Ease Your Business’s Procurement Process with the Best Procurement Management Software

Every organization does some or other form of purchasing. The buying can be for complex manufacturing processes, product requests, contract management, or office supplies. The process of handling the purchase is different from one organization to another. While the conventional way of handling is using spreadsheet or books, but some companies use a sophisticated software solution.

More and more companies realize the significance and role of procurement management software and happily make use of them. Manual procurement comes with high processing costs along with lost or misplaced documents, a slow approval cycle, missed discounts, and uncontrolled costs. Thus, depending on the paper-based procurement process can be both costly and prone to errors.

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Benefits of procurement management system software

There are several strategic benefits of the procurement management system software. When you automate the procurement process, you gain benefits which are as follows:

  • Increase in cost reduction and visibility on spending. The software enables the employees to direct the purchases to authorized providers, and structuring spends across suppliers.
  • The software helps in increasing operational performance. They help in automating internal procurement processes like purchase order tracking and supplier evaluation, which enhances operational efficiency.
  • Automating the procurement process eliminates information asymmetries and improves collaboration across internal departments offering maximum value to the organization.
  • The procurement management solution standardizes, streamline, and automate the manual process. Thus, purchase approvals are easily managed.
  • The cloud-based software supports various currencies, languages, and logistics options offering ease to sources from various countries across the globe.
  • There are a variety of analytic tools that help report compliance, spend, and supplier information. The data enables making valuable decisions.
  • When you use an automated procurement solution, it will standardize the workflow and reduce the need to deviate from predefined processes. It leads to increased efficiency. Also, the documents get routed through the correct channels, and when right approvals are made, orders get placed with the right vendors under current contract terms. It makes sure that purchases are not made off the contract.

Features of the procurement management system 

The phases in a procurement process are complex, so the procurement management system should be equipped to handle:

  • Category management
  • Supplier management
  • Invoice to pay processes
  • Source to contract processes
  • Procure to pay processes

Why choose our procurement management software open source?

Our software is the strategic approach for managing and optimizing the spending in any organization. It consists of purchasing quality goods and services from specific vendors in a stipulated budget within the deadline. The procurement management process consists of sourcing, requesting, ordering, expediting, inspecting, and reconciling.

A procurement software helps any business become agile and allows them to control global spend via flexible management and visibility tools. The software not only modernizes the procurement business but also offers fast and compliant procurement services.

If you are looking for a procurement management software open source, connect with our team. We can offer insight into how our software can benefit your organization.

Procurement management is dedicated to accelerating and automating the procurement and supply process, as well as cutting operational costs. It also makes the whole process more transparent and easier to track. Our solution is widely used by modern organizations to centralize and manage procurement activities such as issuing and approving purchase requests, gathering and evaluating proposals, issuing purchase orders, approving invoices, storing information about suppliers and deals, and analyzing procurement information. Workflow is most powerful to process the complete procurement cycle with approval & rejection. Notifications and alerts increase the efficiency and powerful control

Features:

  • Smart decisions based on accumulated information
  •  Use templates and auto-fill to issue a purchase request (PR)
  •  Use preconfigured PR approval process or easy configure your own without programming
  •  Never miss deadlines for approvals. Convenient view and notifications are here to help.
  •  Always on move/ Approve / reject purchase requests, invoices for payment from a mobile device.
  •  Save your time. Use auto-fill functionality and create RFQ (Request for quotation) directly from a request form
  •  The content of an RFQ in MS Word format can be automatically synchronized with the metadata for the PR document
  •  Receive and store incoming proposals
  •  Use preconfigured form for evaluation of proposals or adapt it to your needs
  •  A special view allows the user to compare proposals
  •  Monitor the processes in a single view
  •  The invoice is linked to the original order, with all the metadata filled in automatically and a new workflow set.
  •  The accounting officer can monitor purchase invoices by payment-due dates
  •  Special reports help the chief accounting officer to plan financial resources for upcoming payments
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FREQUENTLY ASKED QUESTIONS

FAQs

What is a procurement management System (PMS) ?

A procurement management system manages the evaluation, selection, and creation of formal agreements with suppliers. It also manages ongoing supplier relationships and the transactional purchasing of goods and services, working with accounts payable to complete the source-to-settle cycle by processing supplier invoices for payment.

What is a Procurement Software ?

Procurement Software is a computer program that allows an organisation to automate purchasing and supplier sourcing processes. This includes activities such as raising and approving requisitions, ordering and purchasing of goods of services, as well as receiving and managing the invoice and payment. Procurement Software can help drive down costs of procurement activities, whilst boosting their effectiveness and efficiency. Organisations can also achieve better transparency by automating and standardising their procurement process using this software.

Why procurement management is important?

Procurement management is critical in ensuring that all activities and processes related to the acquisition of goods and services within a business are sourced efficiently and at the lowest possible price. The key to effective procurement management requires companies to supervise and oversee key purchasing decisions so that costs are kept to a minimum, without negatively impacting on how internal teams operate and source essential goods and services.

Why is procurement important for an overall business strategy?

Across a business, decisions are made by individuals and teams which can affect cost and profitability. Incorporating procurement into an ongoing business strategy can offset the financial impact of purchasing and acquisition, giving departments the opportunity to streamline processes, reduce spend and identify more cost-effective sources of supply. Most private sector organisations integrate procurement into their business strategy – illustrating its importance.

Is there any procurement software open source for project management?

Yes, there are open source procurement software for project management like SpenMapFree, Ivalua, SAP Ariba Procure to Pay, Procurify and Bellweather available online. But, these software do not have enough features to take care of every single aspect in an organization.

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