The return on investment from any eProcurement initiative should be substantial and readily quantifiable, but they do rely on realistic plans for implementation, deployment and change management.
Plan to Succeed
Unrealistic timelines, poor communication, a lack of executive sponsorship, other IT priorities – eProcurement projects are subject to the same potential pitfalls as any new system implementation, so effective planning and communication are essential.
Document your Objectives
Set clear and concise project goals and objectives. What are the most important outcomes – cost savings, risk reduction, labour savings and process efficiencies – and how are they going to be measured?
Define the Returns
Complete an ROI analysis using best and worst case scenarios and clearly state the anticipated results.
Keep on Measuring
The end of the deployment phase is not the end of the project – it is just the end of the beginning! Use the new management information capabilities at your fingertips to revisit objectives regularly and report on continued progress against them.
Share the News
Be vocal about successes and open about setbacks. You’re asking the business to invest money and stakeholders to invest time in realising your objectives, so make sure they are kept up to date and can have no doubt about the benefits that have been realised as a result.