What Makes A Good Procurement?
Procurement software is essential to any business. It helps businesses manage their supply chain efficiently and effectively by tracking inventory, managing vendors, and analyzing spending data.
There are several key areas to focus on when choosing procurement software. Here are some questions to ask yourself before selecting the right one for your needs:
What kind of information does my company need to know about suppliers? Do I need to track supplier performance metrics such as delivery times or quality control standards?
How much detail am I willing to see on each vendor record? Are there specific fields I need to enter in order to complete vendor profiles, or can I simply fill out a form with basic info?
Do I require a full-fledged ERP solution? Or do I just need to manage daily purchases and invoices?
Can I link my existing accounting system to this new system? Can it integrate with QuickBooks or Xero?
Are there reports available that I can customize? Will I need to create custom reports if I want to view my spend data differently than the standard reports provided by the software?
What integrations (e.g., with CRM, eCommerce platforms) are needed?
Is there a mobile component? Is it possible for me to view vendor records and purchase orders on mobile devices?
Does the vendor portal allow me to get feedback directly from vendors?
If I’m looking at purchasing software for the first time, I recommend starting with these seven criteria:
What Is Procurement Software Procurement software helps procurement teams organise the purchase of goods and services. It enables them to find suppliers, negotiate prices, and close deals more efficiently.