Useful Tips for Selecting the Best Procurement Software

Communication is critical for all stakeholders to understand what is going on in the procurement process. With automated workflows, multi-level approval routing, compliance checks, and collaboration tools, software should be accessible via mobile app and speed up the procure-to-pay process.

Fremont, CA: Back in the year 2000, International Business Machines (IBM) needed to simplify their complex procurement process, so they developed e-procurement software. In today's world, a plethora of solutions is readily available. But what makes a good one, and what procurement software features should one look for when choosing a solution?

Best-in-class e-procurement platforms provide employers with complete visibility, internal controls, and process efficiency, allowing them to eliminate waste and increase their organization's bottom line.

However, in order to reap these benefits, the e-procurement solution one chooses must meet one's organization's critical needs. Its features and deployment methods should accommodate variables such as a company's size, industry type, as well as the existing technology stack.

Essential procurement software features to look for:

Risk Management

E-procurement software that works improves audibility. One should make sure to find a solution that provides audit trails with the date and time stamps that detail transactional and user activity. This transparency encourages accountability, which is a powerful motivator for changes in spending behavior.

One can also reduce transaction risks by implementing an e-procurement solution that calculates budget impact and risk levels before incurring any costs. This procurement software feature provides useful information that allows for proactive spend management.

Communication

Communication is critical for all stakeholders to understand what is going on in the procurement process. With automated workflows, multi-level approval routing, compliance checks, and collaboration tools, software should be accessible via mobile app and speed up the procure-to-pay process. Staff receives email notifications and in-app alerts on their mobile phones when these procurement software features are enabled, allowing them to review and expedite approvals no matter where they are.