What is Procurement Management SoftwareProcurement management software is used to manage the purchase processes inside an organization. This includes initiating and completing processes related to purchase orders, product ordering, invoice sharing and bill payment. Basically, procurement management software is used to streamline the purchasing process of products and services. This software makes the administration process easy and saves a lot of cost and time.All procurement related information can be managed with procurement management software. It helps collect and analyse procurement related details to streamline activities related to purchase and orders.Procurement Management Software FeaturesnbspPurchasing SoftwareAutomating processes like creating purchase orders, streamlining negotiated prices and ensuring compliance of policies, everything is done by a purchasing software. This software can also generate purchase orders with no manual or physical intervention.Procurement Analytics SoftwareProcurement software also has the option to provide analytics for different domains. With the analytics tool, one can make exact and accurate decisions. Analytics is also useful to make data-based purchase decisions at competitive prices.Spend Management SoftwareThe procurement management software also acts as a spend management software which includes activities like sourcing, purchasing, and payments. With this software, organizations can control how much they spend on each division.Procurement and Inventory Management SystemProcurement software can also be used to manage inventory. One can keep records in an organized manner, in multiple formats. This software also allows agents to monitor relevant information. And the best part is all this can be automated. The procurement software includes information about the products, their specifications, date of acquiring, last used and number of items present in stock. The information is updated automatically to ensure that the data present is accurate.Procurement SaaSProcurement SaaS is a new feature in procurement software. E-procurement solutions offer security with no hosting costs. Data that is stored on the cloud is actually owned by the customer but hosted by provider. Automatic updates are provided and there is no need for customers to have any particular hardware specifications.Importance of Procurement Management in Project ManagementProcurement management is important in project management to make things run smoothly. Procurement management software helps project managers in establishing relationship with vendors to streamline project life cycle.Project managers can automate processes related to sourcing, ordering and inspection of goods to ensure uninterrupted workflow. Overall, procurement management software is the best tool for project managers to take financially sound decisions while encouraging the team to stick to the timeframe.