Procurement software

e-Procurement and e-Purchasing eliminate the need for paper-based processes, reducing the chances of delays, errors or files going missing. Automation of tasks such as purchase order creation, invoice processing and vendor management can increase efficiency and free up time for employees.

• Cost saving by reducing the amount of time spent on repetitive procurement tasks, and providing real-time data on purchase trends, market prices and supplier performance. 
• Improved compliance with internal and external policies and regulations. This can be done by enforcing rules, tracking spending and creating audit trails. 
• Better collaboration between different teams within the business through increased visibility of real-time activities relating to procurement. 

Centralised purchase management systems streamline businesses' purchasing process by consolidating all the purchasing activities. By consolidating all the purchasing activity into a single platform it can make it easier for procurement teams to manage the process and easier to find what you’re looking for. 

This, in turn, means businesses have better visibility and control over purchases and allows the creation of enhanced reports.

Set up multiple budgets for different categories of goods or even services. Procurement software can then use an automated process to check budgets and identify any proposed purchases that might cause the budget to be exceeded. 

This will trigger an alert to the relevant team within the business who can then use important human judgement and make a data-informed decision. 

Tracking of purchase orders, invoices and payments can provide real-time data on the business' expenses to help identify saving opportunities and keep spending in line with the budget.

This is an important feature of procurement software as it is a more efficient and accurate way to collect and process data than manual entry. Using technologies such as invoice OCR, API's and other systems to collect and transfer data electronically. 

• Improved accuracy by reducing the risk of errors that can easily occur when manually entering data into a system. 
• Faster processing and data collection times
• Reduced administrative workload for procurement teams by automating tasks. 
• Real-time data leads to increased data visibility and the ability to make more informed decisions.

Dynamic approval workflows can adjust to changing conditions in real-time allowing for responsive and efficient approval processes. Using automated approval based on specific criteria in the process. This leads to a more efficient and effective way to manage the approval process.