10 Types of Procurement Software, Part I

PurchTips edition #305

 

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What Type of Procurement Software Can Help You?

Procurement software options constantly evolve. In this edition of PurchTips, I'll cover five types of procurement software. I'll cover five more in the next edition. I'll focus on standalone solutions, not those that reside within Enterprise Resource Planning (ERP) systems, such as Oracle or SAP.

  1. Spend Analysis. Spend analysis software allows you to uncover purchasing patterns and identify opportunities for cost savings, performance improvements and overall efficiencies. Using spend analysis software, you can research spend by category, supplier, and more. As the spend analysis market has matured, most pure-play spend analysis vendors have been acquired by – or expanded to become – providers of other types of procurement software.
  2. Supplier Discovery. Supplier discovery software allows you to search for suppliers that meet criteria that you specify, such as capabilities, location, supplier diversity status and more. Example: ThomasNet.
  3. Supplier Information Management. Also called supplier onboarding/enrollment/registration, supplier information software allows you to collect and maintain supplier information – from contact information to certification status and more - directly from suppliers, ensuring efficiency and accuracy. Examples: HICX Solutions, Hiperos.
  4. eSourcing. eSourcing software enables you electronically solicit quotes and proposals from suppliers in real time. You can configure eSourcing events to be private or to allow suppliers to see their rank among bidders and/or other bidders' pricing to leverage competitive pressure. Examples: WhyAbe, K2Sourcing, Trade Extensions.
  5. Contract Management. Contract management software enables you to quickly prepare contracts using pre-written templates and clause libraries. It can electronically route contracts for approval, track revisions, notify you of impending contract expirations, and serve as a central repository for executed contracts. Examples: Selectica, Prodagio.

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