Procurement processes are highly regulated and automated. Procurement software assists users in navigating this terrain with highly specific functions like workflow generators, bidding assistants, ad-hoc value analysis or RFI, RFQ and RFP automation. Procurement software is often seen as a sub domain of the acquisition and sourcing department. Streamlined and optimized purchase orders help realize process efficiencies and as a result cost savings. Integration with ERP, inventory management or financial planning solutions is usually available for larger solutions. Generally procurement software helps to reduce miscommunication, control document handling, track supplier performance and minimize purchasing cycle times while maximising margins and profit on purchase orders. Read full guide
