Purchasing software, a leading part of e-procurement solutions, keeps maturing as organizations look for more supplier collaboration
Purchasing software automates a manufacturer’s purchasing processes, and it continues to improve and add online or web-based versions. Manufacturers need to keep track of ever-growing numbers of suppliers, invoices, purchase orders and vendors. As the purchase order process gets more complicated and time-consuming, organizations turn to purchasing software for easy, automated ordering and faster supplier communication.
Purchasing software is commonly one part of an e-procurement or procure-to-pay system, which also may cover supplier portals, receiving, auctioning, inventory tracking, accounts integration and internal auditing. Web interfaces make supplier involvement and standardization easier, and applications might include custom report generation and business intelligence or analytics. Software can automatically manage sales and inventory supply to make intelligent purchasing decisions.
Best-in-Class Purchasing Software Features:
- Offers the ability to track inventory and monitor payments
- Integrates with supplier relationship management (SRM) applications and tracks supplier correspondence
- Provides a dashboard of purchase and spend data as well as management reports
Top Considerations before Buying Purchasing Software Products:
Purchasing software, often part of e-procurement, is also part of a larger supply chain trend toward deeper supplier collaboration. Purchasing software may offer portals to interface with requisition and receiving. Solutions should pull in third-party information from as many sources as possible, including ERP data. Manufacturers can use purchasing tools to eliminate paper processes and reduce manual data entry errors. Purchasing software continues to improve, with advances like XML-based web services making it easier to communicate with as many systems and organizations as possible. Technologies should be flexible to support the needs of both buyers and suppliers.
Key Products:
1. PurchasingNet, Inc. is a provider of procure-to-pay software solutions for mid- to large-sized companies. PNet Software aligns the procure-to-pay process along an integrated value chain that includes PNet Financial Management, PNet eProcurement, and PNet ePayables software. Deployments are available on-premise or on-demand. PurchasingNet’s eProcurement software allows employees to process requests for capital or expense items, and then routes requests for electronic approval and to the purchasing department or into purchase order for suppliers. The purchasing portal included in PNet software interfaces with requisitioning and receiving and offers a range of order and order delivery possibilities.
2. SynerTrade is a provider of purchasing software and consulting. Their ST6 Purchasing Portal provides the buyer team with a dashboard of all purchasing information and spend data required. It combines data from ST6 modules as well as from 3rd party systems (ERP systems, financials, etc.). The purchasing portal is part of the ST6 ePurchasing Solution, with modules that also cover sourcing, procurement, supplier management and spend monitoring. SynerTrade’s purchasing consulting business focuses on increasing competition, consolidating business unit needs and getting the best supplier offers.
3. Bellwether Software focuses on procurement management software (or material management software) solutions for business professionals, using a best-of-breed approach. Their ePMX Purchase Order software lets users create purchase orders from requisitions, requests for quotations and previous purchase orders. Or they can create a purchase order by specifying the desired vendor and the materials or services to be purchased. Complete vendor and material file management capabilities are built into the Purchasing module. Bellwether's Dashboard for Management and Purchasing Professionals adds business intelligence to the workflow and procure-to-pay cycle.
4. Elcom develops a range of on-demand e-procurement and e-marketplace systems for both private and public sector clients. Their solutions are designed to automate the entire purchase-to-pay process including sourcing, requisitioning, order management, receiving, financial settlement and reconciliation, and spending analysis. Their flagship e-procurement application powers the eProcurement Scotl@nd Service. Elcom also offers PECOS, a P2P system that is available as a fully integrated solution as well as a part of the Visa e-marketplace. It streamlines and improves the process of requisitioning, ordering and paying for goods and services.
Purchasing Software
Definition: Purchasing software enables companies to keep track of invoices, purchase orders, suppliers and vendors so that money does not fall through the cracks either by time spent or inefficiency. Purchasing software is one part of e-procurement (electronic procurement, sometimes also known as supplier exchange), the business-to-business or business-to-consumer or business-to-government purchase and sale of supplies, work and services through the Internet as well as other information and networking systems, such as electronic data interchange and enterprise resource planning (ERP).
