#procuretopaytool

Managing procurement processes manually is time-consuming and costly. Businesses need to have an effective way to manage their internal expenditures.

With eProcurement software, the process becomes more than just efficient. It’s a matter of profit. It can help companies cut costs, meet compliance criteria and grow revenue at the same time.

Today, eProcurement software is not just used for procurement only, but it also helps improve vendor management, risk management, and relations as well as to prepare budgets.

Cloud procurement software acts as a single point of contact for all your business' sourcing, purchase and procurement needs. This includes:

- Managing your suppliers – manage your suppliers through a single source of truth (SSO)

- Identifying potential suppliers – identify potential suppliers through supplier management functionality

- Buying from suppliers – efficiently buy from suppliers through electronic procurement (eProcurement)

- Automating purchasing processes – automate purchasing processes by providing real time pricing comparisons across multiple vendors

- Reducing administrative costs – with eProcurement software you can reduce administrative costs by eliminating manual processes that take place when dealing with paper based systems

Having hundreds of suppliers, and hundreds of individual transactions each month but still can't manage the whole process efficiently that's because everything is done manually in spread sheets. Records are easily lost and errors creep in. Too much time per transaction and too little transparency into the system.

What you need is a software that enables business strategy through an automated solution that leverages social and mobile capabilities.

Here are some of the major reasons why you need an eProcurement software -

Simplifies     the procurement process – Procurement management system automates     the entire spend management process and streamlines all your procurement     activities. This makes the procurement process easier and more efficient     for both the supplier and the buyer.

Minimizes     chances of error - Eliminates the chances of human error due to paperwork,     manual updating or lack of communication. This also reduces compliance     issues by maintaining a well-documented record of all your transactions.

Saves     time and money - eProcurement software saves time by eliminating routine     tasks such as filling out forms, searching for vendors, or negotiating     prices. At the same time, it helps you save money by optimizing spend and     reducing cost from unnecessary expenditures such as late payments, recurrent     expenses and overspending.

Better     control over procurement processes – Using procure to pay tools allows businesses to     monitor their expenditure, inventory levels, supplier performance and     payment processing in real time. This improves transparency and offers     better control over business operations.

With traditional methods of procurement, management and accounting can be cumbersome, time consuming and expensive.

eProcurement software is a good solution to ease the way buying takes place within companies.

Regardless of how you define procure to pay tool, there are three core components that help set it apart as a category. These three pillars are the features and functionality users expect to see in an enterprise procurement platform.

Supplier Management - This is the foundation of the platform, and the piece that  sets procurement software apart from spend management tools. Supplier  management is the process of identifying and vetting suppliers who provide  goods and services to the company, and managing those relationships on an  ongoing basis. The system should track key details about each supplier,  such as contact information and performance metrics.

Contract Management - The contract lifecycle is complex, with many different  stakeholders involved in every step of the process. Each organization will  have its own policies for different types of contracts (e.g., professional services vs. maintenance agreements), but in general, contract management  entails creating new agreements and storing them in a central repository;  managing ongoing negotiations; monitoring compliance; and archiving  completed contracts for future reference.

Spend  Management - A good procurement software provider will integrate with your ERP or accounting platform to give you visibility     into all company purchases and expenses, regardless of whether they were     made through the system or not. This includes tracking invoices, approvals,     payments, etc.

Procurement is a huge task for organizations. Finding reliable suppliers and organizing the best products at competitive prices can be time consuming and expensive.

Traditional procurement software requires complex implementation processes, demands expensive hosting environments and often ties companies to one particular supplier.

Not with cloud procurement! Procurement as a service solutions provide a brilliant alternative to proprietary or on-premise systems that have been around for years.

With cloud procurement software, procurement processes are undertaken online, allowing minimal cost and time investment. The flexible online system also allows you to try out the software first before committing to a purchase.

Cloud procurement software was developed to help companies save time and money when purchasing goods and services. The software automates the procurement processes, allowing buyers to access a central database of approved suppliers, request quotes, and place orders without manual intervention.

Some features of cloud procurement software include:

Supplier management for on-boarding and managing your suppliers to maintain a healthy supplier relationship

Spend analysis  tool allows you to analyze  your spending so as to identify purchasing trends and opportunities for  cost savings.

Sourcing  and bidding processes that allow you to build an RFQ (request for quote)  or RFI (request for information) from your catalog or supplier     relationships. You can then distribute it to a select group or multiple     suppliers for bids.

Contracts  and negotiation tools that enable you to create and manage contracts with  suppliers, with workflow tools that manage the review process of contracts  prior to signing.

Catalog  management that makes it easy for buyers to find the items they want from their approved vendors, based on price, part number and other factors.