate tone, to extrovert versus introvert, to liberal versus conservative. “Because we’re moving to nano- and micro-influencers, we’re not bringing them in for shoots anymore, so we’re relying on the quality of their recording,” explains Greig.

From a technology standpoint, it will not be a surprise that AI is at the heart of the solution, with three primary facets; deep analysis using machine learning tools, statistical approaches to identify pattern correlation across time-based events, and processing at speed. Almost two thirds of those polled in the State of Influencer Marketing report (63%) plan to use AI in executing their influencer campaigns, with two thirds of those brands using it for influencer identification.

What this looks like in terms of product is the Influencer Integrity Report, the first go-to-market effort from SocialVoice. The analysis of time-based events and processing at speed is combined so brand managers can input the influencer link and then get a report soon afterwards backed up by industry standards – toxic and profane content is based on GARM (Global Alliance for Responsible Media) metrics – and headlined by an overall trust score (left).

In the example MarketingTech saw, regarding a well-known influencer in the skincare industry, a specific brand appeared 273 times based on hashtag and written word analysis. For video scripts, the brand appeared 3648 times (right). Tone of voice noted variance between neutral and joyful.

Greig believes this will solve a fundamental industry problem. “We realised that there were some very big problems in the world of influencer marketing that, despite its growth, were affecting uptake from industry sectors such as banking, or from industry sectors where compliance and conservatism was more prevalent,” says Greig.

“These problems come around the fact that not a single influencer discovery platform in the world can be trusted to do proper vetting, or background checking, of the influencer,” adds Greig. “Checking influencers takes hours, and they can’t go back and check everything that an influencer has ever said – so they cut corners, they look at a random sample of videos, and then they go into a campaign [with a] lack of trust in whether the influencer has any hidden surprises in their background.”

While it remains early days, Greig notes that the trust score is the key element for customers on board thus far. The company has trademarked the term ‘trust my voice’ in anticipation not just of this, but for future cases beyond the brand and agency side. “One of the ways where we see this going forward is that influencers themselves on their profile will have a ‘trust my voice’ link,” offers Greig. “They’ll have that from a software as a service perspective.”

SocialVoice is exhibiting at the upcoming DMWF Europe event, on 21-22 November in Amsterdam, with something a little more enticing than usual. Those who visit the stand will have the ability to have one free check of an influencer of their choice – so the company has a strong bet on their value proposition.

“I think it will shock people as to just how limited the information is they have to make right decisions, and just how open they are to problems,” says Greig.

“We are still very much in a concept [phase],” he adds. “It’s going to be very difficult for anyone to compete against us. It’s not just the AI ability, it’s the scale of what it is that we’re doing; it’s the ability to do it at speed and do thousands of influencers at the same time.”

Insert picture credit: SocialVoice

Photo by Daniel Gaffey on Unsplash

Interested in hearing leading global brands discuss subjects like this in person? Find out more about Digital Marketing World Forum (#DMWF) Europe, London, North America, and Singapore.

Continue Reading

Sales & Marketing

Clevertouch creates European consultancy and empowers marketers with AI marketing automation

Courtney Shields

Published

on

Clevertouch Marketing, a marketing technology consulting and service provider, has formed a new strategic team to drive customer conversion from martech across its European client base.

This, in conjunction with new AI product development in its proprietary Momentum software, will bring productivity in martech to the forefront, at a time when marketers need it most acutely.

As Clevertouch Marketing changes its overall name to Clevertouch Consulting, the company has created a senior team focused on client revenue generation, customer insights and conversion metrics. The team is also investing in the development of new powerful AI marketing tools.

The development of ContentAI, a feature within Clevertouch Consulting’s Momentum software, ensures artificial intelligence is driving maximum productivity within Clevertouch customer marketing teams. It allows the rewrite of email and landing page content, greatly improving the capabilities of marketers and reducing the time it takes to launch assets. ContentAI is backed by a unique persona toolset that allows marketers to ensure generated content fits the tone and personality of the teams and the business. Momentum is used by leading brands such as Fujitsu, Atos and British Land.

To support this, Clevertouch Consulting has strengthened its leadership with a mix of promotions and hires. Elaine Webley has been appointed as COO and CMO to lead operations and marketing strategy, having previously served as Managing Director and Client Services Director. Stuart West, previously Vice President International of BrightTALK, will hold the Chief Revenue Officer position and lead the team across its services and SaaS products. Jamie Burrell, responsible for the company’s consulting services, will take the position of Chief Strategy Officer, and CEO and founder, Adam Sharp, will provide ongoing leadership and market insights. Lucy Larner also joins Clevertouch as Chief Financial Officer after fifteen years in various SMB finance roles.

Adam Sharp, CEO at Clevertouch Consulting, said: “Economic times are tough, and as marketers we all have to sharpen our focus on revenue delivery, customer conversion and productivity within our day-to-day activities. We are committed to investing in the most advanced marketing products and services, driving the efficiencies created by AI, but also backed by a super strategic team to give clients the best possible business outcomes.

“Our name change reflects the changing nature of the business and the desire for clients to bring the martech capability in house, with the support of Clevertouch Consulting to optimise their investment.”

Interested in hearing leading global brands discuss subjects like this in person? Find out more about Digital Marketing World Forum (#DMWF) Europe, London, North America, and Singapore.

  • Duncan MacRae

    Duncan is an award-winning editor with more than 20 years experience in journalism. Having launched his tech journalism career as editor of Arabian Computer News in Dubai, he has since edited an array of tech and digital marketing publications, including Computer Business Review, TechWeekEurope, Figaro Digital, Digit and Marketing Gazette.

    View all posts

Tags: AI, Clevertouch, consultancy, Europe

Continue Reading

Trending