10 Types of Procurement Software, Part II
PurchTips edition #306
What Procurement Software Solutions Do You Lack?
In the last edition of PurchTips (http://tinyurl.com/oduhae6), I covered five types of non-ERP procurement software. Today's edition covers five more types to conclude this two-part series.
- eProcurement. eProcurement software allows end users to search catalogs of pre-approved products and services from contracted suppliers, create requisitions, and have those requisitions turned into purchase orders (either manually by buyers or, when certain criteria are met, automatically). Example: ePlus.
- e-Invoicing. e-Invoicing software sometimes called "ePayment" enables you to receive supplier invoices electronically, improving efficiency and accuracy. More advanced solutions offer "dynamic discounting," which allows suppliers to offer to reduce the amount your organization owes in exchange for faster payment. Examples: Taulia, Tradeshift.
- Supplier Management. Supplier management solutions enable you to track and/or rate supplier performance. There are options to use manual, scorecard-style ratings; capture actual performance data from other modules/systems; permit suppliers to submit data; and more. Some software includes risk assessment capabilities. Example: Aravo.
- Combination Solutions. When buying organizations can also pay suppliers with their eProcurement software as opposed to having to pay them via their ERP systems that type of eProcurement system is referred to as "procure-to-pay" or P2P. And when procure-to-pay systems also offer the option of soliciting quotes from suppliers, they are referred to as source-to-pay solutions. Examples: Coupa, Puridiom.
- Complete Suites. Some software vendors offer most or all of the solutions described in these two editions of PurchTips. Such comprehensive collections of solutions are referred to as "suites." Examples: GEP, Zycus, Sciquest, iValua.
These 10 types of procurement software do not comprise an all-inclusive list. Technology always evolves and I encourage you to regularly research the procurement software market to keep yourself up-to-date.
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