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18 Best eProcurement Software in 2020
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Eyvo eProcurement Solutions Eyvo eProcurement Solutions is a procurement management software that provides you with complete mob...
by Eyvo
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
TenderWizard What is TenderWizard? TenderWizard is a procurement software that brings in next-gen innovat...
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :Supported Platforms :Deployment :Supported Platforms :Deployment :
Vend X Vend X provides a set of features for business users to increase productivity and perform core funct...
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
Bellwether Bellwether provides a set of features for business users to increase productivity and perform core f...
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
Avidxchange Avidxchange provides a set of features for business users to increase productivity and perform core ...
by AvidXchange
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :Supported Platforms :Deployment :Supported Platforms :Deployment :Supported Platforms :Deployment :
e-Procurement suite e-Procurement suite is one of the best eprocurement software that includes Tender Management, e...
by C1 India
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :Supported Platforms :Deployment :
VENDX VENDX is a best procure to pay software solution that fits painlessly in your procurement organizati...
by MavenVista
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
Coupa Procurement Software Industry leading Procurement management software with an easy consumer like shopping experience Coup...
by COUPA
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
Expenzing Procurement Manager ERP systems are perfect for managing procurement of regular raw materials or direct spend. When it c...
by Expenzing
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
PTSOL Procurement Management Procurement software by EAMbrace is a state of the art solution which enables organizations to ...
by PTSOL
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
Zycus Procurement Software Suite What is the Zycus Procurement Software Suite? Zycus Procurement Software Suite is a software desi...
by Zycus
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :
Mapol Vendor Management Software What is Mapol Vendor Management Software? Mapol Vendor Management Software helps reduce the paper...
PRICE ON REQUESTFeatures :Supported Platforms :Deployment :Supported Platforms :Deployment :Compare Products
Last Updated on : 29 Oct, 2020
Buyer's Guide for Top Procurement Management Software
Found our list of Procurement Management Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!
What is Procurement Management Software?
Procurement management software is used to manage the purchase processes inside an organization. This includes initiating and completing processes related to purchasing 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 analyze procurement-related details to streamline activities related to purchase and orders.
Preventing spot shortages and executing financial transactions are as easy with cloud procurement software as verifying purchase orders. Managing the online ordering process, generating purchase orders, matching invoices with receivables and paying bills electronically are key functional areas of the software.
Procurement managers can track and manage different vendors efficiently and stay updated about the terms of the contract, rates of procurement, negotiated price, etc.
Procurement Management Software Features
Procurement software solutions support comprehensive features for managing multiple vendor-related processes such as purchasing, supplier control and sourcing. The platform ensures that you maintain a good relationship with vendors with pre-defined terms of service, negotiated rates, and so on.
Supplier managementOnline procurement management system offers supplier management capabilities necessary for handling the entire supplier lifecycle. The best procurement software is equipped to help with performance evaluations for different suppliers to ensure that they are abiding by the terms of service. Procurement software helps with identifying and selecting the best suppliers for your business.
Requisition managementRequisition management is necessary to create, track and process purchasing requests in an organization. Purchase management systems help with requisition management through process transparency, inventory optimization and actionable insights. Requisition management is critical for mitigating risks associated with doing business.
Contract managementCloud procurement software handles the entire contract lifecycle by linking together systems covering sales, legal, procurement and other stakeholders. The centralized repository manages contract administration by tracking savings, compliance and performance. The feature supports automated document creation aside from an easy contract data flow for efficient work processes.
SourcingProcurement software helps companies with supplier intelligence and collaborative authoring. While suppler intelligence is used for finding the best suppliers available, collaborative authoring offers templates, wizards and flexible forms for building quotes/multi-line proposals. The sourcing dashboard attached to the procurement management system offers a 360-degree view of different sourcing activities.
Invoice ProcessingThe best procurement software solution helps capture data related to discounts, payment terms, mode of payment, etc. and updates these details automatically on the electronically generated invoice. It further helps generate purchase orders, match purchase orders with the invoice and optimize your invoice processing workflow.
Purchasing Software
Automating processes like creating purchase orders, streamlining negotiated prices and ensuring compliance of policies, everything is done by 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 system 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 the provider. Automatic updates are provided and there is no need for customers to have any particular hardware specifications.
What are the Core Functionalities of Procurement Software
Controlling procurement processes for staying on top of all orders is guaranteed by the online procurement management system. All these are made possible by crucial functionalities offered by the best procurement software.
Order and purchase spend managementThe best procurement software provides order and purchases management capabilities to reduce the administrator's workload. The centralized catalogue system helps with efficient order management processes whereas purchase management helps with insights into all transactions as well as commercial compliance.
Improved supplier managementThe best procurement management systems are beneficial for handling the entire supplier lifecycle process including their performance, general information and associated risks. The unified record helps with segmentation and onboarding processes, while at the same time helping procurement teams access the entire supplier data.
Compliant purchasingPurchase management software's real-time purchase tracking abilities help reduce both operating costs and cycle time. Compliant purchasing built-in within this feature helps streamline both purchase order operations and purchasing requisitions. This feature helps organizations make direct purchases from authorized suppliers every time the need arises for quick buying.
Standardized contract lifecycleProcurement software is used by contract reviewers for checking deviations in a contract during the early negotiation stage. This procedure highlights risks that may be found and suggest required changes to make it foolproof. Businesses also receive automatic notifications and alerts every time a contract is about to expire so that the possibility of delay is reduced and there are timely renewals.
Benefits of Procurement Management Software
Business operations are simplified with smart procurement tools. Smart sourcing along with intelligent purchasing decisions are core benefits of using the software.
Transparent spend analyticsThe transparent spend analytics feature of procurement management systems are critical for improving a company's business strategy. With this option, it is easy to identify areas where you can cut costs in terms of procurement. You can also use this feature for assessing best deals that have been made so far. Such data helps businesses negotiate better for upcoming deals.
Streamlined procurement cycleThe entire procurement lifecycle starting from managing contracts to sourcing suppliers as well as handling purchases can be managed with procurement management software. You can further use the software to elevate the performance of the procurement team, enhance the business's strategic reach and accelerate digital transformation.
Efficient collaboration with suppliersProcurement software solutions offer a supplier database for searching and analyzing best suppliers available. The predefined registration procedure helps with streamlined onboarding of new suppliers, their enrolment and categorization. You can collaborate easily with all suppliers by checking their past performance records and detailed profiles before finally selecting them.
Real time sourcing auctionsBest procurement software solutions would provide you with safety nets, extension rules strategies for organizing successful auctions. Just the way you would create and forward a request for proposal, sourcing auctions are similar processes deployed for choosing the best supplier. All you got to do is create an auction and enable the real-time bidding process to start the process.
Inventory managementProcurement software solutions are used for tracking receipts, movement of stock, transfers and issuance. As soon as the stock gets low, the software would send quick reminders for replenishment. Direct fulfillment and buffer stock are the other capabilities offered by the online procurement management system.
Budget controlMonitoring the expenditure of all sourcing projects and streamlining these is easy with the purchase management system. The application centralizes the financial data for easy purchases as well as approval workflows. With the best e-procurement software, you will not just link budgets to spending but also look after different budget types such as capital, operating and project/contract-based.
Things to Consider When Buying Procurement Software
A range of functionalities suited for businesses of all sizes is what defines procurement software solutions. Let us have a look at a few metrics that should be considered for choosing the best procurement software.
Standard operating procedureStandard operating procedure or SOP is mandatory for carrying out complex operations. Procurement system software documents the standard operating procedures for all such complex activities so that you get quality output. This feature also reduces the possibility of miscommunication and ensures uniform performance across departments.
Approvals and requisitionsSimplify approval processes using cloud procurement software configurable workflows and email-based notification system. Through requisition support, you can simplify complex approval processes and follow the automatic routing procedure.
Supplier audits & second sourcingSupplier audits and second sourcing help businesses work towards the outcome they are expecting from their daily operations. For the purpose, supplier audits are being used to verify targets and expectations that have been met so far. This helps ensure that the quality is never compromised. Second sourcing is a kind of insurance system which is relied upon for meeting unexpected situations.
Categories managementPurchase management systems categorize products into respective categories based on characteristics and traits. This database of products is available to departments across your office.
Procurement Management Software Solution
Procurement Management System Software Price
Standard Starting Price ₹1,000.00 Advanced Starting Price ₹7,800.00 Premium Starting Price Price On Request 
Procurement Management Software FAQsQ1 - What are the best free procurement tools for project management?
A. The following are the best free procurement tools for project management:
- Eyvo eProcurement Solutions
- TenderWizard
- Xeeva
- Sap Ariba
- Vend X
- Prospecta Connektbizonline
- Bellwether
- Avidxchange
- Tradogram
- Procurify
- GEP Smart
Q2 - Is there any open source procurement software available for project management?
A. 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.
Q3 - What is eProcurement Software?
eProcurement software is a B2B software that helps vendors to buy goods & services, place orders and performs business deals and transactions
Q4 - List of best procure to pay software.
- Coupa
- SAP Ariba
- Tradeshift Pay
- BuyerQuest
- Basware Purchase to Pay
- Precoro
- Oracle EPM Cloud
- SAP Fieldglass
Q5 - How purchase ordering software helps with different stages of procurement management?
Procurement system software looks after different stages of procurement management for streamlining supply chain. The software does this by first identifying goods/services so required by an organisation before selecting the right vendor or supplier. Once this process is complete, procurement management systems helps with submitting purchase requisitions for creating purchase orders.
As soon as all these steps are complete, the supplier sends invoices to the respective organisation for final payment. All these activities are neatly documented with procurement system software so that the same can be later audited with e-procurement software's auditing feature.
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