Must-Have Features of E-Procurement Software

By CIO Applications| Thursday, February 25, 2021

Leading cloud-based e-procurement systems are often more flexible, bring higher ROI than ERP-based software, and are developed to integrate with any ERP or accounts payable system.

FREMONT, CA: Buying electronic procurement or e-procurement software is a strategic and beneficial option for most organizations. It guarantees improved efficiency in the procurement process and better control overspending. For an organization automating procurement, the first step is to examine its current processes and find areas for improvement. After an organization decides that it is ready to invest in automation, it has to learn how to purchase the software.

Here are three tips when choosing an e-procurement software:

top procurement solution companies

 

Feature Set Packaging

Another vital factor for an organization to assess is the packaging of an e-procurement system's feature set. Most products are offered a modular or an all-inclusive P2P suite. If choosing a modular measure to automate procurement, organizations should not disregard the other features and choices available to them, like speed analytics or inventory modules. Organizations should also look into the software provider's contract compliance support. Most e-procurement providers provide via a native contract management solution and through integration capabilities with current contract management solutions.

Check Out: Top Cloud Solution Companies

Integration with Existing Systems

Leading cloud-based e-procurement systems are often more flexible, bring higher ROI than ERP-based software, and are developed to integrate with any ERP or accounts payable system. Cloud-based e-procurement systems can also be consolidated with any existing systems and can incorporate existing business structures and data like workflow, employee hierarchies, supplier contracts, and catalog information. Also, numerous providers offer implementation services in-house or through a partner to help with the integration.

Mobile Capabilities

Many organizations are driving their workforces to conduct more Purchase to pay (P2P) activities through mobile applications, increasing the processing speeds, decreasing hardware costs, and optimizing internal and supplier collaboration. Even if a company does not have an active mobile workforce, it is important to look at the mobile features of an e-procurement system for future reference. Some aspects to examine are the type of mobile application the provider offers (responsive web design vs. native) and the security controls that the system supports to make sure company data is secure on employees' devices.