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Best Procurement Software to Automate Your Business Process

Sep 08, 2020

procurement-solutions

Do you have an integrated software to deal with your procurement to pay process? Is your supply chain as proficient and accurate as you'd like? If not, you might be missing a chance to ensure quick delivery times, better productivity, economies of scale, and lower overall costs. Procurement software can help you to ensure the most gainful decisions in your procurement processes. 

Table of Contents

- What Is Procurement Software?

- Types of Procurement Software

- Features of Procurement Software

- Benefits of Procurement Software

- Best Procurement Software in the Market

  1. Procurify Software
  2. TYASuite Procurement to Pay Software
  3. Precoro Software
  4. Promena e­-Sourcing
  5. Kissflow Procurement Cloud
  6. Fraxion Spend Management

- Conclusion

What Is Procurement Software?

Procurement to pay software helps you to issue Purchase orders for services and products and monitor all key order information in real-time including purchase quantities, vendor, delivery timeframes, product or service purchased, payment terms, and costs. Many Procurement software also helps you management the requirements from the user department and helps you automate the Purhcase Order process as well.

Types of Procurement Software

There are multiple variety of Procurement software exists in the market. Although the functionality of each of them software differs widely, most of them call it a Procurement software.

Procurement software is also known as purchase order software, you can assure that every order is authorized, legitimate, and trackable. By connecting your procurement process to inventory control, you can get accurate stock quantities, seasonal trends, movement history, and supplier lead times.

Another sort of procurement software is procure to pay software, which links your purchasing department to your accounts payable department. This will help simplify your purchasing supply chain through your organization.

Third kind of procurement software links your entire procurement to vendor and manages your vendors as well. SAP Ariba, TYASuite Supplier Management Software are the few software which exists in the world which helps manages end to end procurement and supplier management.

Key Features of Procurement Software

FeatureDefinition
PR document creationProcurement software enables for the creation of Requisition documents and helping track the approval of the requisition as per company policy and within the budget.
PO document creationProcurement software enables for the creation of purchasing documentation for both internal tracking purposes and communication with suppliers.
Vendor databaseVendor database functionalities allow for the tracking of supplier information such as payment and service terms and vendor order histories.
PO/invoice matchingAutomated tools that assist in the 3-Way matching of vendor-issued invoices to the corresponding procurement order provide an important cost control safeguard.
PO status trackingReporting data on procurement status helps with a variety of business tasks including allowing production/service/job teams to plan future activities and sales to communicate to customers expected fulfilment timeframes.
Approvals managementRequisition systems improve cost control efforts by formalizing a purchase review process.
Receiving managementReceiving management functionality provides tools for verifying that goods have been properly resolved and puts in place workflows that allow for the timely resolution of instances where items are not received on time, in proper condition, or at all.
Blanket purchase orderA blanket purchase order is a document provided to a supplier that provides authorization for ongoing purchases up to a certain dollar amount or until other business conditions have been fulfilled and can be used to create purchasing efficiencies where repeated, ongoing purchases will need to be made.
Automatic or recurring purchase ordersSupport for recurring purchase enables the creation of procurement orders in the future when particular conditions have been met and provide a means of significantly decreasing the labour associated with authorizing purchasing events.
Supplier lead time managementPortraying both procurement initiation dates and order reception dates gives a source for discovering average lead time by a supplier, which can be used to determine supplier selection when supplies/goods are required to meet expedited order/production/delivery deadlines.
Automated PaymentsCertain Procurement software helps you automate payment of the invoices. Through automated work-flow and linking to your banks, the payments for the invoices can be pushed to your banks on due dates subject to approvals.
CompliancesOnly Procure to Payment Flow is not sufficient. You must need to check if your software is capable to handle local compliances related to GST, TDS, cash payments etc.

Benefits of Procurement Software

  1. You can share and collaborate internally
  2. Share and collaborate with suppliers/vendors on a single platform
  3. You can regulate procurement processes within your company
  4. Track events and receive alerts
  5. Investigate the business intelligence data to gain information into the procurement process so that you can estimate and plan accordingly
  6. Minimize operational and logistics costs
  7. Eliminate Manual process and manual errors

Top Rated Procurement Software in the Market

Procurify Software

Procurify is one of the cloud-based procurement to pay solutions that help businesses manage, track, and control spend. Businesses can centralize all purchasing data while allowing teammates to do their purchasing.

This real-time solution helps users build, track, and report on all requisitions, POs (purchase orders) and expenses. The purchaseorder processing system is structured to provide a user experience similar to online shopping and offers integrations i.e. Amazon Punch-out. 

TYASuite Procurement to Pay Software

TYASuite is a cloud-based e-procurement software created to help businesses manage and simplify the whole supply chain lifecycle, from raw material procurement to sales order distribution. Experts can leverage artificial intelligence technology to estimate project profitability, build and assign tasks to particular users, and receive automated reminders of project updates. 

Features of TYASuite include end to end procurement lifecycle from Purchase Requisition to Payments to vendors including expense tracking, access control, inbuilt work flows and approval flows, returns management, data import/export, collaboration, and more. IT also helps end to end vendor management form vendor onboarding, request for proposal (RFP), request for information (RFI), request for quotation (RFQ), and e-auction solutions, reverse bidding and many more. TYASuite is India’s 1st Supplier Management Platform which is interested into its Procurement software to give a complete end to end package to your company. What best is you can go live within 7 days in your company with their plug and play features.

Precoro Software

Precoro is a cloud-based purchasing tool that simplifies procurement processes for small and medium-sized organizations. Key features include the creation of purchase order and delivery, billing, visual analytics on spends by departments, receiving, real-time budgeting, three-way matching, and catalog management long with product links.

Precoro enables users to design purchase requests, receive purchase orders, and set automated approval routing. Precoro’s vendor management tool stores supplier data including contact information, addresses, and payment terms that help users in creating purchase orders.

Promena e­-Sourcing

Promena e-Sourcing is an organized cloud-based procurement, sourcing, and auction management software. It enables strategic solutions, such as a request for proposal (RFP), request for information (RFI), request for quotation (RFQ), and e-auction solutions.

Promena e-Sourcing help users to push purchasing exercises to the cloud. Its e-Tender and e-Auction modules create a transparent and simplified purchasing environment for users as well as prospective customers.

Kissflow Procurement

Kissflow Procurement software is ideal for businesses that are either transitioning from manual procurement management modules, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, organizations can reduce guesswork and make better, quicker, and smarter purchasing decisions. Kissflow is less of a procurement software but more of approval work flow platform.

Fraxion Spend Management

Fraxion gives complete procurement solutions for purchase requisitioning, spend management, expense management, and spend analysis.

The solution helps mobile purchase requisition-to-purchase order features with advanced approval routing, invoice approval, quoting, and 3-way matching abilities.

Conclusion

The ideal way to start your search is by checking out the features and benefits of top procurement platforms. You can do this by signing up for the free trials or demo offered by leading procurement to pay software providers like TYASuite. 

At TYASuite, we offer end to end procure to pay software that can enable any business to boost its profit. TYASuite Cloud procurement module is a World 1st Plug and Play procurement software. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

TYASuite

A revolutionary ERP software meticulously crafted to help industries grow without burning a hole in their pockets. TYASuite is a one-stop solution for your company which can be implemented just within a few days.