Best eProcurement Software in 2020
Finding the best eProcurement Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.
eProcurement software is a complete B2B solution that enables vendors to place orders, purchase goods and services, and perform business deals and transactions. With the help of this software, businessmen can negotiate deals, sign agreements, develop relationship with suppliers and thus enhance their business network. The eProcurement system also lets vendors define policies and guidelines, and control their business spends over the purchased commodities. Furthermore, the software helps businessmen to adhere to their pre-defined terms and conditions and connect with more suppliers.
To ensure consistent business procurement of all required goods, eProcurement software must:
Have a Supply Catalogue: Online supply catalogue is a must-have feature of an eProcurement system. Using this, vendors can search the required products and get the updated rates. They can also compare the rates of different items, calculate spends and finally place an order to a trustworthy supplier.
Provide Online Purchase Facility: That comes unsaid. In a world where business dealings have become a virtual activity, the software must provide this facility to ease the purchase process for users. An interactive purchase module will help both the vendor and the supplier.
Offer Real-time Invoice Generation: Invoices are crucial part of every business deal. Therefore, an eProcurement software should allow buyers to generate real-time invoices containing all the requisite details received from the supplier. Buyers should further be able to validate the invoices and send them for approval.
Deliver Customisation and Flexibility: No software is a software until it can be customised. The eProcurement system should work in a similar way. It must allow users to derive optimum utility by catering to all their business requirements and need. Besides customisation, users must feel flexible while using its feature. Since the primary purpose behind using a software is to make things easier and more convenient; eProcurement solution must meet all the standards of being a flexible and user-friendly software.
Provide Supplier Management Module: A supplier management module must allow the suppliers to update the price lists of each item. Using this feature, they shall be able to define tax provisions, invoice prefixes and terms and conditions for payments. At the same time, they can send invoices (pdf format) to their buyers through email. Furthermore, the module must help suppliers to monitor order details and information and create corresponding invoices. Above all, they must have the option to bid for RFQs received from vendors.
Generate Reports: Another significant feature an eProcurement software must have is the ability to generate reports, as asked by the user. Reports of orders placed, purchased items, invoice amount and details, supplier performance along with stock, inventory and business savings, must be quickly generated by the system. Moreover, reports must be real-time and customised, according to the criteria entered by the user.
While using an eProcurement solution, businessmen are sure to receive the following advantages:
- Integrated and Centralised System: The best that a business person can do with an eProcurement software is to integrate all supply chains and maintain all business relations from a centralised domain. Further to this, they can maintain a centralised purchase management system whereby they can monitor and control all their business deals from a single platform. All these will streamline their overall procurement process and integrate their supply channels; thus leading to a better business management.
- Quicker Approvals and Real-time Notifications: eProcurement system helps vendors to get faster approvals for their invoices. Besides this, they get real-time notifications about all business dealings and transactions that take place in the online domains. Thus, at any time, vendors cannot miss any business information and can stay updated on all business proceedings.
- Collaborative Supplier Portal: Business never happens with just one supplier. This calls for the need of a comprehensive supplier portal where vendors can store all information about each of their suppliers and fetch relevant data, as and when required. A collaborative supplier portal further helps businessmen to maintain consistent relationship with their supplier and develop long-term understanding with time.
- Increased Business Value and Income: Online business deals save a lot on business development costs and expenditures. Installing an e-procurement software is therefore a sure short way to reduce additional expenses and add figures to the business revenue. The 360° online procurement process is also a smarter way to enhance business value; establish credibility and increase business contacts in the virtual world.
Even with the above benefits, eProcurement system is prone to:
Security threats: Software security is a primary concern across all industries and e-procurement is no exception. Just like any other software, new-age e-procurement databases face the risk of data tamper and leakage. Despite protecting the software with powerfulanti-virus,software may still develop malfunctions and it may be difficult to preserve sensitive business data.
Back-end Integration Failure: Undoubtedly, eProcurement system offers excellent supply chain integration. However, it lacks a similar integration on the back-end front. Most businessmen are baffled about syncing their back-end activities with the system and every attempt of back-integration is of little success.
Regular Updates and Maintenance: With newer versions of software, the old becomes obsolete.Itis therefore important to regularly update the software to keep it away from online threats and viruses. Continuous updates also prevent spam attacks and hacking. Besides updates, eProcurement software needs timely maintenance, which often incurs extra costs. Users also need to be extremely careful in updating and maintaining their solution and should ensure that it’s done on a regular basis.
Bellwether Purchasing and Inventory is a fully featured eProcurement Software designed to serve Enterprises, Agencies. Bellwether Purchasing and Inventory provides end-to-end solutions designed for Windows. This online eProcurement system offers Vendor Management, Spend Management, Sourcing Management, Invoice Processing, Supply Management at one place. View Profile
Kissflow Procurement Cloud is a flexible procure-to-pay suite that enables businesses of all sizes to streamline their procurement processes from sourcing to invoice processing and supplier management. View Profile
e-Procurement Cloud SaaS Solution consisting of nine modules to manage spend, contracts, budgets, and suppliers as well as reducing risk through compliance. RFP/ RFQ and purchase order creation as well as a three-way matching P2P module.
CREST ERP is designed to grow seamlessly with your business. CREST will accommodate additional business process and functionalities as your business scale over time. CREST is a fully integrated ERP product.
TYASuite is solving many burning issues of the ERP Industry which are primarily dominated by SAP, Oracle, and Microsoft Dynamics. As Plug and Play Cloud ERP, TYASuite can reduce the ERP Implementation time from months to days. More than 75% Cost savings.
EYVO is cloud-based eProcurement solution of sourcing goods and services. Manage efficient and accurate system with affordable pricing. Enables to you to cut costs, add transparency for spending and approvals process and control the budget.
PACT ERP software enables companies of all sizes to run their business in a professionally organized manner. It automates and manages all key operations in a single, integrated system for the ease of use. The system takes control of financial management, inventory control, sales management, budgeting, and more.
OPT-Source Technologies is an innovative provider of software solutions & services for strategic & transactional procurement. Our focus areas include catalogue management, s2c (source to contract cycle), p2p (procure to pay) & supplier lifecycle management.
The Zycus eProcurement solution, comprising of features like Catalog Management, Requisitions & Approvals, Purchase Orders and Supplier Portal helps you avoid such outcomes. Further, the user experience is driven to much higher levels of end-user adoption and compliance with our e-Procurement innovation - Guided Buying.
EAMbrace(R) allows you to automate your requisition and procurement processes by use of configurable approval workflows and minimal data entry. Request for quotation system shows automated quote comparison and allows for easy negotiations.
NEWTON ERP is successfully used by clients who are in Manufacturing, Trading & Distribution, Retail & Education Domains, both in India and Abroad.Today we are working with clients who are leaders in their own line of businesses and are successfully working on our software solutions.
Uppler is also a solution for creating an e-procurement platform. Uppler's newer model is designed to facilitate the management of procurement workflows in companies.
EasyKost is a Saas software for Product Cost estimating and data mining based on machine learning. Save time in your costing activities Optimize your operating margin Identify opportunities for savings Improve your product developments
Ivalua is a platform that helps an organization implement Source to Pay processes for all categories, the solution is modular in nature that can help accelerate time to value for immediate needs and can scale to future requirements, best in class, 98% renewal rate YOY.
MCi Apps is a scalable Business Solutions software company having product offerings for all stages of a business value chain. The offerings are scalable and integratable offering our clients a seamless experience and a single point of truth across applications.
CormSquare is a cloud-based software with various solutions that automate the process of procurement. It provides visibility, control, and agility, along with a help desk for vendors.
SutiProcure is an online procurement management solution that accelerates and automates your entire procure-to-pay cycle. It enables you to professionally manage day-to-day purchasing and gain control over spend.
We provide eSourcing Software Solutions that helps organizations conduct sourcing events like Tenders/RFP/RFQ, Reverse Auctions, etc online, resulting in significant Procurement Cost & Time Saving & enabling Audit Governance.
Vendx is a software solution that fits painlessly in your procurement organization. This tool very easily prioritizes the Negotiation and Control aspects of the purchase process while making sure that administrative tasks become easier and more thorough.
Bideg is an e-auction software for creating auction for buyers and presenting quotation for suppliers. The e-sourcing software has reverse auction, forward auction, Japanese auction, and Dutch e-sourcing software options.
Procurement Management software from Sunsmart Technologies is a business software that helps to automate the purchasing function in and around Organisation.
IndustryPrime is a cloud based SaaS Purchase Management Software. It streamlines the entire purchase process resulting in the faster buying cycle, transparency and accountability, and better purchase decisions.
Loopio is the cloud-based solution of the operations management for aiding the team collaborating and automate streamline the workflows. It is the full featured solution and manage content like text, images and snap of assign the work.
TRADOGRAM is the cloud based solution for procurement management. Monitor on a purchase, give procurement information when and where it accessed. Design with custom control, supplier management, contract management, spend control and order management.
Astral ERP provides end to end solution from procurement till dispatch. It is compatible with tablets, smartphones, desktop, and laptop. It gives complete control over stock management, production process, sale of goods, dispatch & packaging of material with quality test.