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Elcom e-Procurement and eFunding: unique solutions for your supply chain

For 20 years Elcom has played a leading role in the UK and elsewhere developing and supporting automation of web-based P2P, e-invoicing and AP processes through its best-in-class procurement technology, PECOS, primarily focused on the public sector, that has:

  • 236,606 connected suppliers
  • 156.217 current users
  • processed over 57m invoices, and over 50m Purchase Orders, with over £100bn transactions processed.

Elcom offers two services e-Procurement and eFunding for the whole supply chain for both the public sector and also for all sizes of corporate. 

e-Procurement

Is a cloud-based Procurement solution which can be tailored to meet each particular business’s needs by:

  • defining how best to source goods and services, what to source, when and from whom
  • simplifying processes to publish and manage supplier content and connect to buyers. Increases control and accountability for spending through the use of flexible workflows and business rules. 

Elcom’s approach to procurement is different:

  • “The main driver in implementing a sustainable procurement programme is driving a socioeconomic agenda that impels and recycles cash flow through the local economy. At ELCOM, we understand that this means more than changing processes – this means helping create the right mindset and culture.” Elcom CEO, William Lock. 
  • Sustaining of local economies is a key driver, they help private and public organisations meet their needs for goods, services, works and utilities in a way that achieves value for money on a live basis.

Elcom’s “Sustainable Procurement” generates benefits for the triple-bottom-line: society, the economy and the environment.

eFunding

Elcom has launched a new service, called eFunding, which provides finance from receipt of a Purchase Order through to settlement of the relevant invoices with:

  • programmes which can offer suppliers up to 80% of PO value and 100% of qualifying invoices
  • funding being fully automated, managed by Elcom and based on PO and Invoice information extracted from each buying organisation’s systems.

As this figure shows:

Source & Copyright©2018 - Elcom 

Overall impact

Elcom e-Procurement and eFunding solutions show that:

  • Effective supply chain automation can create value for all participants
  • Supply Chain Finance can be an effective working capital management tool if targeted correctly.

All sizes of business should consider opportunities on both the sales and purchase side of their supply chains.


CTMfile take: Elcom’s refreshing solutions show that businesses need to set themselves a target of generating triple-bottom-line benefits for society, the economy and the environment. AND supply chain finance techniques should be applied, by all sizes of business, to both the buy and sell side.


This item appears in the following sections:
Financial Supply Chain Platforms
Trade Finance

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