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Procurement software is a computer program or suite that allows an organization to automate the processes of purchasing materials and maintaining an inventory of goods. Procurement software can generate purchase orders, execute the ordering process online, match invoices to materials received, and pay all bills electronically.
In more complete terms, well-written procurement software can carry out the following functions:
- Create an original purchase order based on need, inputted from appropriate personnel.
- Verify a purchase order with line items to be completed by a vendor.
- Submit a pending purchase order to appropriate personnel for approval or rejection.
- Automate electronic purchase-order transmission.
- Generate reminders to confirm recent purchase orders (or confirm recent cancellations).
- Maintain an inventory of goods sufficient to prevent spot shortages.
- Execute financial and inventory-related transactions as materials arrive.
- Gather data and analyze trends to maximize or improve profitability.
- Streamline administration and standardization across multiple platforms.