A robust e-Procurement software solution can assist organizations in streamlining their procurement processes, influencing accounts payable operations, and enforcing strict policy compliance
Fremont, CA: As organizations become more capable of adapting to new software and technology, e-procurement systems become more impactful. As a result, companies have adopted e-Procurement software to increase productivity, provide visibility into day-to-day transactions, better control organization-wide spending, and, most importantly, eliminate the entire manual procurement process.
Now, let’s look at five essential features of an e-Procurement solution.
Managing Business Documents: E-Procurement software should be able to automate the process of matching business documents such as purchase orders, invoices, and payments. In addition, any request submitted via an e-Procurement system must track and reconcile the records received in response to that request.
Budget Management and Insights: E-Procurement software must be capable of allocating budgets to vendors based on location and branch and monitoring spending against budgets in real-time. This should provide businesses with complete visibility and control over their spending. In addition, buyers can make data-driven decisions and control their business expenses with improved analytics and data visualization.
Multi-Level Approval: E-Procurement systems must be highly adaptable and configurable, allowing users to customize multiple levels of approval flow based on organizational hierarchy. Multiple levels of approval stages can be configured, involving various stakeholders such as the procurement and finance teams to approve an employee’s request and be notified via email. The system should also automate reminder notifications to approve or reject pending bids.
Vendor Management: E-Procurement software should also be flexible enough to categorize vendors based on cost centers, each of which can have multiple vendors with varying tax and discount rates. In addition, vendors can be grouped and managed based on the location of the cost center.
Catalog Management: To ensure consistent and high-quality data across all sales channels, e-Procurement software must allow users to organize products in a specific way. A catalog can include product names, descriptions, hierarchy, price, vendor, and other pertinent information.
