Procurement management software: why is it so useful?

2024-08-07

On the road of enterprise development, the procurement department is a very important organization, which will directly affect the economic benefits of the enterprise. In the procurement activities, if enterprises still adopt the traditional offline procurement method, it is easy to lead to the unconcentration of procurement information, low efficiency, high error rate, and ultimately damage the procurement cost of enterprises. As a result, many enterprises have use professional online system software to manage procurement activities.

Why to use the procurement management software

The implementation of efficient procurement management software can make the cooperation between finance and procurement team more smooth, improve the productivity and profitability of the enterprise.


When conducting purchasing activities, enterprises will often encounter the following problems:

-Without a full-time purchasing department, the functions are too dispersed;
-Difficult to trace in the procurement process;
-It is difficult to share information before purchasing members;
-No supplier database is established, making it impossible to manage and screen the suppliers;
-No hierarchical supplier management system has been established;
-Data collection and update are not timely, unable to effectively analyze the data, and make timely decisions.

These problems will lead to the procurement cost, losses on the enterprise, the subsequent development of the enterprise has a great impact, so the enterprise needs a set of special procurement management software to solve these problems.

Professional procurement management software: 8Manage SRM

Procurement management software is mainly to manage the related matters in the procurement process, so as to easily solve the problems encountered in the procurement process. Using the correct procurement management software will enable stakeholders to gain visibility into the entire procurement process. Efficient procurement management software like 8Manage SRM helps simplify each stage of the procurement cycle, enabling businesses to manage all purchasing activities from one procurement platform.

1. Financial data

Financial data is one of the most important sources of data in procurement. The data can be used to understand spending patterns and trends, and then be used to improve the procurement process.

2. Supplier management

8Manage SRM Help companies to prequalify and shortlisted preferred suppliers to reduce risk. The system also provides a real-time overview and visibility of key vendor performance indicators.

3. Procurement source search

According to the types of goods and services they want to obtain, enterprises can choose to use the "inquiry price comparison", "electronic bidding" or "reverse electronic bidding" in 8Manage SRM to achieve the purpose of procurement source.

4. Expenditure analysis

Spending analysis is another important source of data in procurement. This type of analysis helps businesses understand where and where their money is spent. This information can be used to improve the procurement process and ensure that the money is used in the most effective way.

5. Purchase application, purchase order, contract and invoice

Businesses can use 8Manage SRM procurement solutions to generate, deliver and approve in one place without any human intervention. Storing this purchasing information in the central repository of the system makes communication between parties easier and faster.

conclusion

Working through digital workflows to help save money and time, increase the visibility of spending and enhance procurement programs. With the help of procurement management software, enterprises can improve the efficiency of the procurement process and solve the inherent abnormal expenditure problems. And companies need more than just procurement management software to effectively manage their increasingly complex procurement workflows. In turn, businesses can use optimized procurement management to add more value to their business.