What is a purchasing software?

Purchasing software or procurement software is a business software that allows organizations to automate their entire source-to-pay cycle. Right from analyzing and managing spends to managing contracts and making invoice payments, users can gain complete access to control every procurement process operation.

Every enterprise needs to purchase goods and services from third-party vendors or suppliers to meet its production needs or to fulfill its indirect purchasing requirements. And this purchasing needs to be carried out using a streamlined process, which can be best governed though a purchasing software . The purchasing software covers an entire ecosystem of operations from source to pay for an enterprise. That is, all the steps — from placing an order to paying the vendor for an order — are included in the purchasing software.

Qualities to Look for in a Purchasing Software

Cloud-Based Platform

Cloud-based purchasing software platforms are built for immediate and flawless uptake and operation. They are purpose-built and don’t require an enterprise to prepare expressly to adapt or port to the cloud.

Mobile-Native Platform

A mobile-native purchasing platform powered with multiple ecosystems can help the procurement team easily access dashboards and reports, enabling it to take part in sourcing events, as well as review and approve orders – from anywhere and anytime.

Big Data Analytics

Big data analytics can help procurement organizations perform ongoing and unplanned analysis to take control of data, unlocking the real value of data, so that it can derive insights for better planning and higher efficiency.

Robotic Process Automation (RPA)

Purchasing software that leverage RPA and include AI and machine learning to perform repetitive, conventionally time-consuming tasks can free up bandwidth for critical resources in the procurement team, enabling it to take on more strategic tasks.