E-Procurement software are becoming more impactful as organizations are able to adapt to new software & technology. The main reason companies have embraced e-procurement software is to increase productivity, provide visibility into day-to-day transactions, better control organizational-wide spend and most importantly eliminating the entire manual procurement processes.
Procurement team tends to get confused while choosing the right e-procurement system. This article talks about the must-haves in an e-procurement system and gives you more clarity on which e-procurement software to buy. Check out our previous blog to know more about the advantages of e-procurement system.
Now let’s dive into some of the must-have features in an e-procurement software
- Managing Business Docs – E-procurement software should have the ability to simplify the process of matching business docs purchase orders, invoices and payments. Any request raised through e-procurement system must track and reconcile the docs received against that request.
- Budget Management & Insights: E-procurement software must be feasible to allocate budgets to your vendors, location-wise, branch-wise and monitor spend against the budget in real-time. Gain complete visibility & control over spend. With enhanced analytics & data visualization make a data-driven decision and control your business expense.
- Multi-Level Approval: E-procurement software must be highly flexible & configurable by allowing you to customize multiple levels of approval-flow based on the organizational hierarchy. Multiple levels of approval stages can be configured involving various stakeholders like the procurement team, the finance team to approve the request raised by an employee and be notified via email. The system should also be able to automate the notification reminder to approve or disapprove any pending requests.
- Vendor Management – E-procurement software should also be flexible enough to categorize vendors according to the cost centers. Each cost center can have multiple vendors with different tax and discount rates. Vendors can be grouped and managed according to the location where the cost center is based.
- Catalog Management – E-procurement software must allow you to organize the products in a specific way to ensure consistent and high-quality data across all sales channels. A catalog can contain details like product names, descriptions, hierarchy, price, vendor and other related details.
How can Finly can help in your procurement process?
FinlyFinance suite is one such procurement software that automates the business processes, such as order processing, vendor payments, invoicing etc. Our cost-effective e-procurement software system helps to streamline purchasing processes eliminating paperwork, providing better control over spending and saving time and resources for your team.