Procurement is the purchase of all goods and services needed for a company to stay sustainable. A procurement management system streamlines the evaluation, selection, and authorization of contracts with all suppliers. It also manages ongoing supplier relationships and the transactional purchasing of goods and services. In essence, a procurement management system is the complete source-to-settle cycle solution for supplier invoice payments.
Having a Procurement Management software to manage the process for you can make all the difference for your business. Here are 7 must-have features of a good Procurement Management system in order to be effective.