Procurement software built for your needs

A procurement system is a distinct yet streamlined process created by an organization to purchase goods and services from third-party vendors or suppliers. It includes the company’s entire procurement cycle. Be it creating requisitions, managing bidding, undergoing vendor selection to order placement, delivery tracking, or payment processing; with an ideal e-procurement system, companies can digitize this process using specialized procurement software platforms and in return improve transparency and cost control with suppliers.

There are 4 main types of procurement:

1. Direct procurement- This type of procurement involves purchasing raw materials required to produce an end product for an organization. However, with this type of procurement software, requirements vary from industry to industry. For example in manufacturing industries, their requirement is for raw materials and machinery for producing new products, similarly, retailers buy from multiple wholesalers to resell the items to customers in their region.
2. Indirect procurement- This type of procurement includes those goods and services which are purchased to fulfil day-to-day operations for an organization. However, they do not contribute directly to the company’s net income. For instance, maintenance services and equipment, marketing campaigns, consulting, office supplies, training services, etc. are not directly contributing to the end product. Modern procurement systems streamline these recurring purchases through automated workflows.
3. Services procurement- This type of procurement largely focuses on acquiring people-based services such as professional services, contractors, and consultants. Procurement solutions in this category often include features for statement of work management, time tracking, and deliverable monitoring.
4. Goods procurement- This type of procurement relates to acquiring physical items, products, and also software subscriptions. This type of e procurement system is helpful when you have strong vendor management, catalog management, and order tracking functionalities.

Procol is one of the best procurement software in the market currently. With their Intuitive dashboard displaying important KPIs and metrics for easy tracking and accessing, they are India’s leading procurement software provider. Procol’s e procurement system is best suited for large organizations looking to harness technology for significant cost savings and efficiency improvements in procurement.

A procurement platform is an online marketplace or a software system that is used by organizations globally to centralize, automate and manage all their purchasing activities. An ideal procurement platform ensures businesses are able to manage all their purchasing tasks under one roof. This includes supplier relationships, sourcing, conducting bidding processes, tracking purchase orders, and handling contract management; all this while ensuring transparency and cost efficiency.

Procol offers the best procurement software in the market. What makes it a leading procurement software provider or an ideal procurement solutions company is its intuitive and customizable procurement technology that has been securely deployed globally. Procol’s procurement management software has helped many organizations reduce costs, digitize procurements, and improve compliance by replacing emails and Excel workflows with the world’s most easy-to-use and secure procurement platform.

No, SAP is not just a procurement system, instead it is a comprehensive Enterprise Resource Planning (ERP) system that extends beyond procurement functions. While it includes all that is needed to fulfil e procurement capabilities, its scope comprises covering the entire business ecosystem. Right from finance and HR to supply chain and customer relationship management, it covers everything. Its varied procurement solution includes SAP Ariba.

No, ERP is not specifically a procurement software. ERP (Enterprise Resource Planning) systems are integrated business management solutions that coordinate with multiple organizational functions within one platform. While having procurement software capabilities is a significant component, ERP platforms handle diverse business processes that include financial management, human resources, manufacturing, inventory control, and customer relationships.

A procurement tool is a specialized software that digitizes and optimizes purchasing workflows throughout the supply chain lifecycle. They enhance the acquisition of goods and services by automating vendor selection, contract administration, requisition processes, and payment reconciliation amongst others. Through distinct features like automated approval routing, spend analytics, and supplier relationship management, procurement tools enable organizations to standardize buying practices, maintain compliance, and achieve cost savings. The best procurement software will transform traditional manual purchasing into a data-driven, efficient process that supports strategic decision-making

Procurement software is one that transforms the purchasing lifecycle of an organization by digitizing all stages. Right from initial vendor selection to payment settlement. The best procurement software will ensure it streamlines cost management, automates vendor relationships, and enforces purchasing controls. Organizations leverage procurement automation software tools to enhance spending visibility, accelerate purchase-to-pay cycles, and establish standardized procurement management software practices that drive operational efficiency and strategic value.

E-procurement tools are online or digital procurement solutions that transform traditional purchasing into online workflows. An e procurement software tool provides companies with real-time visibility into purchasing activities and also helps with vendor discovery, bid management, purchase execution and payment processing. In a nutshell, it centralizes procurement activities in a cloud-based environment and organizations are able to automate approvals, track spending patterns, and maintain documentation, digitally. E procurement tools help businesses eliminate all sorts of laborious paperwork.

The three types of procurement include:

1. Direct procurement- This particular procurement type involves purchasing raw materials that are required to produce an end product for any business. Although with this type of procurement software, requirements vary from industry to industry. Some classic examples of this procurement solution includes manufacturing industries requiring raw materials and machinery for producing new products out of them, and retailers buying from multiple wholesalers for reselling to customers in their region.
2. Indirect procurement- This particular procurement type includes those goods and services which are purchased to fulfil everyday operations for an organization. This purchase, however, does not contribute directly to the company’s net income or the creation of an end-product. Some examples include maintenance equipment, branding campaigns, consulting services, stationary, purchase of software, etc.
3. Services procurement- This particular procurement type largely focuses on acquiring people-based services such as consulting services, contractors, and labours and so on. Procurement solutions in this category often include features for statement of work management, time tracking, and deliverable monitoring.

CRM procurement system is the application of Customer Relationship Management (CRM) technology that is created specifically within the procurement management system. An ideal CRM procurement solutions companies help businesses of all sizes streamline their procurement process. They help with automating purchase orders, tracking supplier interactions, managing vendor relationships, and providing detailed insights into purchasing patterns as well as supplier performance.

For example, you own a construction business. And now the business requires some heavy machinery and parts. Hence, you look out for the suppliers of the same. Now, ideally you would first contact multiple suppliers, convey your requirements, and then get quotations from the suppliers with the best competitive prices and quality standards. Once you get quotations from the listed suppliers, you compare and select the best ones based on price, logistics cost, machinery-quality, delivery and return terms, negotiate deals for better pricing, inculcate sustainable relationships and bring them on-board.

Various benefits of an ideal procurement software include:

1. Elimination of Procurement Risks
2. Procure-to-Pay (P2P) Cycle
3. Reduction in Costs
4. Expenditure Analysis
5. Management of Risks
6. No Manual Errors
7. Centralized Management
8. Improved Supplier Collaboration
9. Scalability and Flexibility
10. Enhanced Compliance Management

There are 11 steps to the procurement process:

1. Identifying requirements for the goods and services
2. Making an official purchase request for the goods or services
3. Check and approve the purchase request, ensuring enough money is in the budget
4. Assessing and picking vendors based on company needs, looking at quality, cost, delivery times, and the supplier’s past performance
5. Negotiating a contract, picks one that fits the budget, and discusses contract details
6. Sending a purchase order form to the chosen supplier and track the delivery
7. Receiving the delivered goods and checking the items to ensure everything matches what was ordered
8. Comparing documents/invoices for payment
9. Sending payment to the vendor as agreed in the contract terms
10. Comparing the items received, supplier bill, and order form to ensure everything matches up.
11. Keeping a record to help with audits