#procurement platform

A procurement software enables buying of goods and technology. By offering everything you require, the procurement system enables you to make better purchase decisions, improve vendor relationships, and simplifies the procurement process.

Regardless of a company's size or industry, selecting the best procurement platform may be difficult and time-consuming, like navigating a minefield. You also need to consider integration options, customization, cost, and scalability.

When selecting a procurement software for your company, there are a lot of factors to take into account especially your needs. In fact, it's crucial to thoroughly assess your company's requirements, match them to the capabilities available, determine your budget for purchases, and choose the features you require.

If that seems like a lot of effort, don't worry—we'll do our best to reduce the pressure of decision-making by outlining the key traits that the perfect eprocurement software must possess.

Top features that a procurement tool must have:

Based on the functionality provided by industry leaders in this field, we have put together a list of must-have procurement features and capabilities to aid procurement leaders in their quest.

A unified and all-inclusive platform

Budget control

Vendor lifecycle management

Seamless implementation

Spending insights and analysis

Cloud-based platform

Enable customization

GeM is a short form of DGS&D’s one-stop Government e-Marketplace, which allows common users to purchase goods and services. GeM is a government-created, self-sustaining, and user-friendly e-procurement portal. Public procurement is a significant aspect of government activity, and reforming it is one of the current administration’s major goals.

Whereas B2B procurement refers to the complete process of obtaining commodities, materials, parts, or products from vendors, and comprises the following steps:

Choosing the product you want

Making a purchase

Getting the order and paying for it

Creating all the paperwork along the route

Background

The Prime Minister received proposals from two groups of secretaries in January 2016 that led to the creation of the Government e-Marketplace. Besides overhauling DGS&D, they suggested creating a separate e-market for various commodities and services gained or sold by government/PSUs.

Subsequently, in his Budget Statement for the 2016-17 financial year, the Minister of Finance announced the creation of a technology-driven platform to facilitate the procurement of goods and services by departments and agencies. GeM is a product and service procurement platform established by DGS&D with technical help from the National E-Government Division (Department of Electronics and Information Technology).

The Commerce and Industry Minister opened the portal on August 9, 2016. By making appropriate revisions, General Financial Rules have permitted government rules and procurement on GeM. On the GeM POC portal, there are currently around 7400 products in about 150 product categories, as well as the option of hiring a transportation service. GeM has already handled transactions totalling more than Rs 140 crore. GeM is a paperless, cashless, and system-driven e-marketplace that allows for the purchase of everyday goods and services with minimal human interaction.

Advantages of Government e-Marketplace

For Buyers:

Individual Goods/Services categories include a rich catalog of products.

The ability to search, compare, choose, and buy

Purchasing goods and services online as needed.

Transparency and simplicity in purchasing

A system for ranking vendors continuously

A simple dashboard for ordering goods and keeping track of payments.

The return policy is simple.

For Sellers:

All government departments are accessible directly.

Marketing in one place with minimal effort.

Bids / reverse auctions on products/services in one place

Sellers have access to a new product suggestion feature.

Pricing that changes over time: Price is subject to fluctuation depending on market conditions.

A user-friendly dashboard for selling and tracking supplies and payments is available to sellers.