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Today, internet acts as the key enabler in the procurement industry, empowering organizations to execute end-to-end procure-to-pay (P2P) processes from a single platform. However, in the race to add more value to the procurement strategies, Chief Procurement Officers (CPOs) are seeking for a more efficient platform that will help them to significantly lower purchasing costs and automate complete procurement life-cycle. Elcom, based in Braintree, MA, provides organizations with a cloud based eProcurement solution—PECOS, enabling CPOs to streamline entire chain of purchasing process, from indent management to eTendering and eInvoicing to ePayments. By implementing Elcom’s PECOS framework, PROs are able to increase visibility and control over the spend management with greater operational efficiency and cost-effectiveness.
PECOS’s unique multi-tenancy architecture enfolds various aspects of procurement plan such as sourcing, P2P, eInvoicing, and data analysis into a centralized system. PECOS allows enterprises to track, evaluate, and execute all the supplier exchange tasks from a single source, considering compliancy and budget constraints. Further, PECOS P2P solution simplifies the process of purchase requisitions, purchase orders, goods receipts, invoices, and returns by reducing the associated paperwork and inefficiencies. Organizations are able to increase accountability through PECOS’s flexible workflows and business rules that enforce procurement controls, including multi-level electronic routing and management of approvals, and tracking of spend against budgets.
Furthermore, PECOS’s eInvoicing functionality automates the exchange of invoice documents between a supplier and a buyer, allowing them to send bills in a globally accepted cXML format or as a PDF attachment in an email. Real-time invoice processing helps finance departments to boost transparency and ensure on-time payments. PECOS bridges the gap between supplier and buyer with a set of easy to use strategic sourcing functions.
We enable clients to benefit from eProcurement and Big Data, both of which are essential in driving procurement transformation
PECOS sourcing solution helps to identify potential suppliers, run eAuction activities, manage requisitions through online proposals and quotes, and analyze sourcing events and trends in order to gain valuable market insights. Additionally, PECOS seamlessly integrates with clients’ pre-installed financial and ERP systems, empowering client to utilize its existing knowledge base with the newly deployed eProcurement system.
Elcom also assists clients with a comprehensive training and implementation support, ensuring that all the users are properly educated on the Elcom procurement system. Diverse organizations including schools and universities, medical facilities, emergency services, law enforcement, government administration agencies, and utilities leverage Elcom’s best-in-class eProcurement model.
A government agency in the U.S. was seeking for a procurement solution, tailored for their needs, to support their existing infrastructure. “Through implementing effective eProcurement set up, the agency wanted to address and better control procurement activities and gain process improvements, provide links to and among customers and suppliers, and drive down costs,” explains William Lock, Chairman, Elcom. To support these requirements, Elcom helped clients with a quick and no-glitch implementation of PECOS internet procurement manager followed by an in-depth training program. “The government agency was able to load more contracts and set up an internal surplus catalog, supporting on-contract suppliers to quickly connect with agency’s customers and distributors that resulted in increased sales and growing customer base for the suppliers,” states Lock.
Elcom’s ability to deliver cloud-based procurement solution allows rapid deployment of PECOS and provides the flexibility to easily add new users or functions as per changing business conditions. “Elcom’s technology looks forward to build comprehensive portfolio of procurement and supply chain solutions, enabling clients to benefit from eProcurement and Big Data, both of which are essential in driving procurement transformation,” concludes Lock