procurement management software

Consumer society. Global economy. Shopping on-the-go. Mass Production. These and other aspects make commerce nearly the biggest worldwide business only fueled by the advanced technologies. Today we would like to have a look on the flip side of the buying process, not from a consumer point of view but from that of business owners who sells whatever is sold. We want to talk about the process of procurement management, which is often a critical part of a company’s strategy and describe procurement management software which now makes it easier and more efficient for companies around the world.

Make goods and services attractive and buying experience as easy and smooth as possible is the biggest task for everyone in commerce, starting from a small online shop to e-commerce giants like Amazon or Walmart. The desired unforgettable experience that a consumer feels/should feel is an output of a well-coordinated system perfectly working within a company. A system that organizes manages and keeps the order with all the processes of an organization that at least somehow deals with the purchases. We speak about procurement management systems and will find out how these systems work and whether they really simplify life for business owners.

Perfectial is happy to have among its valuable customers such company as Contraqer, a reputable provider of a cloud-based procurement management software. Based on our experience with Contraqer, we will flesh out peculiarities of a great system for procurement management should possess.

Why Do Companies Need Procurement Management Software?

procurement management software

First of all a brief overview of such a phenomenon in commerce as a procurement software. Making purchasing process streamlined, organized, and efficient is the primary task of this type of business software intended to make the life of business owners easier and their business more productive. Automating the processes of purchasing materials and goods as well as maintaining an inventory of products usually is performed through automation and simplification of such functions as:

  • Ordering a product or service.
  • Generating, receiving and fulfilling purchase orders.
  • Sending and processing invoices.
  • Maintaining an inventory.
  • Matching invoices to the materials received.
  • Paying all the bills online.
  • Tracking, controlling, approving the entire procurement process.

The main benefits of using a reliable and sophisticated procurement management software will result in the improved financial performance of an organization, constructive purchase process, and proper control over processes vital for a business progress. Moreover, it eliminates redundant tasks in organizations, streamlining company’s workforce efforts. Well, except for the mentioned benefits procurement systems provide, all of them should save a company their money, and it’s the biggest bottom line here.

What Business Problem a Procurement Management Software Solves?

Coming back to our experience with the elaboration of a procurement software, together with our client, Contraqer, we tried to use such an approach to the development of the supply system that would reflect the real need for today’s business users. Nowadays, procurement technologies are no longer limited to standalone modules for specific actions or functions. Instead, procurement systems should leverage the full potential of the cloud to make such a solution that would have the exact number of features and functions an organization requires for spend management from A to Z.

On top of that, Contraqer set before the software we were about to develop quite a specific though challenging goal – eliminate chaos that is typically caused by complicated connections and communication between numerous vendors, buyers, suppliers, finance, procurement, and other organizational departments.

You can check out this video to see how this chaos usually breaks out in a company without properly established procurement management process.

To stand out to such a challenge, Contraqer together with Perfectial decided to make a SaaS-based procurement platform for small and mid-sized businesses to once and for all settle the proper business operations within an organization. Making the procurement process transparent with the help of the software for business owners to make smart business decisions – that was the task.

Contraqer – a Good Example of Effective Procurement Management Software Built by Perfectial

Perfectial and Contraqer elaborated and implemented the software system to centralize the procurement data in a single workflow to automate and simplify the purchasing. The system collects, stores, and updates procurement data in the cloud in real time. In such a way, a user can see all of the purchase-related data on the easy-to-perceive dashboards. We also implemented the pre-built integrations with other office tools to simplify the daily operations.

Below, we will look at the set of features, incorporated into Contraqer’s tools.

Purchase orders, invoices, and packing lists on one screen. On a three-dimensions dashboard to compare purchases you have ordered with the invoices and package lists you have received.

procurement management software

Email reminder. This function hints user at the contract renewal or termination date. All the emails are sent automatically which helps users to keep legal relations with their vendors in order.

procurement management software

Relay document’s component. In the Contraqer procurement management system, all the relay communication is maintained with the RFQs. It allows a user to see all the sent RFQs, all the returned quotes, issued purchase orders together with all the invoices and packing lists a user has received. Returns and credit memos are also visible within the same dashboard as well a contract information associated with all the info mentioned above.

procurement management software

Compare quotes tool. On this board, a user can quickly and visually compare quotes from different vendors. At a glance, a user can compare prices, find out whether a quote has discrepancies or is an appropriate one. Moreover, to eliminate mistakes by sending correct and wrong quotes back to the vendors, we have implemented a send confirmation tool. It contains RFQ that a user has sent, a quote from a vendor that was sent back, and a spreadsheet that highlights all the mistakes in a quote. Just imagine, how many unnecessary actions this feature excludes (remember the video?)

procurement management software

As a result of our collaboration with Contraqer, Perfectial’s team managed to achieve the goal of our client, helping numerous decision makers and multiple users to view, collaborate, organize, and manage their work without the headache of unnecessary daily routine and ineffective functioning of the procurement in general. It automates the procurement process from RFQ generation to purchase orders, invoices, and packing lists as for public as for governmental organizations. The system is designed for different roles and management levels, starting from procurement professionals and to the chief financial and technology officers.

It was Perfectial’s hands-on experience in development of a cloud-based procurement management system. Even though we continue and improve our cooperation with Contraqer, we are delighted that such a significant milestone has been left behind now helping many procurement professionals in companies of all sizes respond to the daily challenges.

See more stories based on the fruitful cooperation of Perfectial with great businesses.

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