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Best eProcurement Software in India

Finding the best eProcurement Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is eProcurement Software?

eProcurement software is a complete B2B solution that enables vendors to place orders, purchase goods and services, and perform business deals and transactions. With the help of this software, businessmen can negotiate deals, sign agreements, develop relationship with suppliers and thus enhance their business network. The eProcurement system also lets vendors define policies and guidelines, and control their business spends over the purchased commodities. Furthermore, the software helps businessmen to adhere to their pre-defined terms and conditions and connect with more suppliers.

Features of eProcurement Software

To ensure consistent business procurement of all required goods, eProcurement software must:

1. Have a Supply Catalogue: 

Online supply catalogue is a must-have feature of an eProcurement system. Using this, vendors can search the required products and get the updated rates. They can also compare the rates of different items, calculate spends and finally place an order to a trustworthy supplier.

2. Provide Online Purchase Facility: 

That comes unsaid. In a world where business dealings have become a virtual activity, the software must provide this facility to ease the purchase process for users. An interactive purchase module will help both the vendor and the supplier.

3. Offer Real-time Invoice Generation: 

Invoices are crucial part of every business deal. Therefore, an eProcurement software should allow buyers to generate real-time invoices containing all the requisite details received from the supplier. Buyers should further be able to validate the invoices and send them for approval.

4. Deliver Customisation and Flexibility: 

No software is a software until it can be customised. The eProcurement system should work in a similar way. It must allow users to derive optimum utility by catering to all their business requirements and need. Besides customisation, users must feel flexible while using its feature. Since the primary purpose behind using a software is to make things easier and more convenient; eProcurement solution must meet all the standards of being a flexible and user-friendly software.

5. Provide Supplier Management Module: 

A supplier management module must allow the suppliers to update the price lists of each item. Using this feature, they shall be able to define tax provisions, invoice prefixes and terms and conditions for payments. At the same time, they can send invoices (pdf format) to their buyers through email. Furthermore, the module must help suppliers to monitor order details and information and create corresponding invoices. Above all, they must have the option to bid for RFQs received from vendors.

6. Generate Reports: 

Another significant feature an eProcurement software must have is the ability to generate reports, as asked by the user. Reports of orders placed, purchased items, invoice amount and details, supplier performance along with stock, inventory and business savings, must be quickly generated by the system. Moreover, reports must be real-time and customised, according to the criteria entered by the user.

Advantages of Using eProcurement System

While using an eProcurement solution, businessmen are sure to receive the following advantages:

advantages of eprocurement software

1. Integrated and Centralised System:

The best that a business person can do with an eProcurement software is to integrate all supply chains and maintain all business relations from a centralised domain. Further to this, they can maintain a centralised purchase management system whereby they can monitor and control all their business deals from a single platform. All these will streamline their overall procurement process and integrate their supply channels; thus leading to a better business management. 

2. Quicker Approvals and Real-time Notifications: 

eProcurement system helps vendors to get faster approvals for their invoices. Besides this, they get real-time notifications about all business dealings and transactions that take place in the online domains. Thus, at any time, vendors cannot miss any business information and can stay updated on all business proceedings.   

3. Collaborative Supplier Portal: 

Business never happens with just one supplier. This calls for the need of a comprehensive supplier portal where vendors can store all information about each of their suppliers and fetch relevant data, as and when required. A collaborative supplier portal further helps businessmen to maintain consistent relationship with their supplier and develop long-term understanding with time.  

4. Increased Business Value and Income: 

Online business deals save a lot on business development costs and expenditures. Installing an e-procurement software is therefore a sure short way to reduce additional expenses and add figures to the business revenue. The 360° online procurement process is also a smarter way to enhance business value; establish credibility and increase business contacts in the virtual world.

Drawbacks of eProcurement Software

Even with the above benefits, eProcurement system is prone to:

drawbacks of eprocurement software

1. Security Threats: 

Software security is a primary concern across all industries and e-procurement is no exception. Just like any other software, new-age e-procurement databases face the risk of data tamper and leakage. Despite protecting the software with powerful antivirus software may still develop malfunctions and it may be difficult to preserve sensitive business data. 

2. Back-end Integration Failure: 

Undoubtedly, eProcurement system offers excellent supply chain integration. However, it lacks a similar integration on the back-end front. Most businessmen are baffled about syncing their back-end activities with the system and every attempt of back-integration is of little success. 

3. Regular Updates and Maintenance: 

With newer versions of software, the old becomes obsolete. It's therefore important to regularly update the software to keep it away from online threats and viruses. Continuous updates also prevent spam attacks and hacking. Besides updates, eProcurement software needs timely maintenance, which often incurs extra costs. Users also need to be extremely careful in updating and maintaining their solution and should ensure that it’s done on a regular basis.

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Payal PatilBy Payal Patil | Last Updated: October 23, 2020

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