Procurement Software

Material planning and procurement is an essential process for most industry sectors. Various books and subject matters have been prepared to explain its importance and the best methods to do it effectively. Like many other processes, procurement has also transformed into a digital process that can be entirely carried out through the use of appropriate digital tools.

The process of procurement

E-procurement has become the go-to process when it comes to procurement, and the first user experience with the e-procurement tools has been highly positive. E-procurement has streamlined the process of procurement and has made it more manageable.

What do the procurement software tools have to offer?

The procurement software tools come with various features and options that make them suitable for businesses of all sizes. Be it a small business with just one operating location or a large conglomerate with offices in various continents, these tools can fulfill the requirements of almost all types of businesses. They offer options to build quotations, send them, and even track their status in real-time. These features help both the parties eliminate end-less follow-up and coordination on e-mails, thereby simplifying the process. Additionally, they also come with extremely customizable approval options. These options enable users to set up custom workflows and alter the process according to their organization’s needs.

Remote access features

The other important feature that these procurement tools offer is mobile access. The mobile access features act as a step towards further simplifying the process of procurement by offering various options. The processes of approving quotations, signing them, and even order dispatch can be controlled through smartphone-based apps. Additionally, these tools also simplify vendor management by listing all the associated vendors on a single, easy to access the dashboard. The Vendor management options provided by the tools enable users to create and share purchase orders, make payments to vendors, and track the status of various ongoing orders.  

Integrations and cross-tool functionality

Apart from the above-mentioned features, another aspect that makes these e-procurement tools popular is the cross-tool functionality. These tools come with various integration options that enable users to connect them with other tools that they use. Cross-tool functionality enables easy coordination between multiple processes and makes users' life easy. The other less-talked-about features of these tools include tax compliance. The tools are capable of changing their tax compliance settings based on the regions in which the business is operating. The adaptability attributes of these tools further simplify the processes for the users.

Evolution with industry 4.0

E-procurement is the way to go as far as procurement in today’s time is concerned. It’d be interesting to see how these tools transform and evolve themselves according to the changes brought in by Industry 4.0. My guess is that they will evolve with a greater emphasis on automation and user experience.