Are you looking for the best e-procurement software for your business? There are many e-procurement software available in the market. So selecting the right e-procurement software is a more difficult task for anyone.
Before you selecting need to do market research on available e-procurement software and your requirements. after a long time of research we a are identified the top 3 procurement software that is most famous and most powerful at the moment. However, this blog definitely helps you to select an e-procurement software and study e-procurement software.
What is e-procurement?
E-procurement stands for electronic procurement. Also known as the supplier exchange system. E-procurement is used for buying goods and services from the internet or internet-based network such as ERP (enterprise resources planning system), or EDI (Electronic data interchange).
Nowadays e-procurement technology is provided as an additional service of ERP systems or specialized software for e-procurement.
What is e-procurement software?
The simple meaning of an e-procurement system is doing the procurement process through a digital platform. It can be optimized and smooth the flow process of your procurement.
Through e-procurement software, you can buy and sell products and services through an automated digital platform. All the key functions of procurement are included in E-procurement software. Better e-procurement software can enhance the transparency of cost and process of approvals within the company.
benefits of e-procurement
1. Reduce Costs
eliminating paperwork means reducing a lot cost of papers and stationery. Also need to keep that records and documents in a safe and secure place. It is the cost to the company. which is secured.
2. Increase Productivity
Automated systems reduce a lot of manual tasks. The end of the business time is the money. It means saving time save your money for the company. so automatically increase the productivity of the procurement process.
3. Protection of your company’s privacy
company information which is called sensitive data needs to be secure from others. Such as quotation rates, pricing vendors list, and other related costs and profits and so.
4. Increase the visibility of the transactions
With the e-procurement system, you can do multiple tasks at one time without creating any hassle. There is good visibility among the key activities with updating real-time information.
5. Reduce the error rates
when considering data related to procurement there can be made incompatibility. Finding errors and shortages need to consume valuable time and labor. It may be a huge cost and unnecessary time-wasting to your company
To eliminate unnecessary spending and speed up the procurement process can use an e-procurement system for the tally data. so automatically reduce the rate of errors.
6. High level of vendor management
e-procurement system easily stores and updates the database of vendors. It is more convenient for the procurement department because they no need to remember feedback and other important details regarding vendors. All the details are updated in real-time status so you can track all the details and choose the vendors easily when the procurement process is starting.
8. Eliminating Approval bottlenecks in the procurement process of a company,
need to get approvals from different internal departments. To complete the procurement process there is a delays and make bottlenecks in getting approvals. The e-procurement system can be avoided that situation because the system can work with more people and review at one time. it is an easy and time-saving method of approving the process.
9. Reduce and mitigate risks related to procurement.
10. Avoid duplication of payment and invoice delays.
Key functions of e-procurement software?
- Generating purchase orders and order requisitions
- Can be requesting quotations and able to negotiate contracts
- Maintaining and summarizing company transaction details
- Strengthening and maintaining suppliers’ relationship
- Managing vendors and analyzing relevant vendors
key features of e-procurement software
- compatible with cloud
- availability of customization options
- easy workflow approval methods
- supplier management
- advanced reporting and analysis
- functionality automation
- creation of catalog
- integration into one platform
- 3-way matching-eligible to purchase orders, order receipts, and invoices.
Top e-procurement software in 2023
1 . Coupa– E procument software
Coupa software company is famous for giving digital technology solutions for business spend management. Coupa software company is founded in 2006, in California, united states.
values of Coupa company,
Spend Under Management
- Coupa procurement is trying to simplify the consumer shopping process with a great customer experience. When using coupa e-procurement software, as a company you can save employees valuable time with greater visibility of your procurement process under control.
- mainly focused on gain visibility to a business procurement process, easily controlling expenses, and giving a better experience for users as well as suppliers.
- Coupa is a “Savings-as-a-Service” platform, so it is helping users due to they can spend within the budget limits.
- Chinese (Simplified)
Coupa can support other businesses spend management as below,
- Contract Lifecycle Management
- Contingent Workforce
- supplier Risk Management
Key features of coupa e-procurement software
- budget tracking
- spend management
- fraud detection
- simplify purchase requisitions
- Accelerate Approval-email and mobile approvals
- A better experience with open buy
- Purchase order software
- Inventory management
- Contract management
Ranking and rating by software websites- Coupa e-Procurement software
2. SAP Ariba(e-Procrement software)
SAP Ariba is an American IT company that is a subsidiary of SAP company.SAP Ariba is founded in 1996.
SAP Ariba is B2B software solution that can use suppliers also buyers in an integrated same platform. It is providing e-procurement services and support to supply chain management and procurement management.
key features of SAP Ariba
- Buying and Invoicing
- Invoice Management
- Cloud-based procurement software
- specialized industries-supply chain, procurement, sourcing
- most suitable for large or medium size enterprises
Ranking and rating by software websites- SAP Ariba e-Procurement software
3. Basware: e-procurement software
Basware company is founded in 1985 in Finland. It is a software solution providing to procure to pay and finance supply chain management process.
Basware is an e-procurement software that can streamline the process of supply chain management. It automated the system of supply chain and finance, and procurement process by adding automated features such as automated invoicing. Approval process speed also enhances with using mobile and email.
- Basware is a cloud base e-procurement software
- deployment- Cloud, SaaS, Web-Based,mobile-Android,iPad,iPhone
- most suitable for midsize businesses and large enterprises
Ranking and rating by software websites- Basware e-Procurement software