download.jpgIn the three previous issues of SmartProcurement, Anita Carolus-Opperman, Nedbank Corporate Card National Sales Manager, introduced and highlighted the new trend in procurement – using online marketplaces and e-catalogues.

Anita covered what an online marketplace is and how it will further streamline the procure-to-pay process, the critical components needed to ensure success from the online marketplace and how to choose a marketplace suited for your company.

In the last instalment of this series on online marketplaces Anita takes a look at the question most clients will ask at this stage: So what is in it for the company?

There are four main benefits your company can realise when implementing an online marketplace:

1 Improved compliance
• Complying with the company procurement policy.
• Ensuring procurement of approved commodities.
• Ensuring procurement only at approved suppliers.
• Enjoying an approved marketplace supplier base.
 

2 Cost savings
• Achieving a cost saving of up to 75% in procure-to-pay processes.
• Eliminating the use of petty cash.
• Accelerating the receipt of goods and services.
• Improving supplier relationships due to faster payment.
 

3 Increased efficiency
• Increasing efficiency in procurement and payment processes.
• Reducing administration.
• Making a single monthly payment to the bank instead of hundreds of individual supplier payments.

4 Increased control
• Enjoying control and complete visibility of purchasing behaviour.
• Eliminating fraudulent use and misuse of company funds.
• Having a third-level data solution for tax-reporting purposes.

“It is important for companies to ensure that they understand how the marketplace works, that they consider all the critical components and that they choose the best-suited marketplace for their company to realise these benefits” says Anita.

Nedbank has more than 15 years of experience in setting up procurement card solutions to meet the most complex needs of clients. For more information on how your company can benefit from a P-Card programme and where online marketplaces will fit into your company please contact Anita at AnitaCarolusO@nedbank.co.za