Press release
2017-2021 Global Procurement Software Market - Analysis, Technologies & Forecasts
ICT Industry
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Some of the major functions of a procurement software include the automation of procurement activities such as invoice management systems, electronic requisitioning process, order management process, and other procurement related activities. It has been observed that the manual system used by organizations to manage procurement activities have incurred loss at various stages of the procurement process since it cannot match correct invoices that are generated for billing purposes.
According to the report, one driver in market is consolidation of SCM process. Since 2012, supply chains have become complex. Many suppliers cater to different industries globally, making it necessary for them to reduce the complexity of their supply chains. Procurement software helps users integrate business processes and improve the value of businesses.
Chief procurement officers prefer this solution for ensuring transparency in financial supply chains and contract details and for generating invoices to complete payments. This is done by integrating e-sourcing and procurement software, where the software works with the finance department of an organization to improve the balance sheet as well as offer early payment discounts to suppliers, thus reducing supply risk.
This helps the organization improve the visibility of resources of the supply chain. Business-to-business (B2B) standards are evolving, so procurement software vendors need to support many different business processes within a customer's supply chain. Also, several companies are changing their business strategies, which require inventory planning and software that can support this.
Key vendors:
• Basware
• IBM
• Oracle
• PROACTIS
• SAP
• SciQuest
Other prominent vendors:
• BravoSolution
• BuyerQuest
• Coupa Software Inc.
• Elcom
• Epicor
• Infor
• IQNavigator
• Ivalua
• JDA Software
• Manhattan Associate
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