Procurement software (a.k.a., purchasing software, procurement management software, e-procurement software) is a utility that helps an organization in the acquisition of their needs of goods and services. Such software offers specialized tools to help organizations in various steps of their procurement processes.
- Reduction in errors
- Reduction in paper volume
- Improved control / security
- Increased productivity
- Better visibility and transparency
- Optimized supplier base
Top benefits organizations found from using procurement software
- Reduced errors 43%
- Reduced paper volume 41%
- Improved control / security 40%
- Better procurement visibility and transparency 36%
- Better inventory management 34%
Top challenges in the procurement process that were faced by the organizations
- Data inaccuracies for suppliers, orders, payments, etc 31%
- Poor communication between procurement and accounts payable 30%
- Inconsistent procurement process throughout organization 29%
- Unclear or lengthy requisition or approval process 27%
- Paper-intensive process 25%
Top barriers faced by organizations in adopting a procurement software
- Current processes work 30%
- Lack of budget 29%
- Lack of understanding of current available solutions 26%
- Implementation/training takes too long 26%
- Lack of technical resources to manage an automated solution 24%
In 2020, there had been an increase from 39% to 47% in using procurement software for placing orders with suppliers.
- Understand the facts better by starting with a trial plan and get accustomed to the software.
- Contact the team to receive a customized budget plan according to your needs.
- Enjoy the clean and minimal interfaces to complete your processes faster.
- Pay only for the term you use the software and cancel anytime.
- Get customized support for personalized needs.
- Enjoy the benefit of no-cost three-month usages by adopting early (only applied to alpha access users).
- Listing of needs and getting a quotation from organization's vendors
- Creation of purchase order
- Getting approvals from required authorities before sending a purchase order to the vendors
- Acknowledging received goods
- Preparing invoice and storing payment details
- Manage your stocks with inventory management