What is Procurement Software?
Procurement Software refers to applications that run the purchasing (procurement) process at a business or organization. It is also known as supplier and contract management software. Procurement Software is often associated with Enterprise Resource Planning (ERP) when following operations and/or finance mandates, to monitor and manage an ongoing supply chain of goods and services.
Procurement Software should efficiently deliver integrated budgeting, procurement, and planning with agile tools, ultimately achieving cost savings throughout the enterprise. IT Central Station tech leaders are tasked with deciding upon Procurement Software by evaluating current processes and identifying areas for improvement. IT professionals focus on software that provides reliable information, delivered with easy functionality and accessibility.
IT Central Station key opinion leaders look for flexibility, metrics tracking, transparency and vendor communications. Actionable data and systems should allow multiple points of access and integration. Other essential requirements in choosing Procurement Software include assessing cost versus value, user adoption level, ROI and an automated intelligence alert option.
Preferred Procurement Software tools are generally easy to integrate with other corporate systems, such as finance and general ledger. Procurement processes are often included in other corporate workflows and rules-based business processes. As a result, Procurement Software should have workflow integration capabilities, such as open APIs or business process language tools. They should align well with identity and access management solutions as well. After all, procurement is an area of corporate activity that is rife with potential for costly errors or even fraud if it is not subject to strict controls. Procurement Software lends itself to off-site decision-making and is often accessible on a cloud platform, through mobile apps, and on premises. IT DevOps are responsible for interactions and should monitor security and compliance to protect the enterprise.