Before e-procurement software was developed, the manual procurement process was prone to errors created by a simple typo or a misnamed file. It was a long procedure, too, as seeking out suppliers and the right costs was time-consuming.
Now, manual procurement should be all but extinct, as e-procurement software has proven itself to be a crucial tool for those looking to reduce costs -- potentially saving millions of dollars -- and, consequently, increase revenue. The benefits of e-procurement software are well known. What remains unanswered is which e-procurement software is right for your company. This buyer's guide answers that question.
In part one of this guide, finance and procurement expert Jimmy LeFever, research director for PayStream Advisors, investigates the history of e-procurement software and how it's become more accessible, due in part to cloud computing. Previously only available as an on-premises system, e-procurement software was generally only for larger enterprises with big budgets. With cloud technology, smaller organizations can now afford e-procurement software, and it's easier for more decentralized companies to adopt e-procurement, too. With cloud technology opening up the market for most businesses, affording e-procurement software has never been easier, and choosing the right tool has never been more important.
In the next article, LeFever explores use cases for e-procurement software and the main reasons why companies are implementing it into their supply chain execution suites. It's not a matter of cost and keeping up with the Joneses. The cost-saving benefits of e-procurement tools are more than that. E-procurement software is, as LeFever emphatically states, "not a costly luxury but a strategic necessity."
Choosing the right e-procurement software for your business starts with an assessment of your business needs. In part three, read about the key features to consider when purchasing e-procurement software. See how e-procurement integrates with the rest of your software, such as an ERP system or financial software suite. Know which suppliers are in the supplier networks offered by the e-procurement software vendors. And consider a larger purchase-to-pay (P2P) software suite that may have other tools you need to run your business more efficiently.
In part four of this guide, LeFever takes a look at the major players in e-procurement and P2P software, highlighting their strengths and specialties to help you decide which vendor best fits your organization's needs. In part five, TechTarget has provided deep-dive profiles of several players in the e-procurement field.
There is no excuse for your company to still be performing manual procurement. And there's no reason why you should stick with e-procurement software that doesn't meet your needs. Find the best e-procurement software for your company, reduce costs and become more efficient.
What e-procurement software is (and isn't)
Get a definitive answer on what e-procurement is -- and what it isn't -- as the term is often (incorrectly) lumped in with other P2P terminology. See how adopting e-procurement software can benefit your company.
Cloud technology makes e-procurement software more affordable than ever and gives users the ability to make data-driven procurement decisions from distributed locations. Continue Reading
2Do I need?-
Is your organization in need of e-procurement software?
E-procurement software is a proven cost-saving tool that can give a company great ROI. Yet even with its benefits well documented, there are still companies that are in need of it. Find out which companies are most in need of e-procurement software and when they should begin to implement it.
High costs and maverick spending are just a few of the reasons that lead companies to implement e-procurement tools. We examine more use scenarios for e-procurement software. Continue Reading
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3How to buy-
What to look at when assessing e-procurement software
Choosing software for your organization often begins with assessing your company. Looking at your procedures, IT infrastructure and employee needs can help you begin to determine which e-procurement software best fits your company.
Deciding on an e-procurement software package requires careful evaluation of your needs. We detail key requirements to help you better understand the options available to you. Continue Reading
4Which should I buy?-
Exploring the e-procurement software market
Now that you have figured out what your e-procurement software needs are, it's time to select the one that best fits your organization. See which vendor suits your needs.
Some e-procurement software vendors work better for global companies, and some work better for smaller startups. Find out which e-procurement tool fits your company best. Continue Reading
5Top product overviews-
In-depth looks at the top e-procurement software vendors
You've whittled your choice of e-procurement software down to a few vendors, but now it's time to make the selection. Read these TechTarget product overviews that provide deep dives into some of the top e-procurement software vendors in the market today.
Basware's Purchase-to-Pay software package, made up of multiple modular components, features cloud-based e-procurement software to support organizations of all sizes. Continue Reading
BirchStreet procure-to-pay software offers organizations modular tools, including e-procurement, to help better track spending and improve efficiency. Continue Reading
Coupa's spend management suite contains the Coupa Procurement System that allows companies and its employees to save money and maximize efficiency with e-commerce shopping. Continue Reading
Ivalua offers organizations a variety of different tools that integrate with one another, including e-procurement software, to maximize efficiency during the procurement process. Continue Reading
PROACTIS helps organizations streamline the procurement process with the spend control applications in its procurement suite, saving time and money for enterprises. Continue Reading
Organizations can improve efficiency and lower costs with cloud-based SAP Ariba procurement software, offering complete service throughout the e-procurement process. Continue Reading
SciQuest has an array of source-to-settle applications, containing its e-procurement software Spend Director, so customers can decide which modules fit their organization best. Continue Reading
With Verian's cloud-based procurement software, organizations choose the tools that best fit their needs in the procure-to-pay process. Continue Reading