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Your guide to choosing the right e-procurement software

Last updated:September 2016

Editor's note

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.

1Is 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.

2What 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.

3Exploring 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.

4In-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.

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