Procurement Software: What does it mean?

What is Procurement Software?

Procurement software is a set of computer programs that deal with transactions and data related to purchasing sales and services. Another way to understand procurement software is that it is specialized software used by businesses to automate their purchasing tasks.

Procurement software can perform multiple essential functions like floating tenders, inviting bids, comparing tenders, issuing purchase orders, reconciling invoice details, and paying invoices. Procurement software is extremely beneficial for automating purchase processes that help save time and money.

Procurement software solutions are primarily used for standardised products or services required regularly. For specialized purchasing, an alternate method may be used by an organization. Features available can vary depending on the vendor.