By bringing suppliers online and streamlining the entire process with the help of a procurement software is making the way of a business easier than ever. For organizations using the best e-procurement software, business processes have become transparent and easy to manage.

E-procurement implies that procuring products from suppliers/vendors and interacting with vendors online. Businesses create e-procurement portals where vendors can register. Once they’re registered, vendors see which products are required and quote prices at which they will supply them. This streamlines the whole process and makes everything simplified and transparent. As every transaction is done online; corruption, which plagued procurement in the past, has been eliminated.

Earlier what vendors could do only by visiting buyers' premises, is now done online. This has lowered the overall costs for stakeholders and creates a win-win situation for the companies and the vendors. There is no to and from between purchasers and sellers because communication is simple and easy. Also, all vendors who have registered on e-procurement portals or vendor management portal, they enjoy equal access to data and information. This builds faith in the processes, and between vendors as well as businesses.

Why Do Business Need Procurement Software?

Because Procurement software or procurement to payment software as it called many times can make the purchasing process streamlined, automated, organized, and efficient. The primary task of procurement tools is to make the life of business owners easier and their business more productive. Automating the processes of purchasing materials and goods as well as maintaining an inventory of products usually is performed through automation and simplification of such functions as:

1. Sending Quotation request online through quotation management software
2. Receiving and comparing quotations without any manual effort
3. Ordering a product or service
4. Generating, receiving, and fulfilling purchase orders
5. Sending and processing invoices
6. Maintaining an inventory
7. Matching invoices to the materials received
8. Paying all the bills online
9. Tracking, controlling, approving the entire procurement process

Benefits of E-procurement Software in Business

1. Advantages of procure to pay Businesses with e-procurement portals can create Request for Proposals (RFPs) for vendors. Once RFPs are created, vendors quote prices at which they will fulfil them. Quotes submitted by vendors help businesses shortlist suppliers.
2. E-procurement cloud portals also enable businesses to create auctions. Businesses hold reverse bidding by stating any vendor willing to supply a product at a less than quoted price will win a contract. Hence unlike traditional procurement channels, e-procurement quickly allows businesses to receive quotes from many vendors. This software can also play role of reverse bidding software.
3. Another advantage of procurement management system is they store all information online thus eliminating the need to manually keep track of it. But the advantages of e-procurement portals don’t end here. Technology is reshaping what is possible with e-procurement portals.
4. Artificial Intelligence (AI) has an important role to play in e-procurement. Like search engines, e-procurement portals use AI to produce relevant results. When users input keywords in portals, AI produces relevant results. This makes finding buyers' needs easy for vendors.

Key Features of Procurement Software

If you’re still unconvinced by this evaluation, here are a few of the less obvious, but equally rewarding features of using Procurement software:

1. Flexibility: Sourcing and procurement software applications like TYASuite are native to cloud, mobile, and touch innovations. This means that customers can access it anyplace, anytime, and on any of the computing devices – tablet, laptop, or mobile phone.
2. Everything Under One Roof: As a single, unified platform that incorporates all relevant features at its core, such a tool allows more constant data, processes, and workflows. And unlike modular items, integration is seamless, so you don’t need to think about the integration costs, delays, or glitches.
3. Speed: It is designed to speed up and strengthen the way procurement pros work, such software helps you to switch fluidly between similar tasks.
4. Boost Adoption & Happiness: Intuitive, user-friendly tools smooth the learning curve, boosting adoption, and supporting use over the long duration, thereby needing no comprehensive or expensive re-training.
5. Proven Best Practices: Standardize on documented, best practice processes field-tested across a wide range of industries, requirements, and uses that help your procurement team achieve tangible savings faster.
6. Boost Savings: The overall functionality of procurement platforms helps the realization of significantly more leading savings, usually in the 25 to 40 percent range.
7. Save Time: Save time and effort spent on vendor discovery and on-boarding a new world of suppliers already combined into your core sourcing and procurement platform, completely integrated with your native workflow.

So in the end, if you aren’t already using procurement cloud software, you’re efficiently losing out on the opportunity to streamline and hence automate significant parts of a very complex system that could very easily be costing you millions with every passing day. This then just begs the query – what are you waiting for?

TYASuite is the best e-procurement software suite that can take your business to the next level and increase productivity 10 times higher.

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

Don’t miss our free demo in a time of crisis.