Tangible benefits are those measured in monetary terms and intangible benefits cannot be measured in monetary terms but they do have a very significant business impact.
Tangible benefits:
- Improves the productivity of process and personnel
- Lowering the cost of products and services purchased
- Paper and postage cost reductions
- Inventory reduction
- Lead time reduction
- Reduced stock obsolescence
- Faster product / service look-up and ordering saving time and money
- Automated ordering and payment, lowering payment processing and paper costs
- Increases organizational transparency and responsibility
- Accurate and faster access to data for timely decisions
- Can reach more vendors, producing more competitive bids ;
- Improved customer response
- Saves enormous time and effort in data entry ;
- More controls thereby lowering the risk of mis-utilization of resources
- Facilitates strategic planning
- Uniform reporting according to global standards.
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