Cloud-based procurement software offers a number of benefits over traditional, on-premises procurement systems. A report by the Aberdeen Group found that companies using cloud-based procurement software experienced a 27% reduction in procurement costs compared to those using traditional on-premises systems. Additionally, companies using cloud-based procurement software reported a 25% improvement in supplier collaboration and a 20% improvement in supplier performance. The benefits of cloud-based procurement software are detailed below.
- Flexibility: Cloud-based procurement software allows users to access the system from anywhere with an internet connection, making it easy for remote employees and teams to collaborate and manage procurement processes. This flexibility can also help companies respond more quickly to changes in business needs and opportunities. FactWise can be accessed from anywhere using just a login.
- Scalability: Cloud-based procurement software can easily scale up or down to accommodate changes in the number of users or the volume of procurement activity. This can help companies save on costs, as they only pay for the resources they need. Users can choose the FactWise subscription plan that best suits their requirements – with our usage-based pricing plans, you only pay for what you use, regardless of the number of users.
- Cost Savings: Cloud-based procurement software can save companies money in several ways. Firstly, since the software is hosted and maintained by the vendor, companies do not need to invest in expensive hardware and IT staff to manage the system. Furthermore, since cloud-based software is typically subscription-based, companies only pay for what they use. This can be more cost-effective than traditional software licensing models. FactWise is offered at a fraction of the cost of its competitors and has no additional implementation costs.
Many companies have seen significant benefits from using cloud-based procurement software. For example, GE implemented a cloud-based procurement system and saw a 25% increase in productivity and a 15% reduction in procurement costs. Similarly, Dell Technologies implemented a cloud-based procurement system and saw a 20% increase in productivity and a 15% reduction in procurement costs.
In conclusion, cloud-based procurement software offers a number of benefits over traditional, on-premises procurement systems, including increased flexibility, scalability, and cost savings. These benefits can help companies improve their procurement processes and reduce costs.