Procurement software aids in managing costs associated with a business:
Purchasing software, commonly referred to as e-Procurement software, supports businesses automating purchasing functions in their organizations. According to Wikipedia, the free encyclopedia, this software has the capacity to perform the following functions:
Raise and approve purchase orders
Select and order products & services
Receive and match invoices & orders
Pay the company's bills electronically
Display orders placed for cost managers
Ensure nothing can be ordered without approvals
Combine several orders for the same type of goods
Empower company suppliers to bid for their business
Wikipedia says there are thousands of e-Procurement software providers. Some procurement software is notably sold in industry specific forms, such as TradeCard for global trade, Adac for hospitality industry, Procurify for construction and software industries, or generically for all types of spending from software vendors like Odoo, Halo BI, GEP, SpendMap, b-pack, Ariba, SAP, Automation Centre, or Oracle.
Buying decisions for procurement software could be influenced, even driven, by the features and benefits of each individual system and the number of vendors available through them.
Larger organizations, especially the multinational ones, are likely to use a shared procurement system in order to take advantage of economies of scale; that drive down the cost of purchases.
In the past, most e-procurement software systems were developed for larger organizations, which is changing with systems available for the SMB market, such as the Free-Procurement Project by SpendMap. Some procurement services are available to purchase through the automated systems.
The key strength of these systems lies in the procurement of commodities, which are far easier to standardize.
Benefits organizations derive from using procurement software include ease of administration and potential long-term cost savings. Single interface for procurement related management information cuts down the time and effort to monitor organizational spending.
Procurement software could additionally empower procurement managers to control those vendors, used by the wider organization, in order for all employees to take advantage of negotiated rates and other terms of service.
This concludes the feature on purchasing software, the August segment of the spotlight series; providing periodic coverage on the subject of flooring industry software, brought to you by Floor Covering Media.
Readers may conveneintly retrieve timely, objective news and information at Floor Search.info, which is Floor Covering Media's public search engine.
Click HERE to reach out to Elizabeth Yokel, Floor Covering Media's publisher, with questions about feature editorials, press packages and memberships.
The comments section below are for proactive readers; who have something thought provoking, relevant and constructive to say about this particular flooring brief (blog article).
