An invaluable tool for purchasers, procurement software helps to automate and manage the purchasing needs of a company or organization. E-procurement software helps you get the best value for your company’s money—it uses unique comparison features that allow purchasers to compare quotes and encourage competitive bidding on procurement contracts.
Features and Advantages of Procurement Software
Procurement software typically includes the following features:
- Tools that allow you to automatically access and finalize purchase orders
- Features that compare various suppliers and service providers and offer the ability to select the one that best meets your current needs
- Invoice generation and management
- Automatic electronic payment of bills for supplies or services
- Controls that ensure no orders are placed without the approval of authorized personnel
Web-based procurement software also has the ability to get suppliers to line up and bid for your contracts by informing them of your current needs automatically. This has far-reaching implications for your company’s bottom line—by stretching your company’s purchasing dollars further, you’re helping the business retain financial resources for other areas of the business. Over time, this can lead to faster growth and a company with excellent stability.
Popular Procurement Software Products
Cheap procurement software is often bundled with other products, notably supply chain management software and enterprise resource planning products. However, it is also available as a stand-alone product, and your procurement software price will depend on whether you purchase the program individually or as part of a larger package.
Aestiva, Paperless Business Systems, SpendMap, Coupa, Bellweather, Mikrofax, eBid, Fraxion, Epiq Technologies and Xtenza are all providers of e-procurement software solutions for businesses of all sizes.
While it is possible to find free procurement software programs online, these have their limitations. First, they may only be available for a trial period, and you may wind up having to pay a licensing fee for a product you don’t really want if the trial expires just before the placement of a crucial order. Second, free software typically includes only some of the features that a paid product offers. Thus, it’s generally best just to pay for a good licensed product.