Loughborough College Deploys EGS Unity Exchange for eProcurement, Reducing Purchase to Pay Costs from £7 to Less Than £1 Monday 22 October 2007 PDF Print College Completely Eliminates Manual Paper-Based Purchase Orders, Streamlining Efficiency and Reducing Maverick Buying EGS Ltd, the UK’s largest and fastest growing e-Commerce Exchange for the public sector and its suppliers, today announced that Loughborough College has adopted and deployed EGS’ Unity Exchange for eProcurement, designed specifically for educational institutions in the Further Education sector. Since deploying the system, Loughborough College has reduced its purchase to pay costs from £7 per order down to less than £1, streamlined its procurement processes, and has completely eliminated all paper-based purchase orders. It is now being used by 130 people across every college department. Loughborough College decided to move to eProcurement to gain better management insight into what was being spent and streamline internal efficiencies. With paper-based purchase orders, staff would have to manually complete a purchase order, which would then need to be signed off by a director, re-keyed into the finance system and then sent to the supplier. “We found we would get to the end of a financial year and budget holders didn’t have a clear view of what had been approved,” said Paresh Patel, College Accountant for Loughborough College. “We looked at several options in the market and selected EGS because of its wealth of existing expertise in providing eProcurement solutions to Local Authorities through its IDeA:marketplace. Since deploying the EGS Exchange, we’ve been able to reduce our purchase to pay costs from £7 per order down to just a few pence. We raise between 5,500 and 6,000 purchase orders a year, which means we are reaping considerable non-cashable savings. It’s also enabled us to also cut down on maverick spending and completely eliminate manual, paper based purchase orders. ” Loughborough College spent a month letting personnel get used to the system, training 130 staff from directors to clerks. Upon going live, Paresh and his team took away every single purchase order pad, completely eliminating every manual purchase order system across every college department. The College is now in the process of adding suppliers to the Unity Exchange and is also in discussion with EGS around collaboration with existing suppliers in the EGS IDeA:marketplace for local authorities and its suppliers. Designed and managed by EGS specifically for the Further Education, Unity provides purchasing services for education bodies in the FE sector. Unity provides a comprehensive procure to pay platform for FE colleges, as well as access to a range of appropriate national and regional framework contracts. Unity is live in a growing number of FE colleges throughout England and Scotland as a result of a pilot project funded by the DfES. EGS continues to work closely with DfES and the Learning and Skills Council to encourage colleges to adopt the benefits of e-procurement. Buyers in the UK public sector raise over 50 million purchase orders per year and suppliers post over 100 million invoices per year. Shared Service e-Commerce environments help dramatically reduce the costs of these processes and underpin collaboration between groups of public sector bodies to get the best from national, regional and local collaboration. There is £100 billion of e-procureable spend in the public sector every year. The combined efficiencies of business process cost savings and e-Procurement cost savings delivered by EGS have the potential to save the public purse well over £1 billion per annum. The solutions also offer major cost savings for suppliers. With almost one million online catalogue items (the largest available), EGS Exchanges also have the potential to reduce the unit price of goods and services by as much as 30 per cent. About EGS Ltd Founded in 2000, EGS Ltd is the UK’s leading supplier of e-Commerce Exchanges for the public sector. The company’s Shared Service e-Commerce solutions are used by over 150 public sector buying organisations. EGS operates a series of inter-locking regional and sector focused e-Commerce exchanges, providing services designed to automate and reduce the costs and timescales associated with the procurement to pay lifecycle. The services save considerable time and cost for both buying organisations and suppliers alike. EGS is the biggest and fastest growing e-Commerce Exchange for the UK public sector with more than 50% market share, making it the market leader in its field, and the most successful Exchange of its kind in Europe. With the largest Shared Services customer base, EGS has 150 public buying organisations linking with 30,000 of their chosen supplies and the main contracts from Public Purchasing Consortia. Electronic purchasing is taking off. EGS has seen a 500% growth in the use of its services in past two years alone, and expects the trend to continue. For further information, please contact: Monique Chambers Devonshire Marketing Tel: 0207 871 2781 Email: firstname.lastname@example.org This press release was distributed by ResponseSource Press Release Wire on behalf of Devonshire Marketing in the following categories: Business & Finance, Computing & Telecoms, for more information visit http://pressreleasewire.responsesource.com/about.