The implementation of an e-procurement system will mean that one US-based retailer will this year record significant savings, it has emerged.
According to eDynaQuote the US firm, which is based in Ohio, is expected to save around $700,000 on office supplies and toner products alone this year as a result of it using the service providers purchasing process system.
It is reported that the savings were made by implementing proprietary reverse auction software as part of an overall streamlining project.
In a statement this week from eDynaQuote, it was noted that the process involved detailed spend analysis, supplier searches, detailed surveys and the submission of pre-bids before moving to an online reverse auction stage.
"Using the eDynaQuote platform, the process is streamlined and allows for continuous bidding until all of the suppliers provide their lowest bid," the statement said.
Currently the firm offers on-demand procurement solutions that aim to assist businesses in saving money by cutting out the need for paper procurement techniques.
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