E-procurement software platform. E-procurement system

Updated: August 25, 2020 | Nikolay Sidelnikov, Business Product Owner

E-procurement, also known as supplier exchange, is the term used to describe the process of obtaining goods and services over the Internet.

E-procurement platform for B2C, B2B and B2G is generally provided as an additional service by large ERP (enterprise resource planning) providers or as an e-procurement software by focused vendors.

Traditional procurement involves physical paper-tracked operations. Today, the Internet evolved to an essential commerce channel and the e-procurement system goes online with the use of web-based solutions.

The Virto Commerce e-procurement solution is the key to optimizing supply chain mechanisms and automating business processes, such as order processing. This e-procurement platform offers significant potential for building relationships between customers and a sellers.

It is a cost-effective e-procurement software system that helps streamline purchasing processes eliminating non-essential paperwork, providing better control over spending and saving time and resources for your team.

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Transform your team’s spending practice

Track expenses, along with costs and warranty information. Encourage everyone to spend smarter and save on everyday operating costs by using the Virto Commerce’s e-procurement software to track inventory items, service and expiration deadlines, stock and more.

Virto Commerce e-procurement software system helps stick to the budget, eliminates unwanted spending and really improves savings by enabling buyers, CFOs, CEOs and purchasing management to consistently enforce pre-purchase approvals and provide them with maximum visibility.

By offering both SaaS and on-premise purchasing software solutions, our e-procurement platform is the best way to automate purchasing processes and control expenses.

Virto Commerce is an e-procurement solution your teams will enjoy using! As a result is you monitor costs better, increase user adoption within your organization and make better informed financial decisions.

Reduce operating costs and enable strategic purchasing

Gain insight into purchase order (PO) and non-PO spendings across the organization. The Virto Commerce e-procurement system allows you to track purchases and closely monitor their status to make the right spending choices. Our e-procurement software creates smooth and smart workflows while providing an enjoyable shopping experience.

Great visibility into the enterprise-wide spendings offered by our e-procurement system saves budget by spending smarter and showing opportunities to resize the supply base and negotiate a better contract.

Smart automation of purchasing processes within the Virto Commerce e-procurement platform enables the procurement department to spend less time and resources on taking care of the process organization and paperwork and focus more on strategic initiatives that help grow your business.

Build better relationships with your suppliers

Optimizing supply chain mechanisms and automating business processes for online procurement by using the right e-procurement system helps reduce transaction costs and significantly decrease supply chain risks. Build strategic partnerships by working closely with your suppliers and creating more transparent relationships.

E-procurement – quick guide

What is e-procurement software?

E-procurement software is the enterprise system that automates and integrates the spectrum of an organization's procurement cycle. A good solution for e-procurement software will increase the transparency of spending and approval processes.

For example, an online procurement as a part of an e-procurement system allows customers to browse online catalogs, add goods to the shopping cart and send requisition. However, online procurement automation goes far beyond the online shopping experience. Online procurement involves many procedures, functions and workflows, making e-procurement fast and cost-effective. Its implementation makes it possible to reduce manual errors and paper-based processes due to smart automation and visibility of your purchasing mechanism. The e-procurement platform removes most document operations from the procurement team, which can focus on high-value tasks, not paperwork.

An effective e-procurement platform streamlines the procurement procedures and delivers visible cost-saving results.

Of course, the e-procurement platform offers to differ in features and provided options. Some are suitable for large corporations, while others are less complex and more suitable for small or medium-sized businesses.

Offline procurement processes

Procurement departments play an important role in almost every company, regardless of its size.

Procurement employees can purchase office supplies or work with the most complex orders for an organization, including wholesale and retail equipment. Procurement solutions are meant to make this easier and faster.

The procurement system is essentially a set of processes that consist of several steps andinteractions with the other departments of the company and with the suppliers. Traditional procurement involves obtaining quotes and approvals and preparing and submitting purchase orders.

The procurement manager’s responsibilities include strategic planning to reduceprocurement costs and the search for cost-effective deals and suppliers. A good procurement system provides many opportunities for cost savings to make a significant difference to a company's budget.

Traditional procurement and electronic procurement solutions both have advantages and disadvantages.

An e-procurement system manages an e-commerce website's offers/bids and can be used interchangeably with procurement software. It is designed to optimize purchasing processes and increase transparency about spending and approval processes. E-procurement essentially transfers the entire procurement process to the online field,eliminating several steps and thus saving budget.

E-procurement tools and services

Some companies outsource their e-procurement needs to third-party procurement service providers (PSPs) who will design and manage Internet-based procurement programs on their behalf for a fee. It takes time and resources for a company to maintain domain expertise in all facets of spending. Assistance from a PSP increases the likelihood that a company’s purchasing decisions remain strategic.

eRequester

Procurement has never been easier than with eRequester. The system is essential for controlling finances, corporate spending and approval workflow. eRquester has become popular among users for its ease of use, great value for the money, and high customer satisfaction. This e-procurement software allows you to integrate accounting systems along with other customized solutions for your business: online requisitions, online approvals of purchase, control of the budget, integrated web and mobile interfaces, management of expenses, approvals of invoices etc. Overall, this solution will help automate the procurement process, reduce data entry errors, eliminate unnecessary paperwork in the databases, reduce unclassified spending and encourage the use of preferred vendors, which can reduce costs for the company by enabling better costs and terms.

Workplace requisitions and procurement

Feature-packed web-based procurement software that brings automation to your procure to pay process. Receive seamless integration of budget compliance, RFQ, RFP, invoice match, vendor contract enforcement, vendor portal, contract enforcement, etc. The platform can be run as a standalone solution or integrated with Microsoft Dynamics, Sage Intacct, Blackbaud Financial Edge, Netsuite, Acumatica. Any sorts of requisitions are accessible through the system and the flow is seamless. Save yourself from loads of paperwork and enjoy the benefits of this web-based procurement system. The only minor disadvantage of the platform may be the lack of training to use the platform.

Procurify

Procurify is a cloud-based e-procurement system and spend solution designed for a variety of creative companies. It is becoming increasingly popular among users for its impeccable features and seamless integration with multiple systems. With Procurify, expense management has never been easier thanks to its perfected order-to-payment cycle process. Each integrated feature in Procurify is created for your use to make the request and purchase management process seamless and smooth: it is so easy, you do not need specialized training. With this solution, you receive a revolutionary budget-control plan to manage and minimize all your expenses.

Another major advantage of this procurement platform is that it is cloud-based and does not need to be manually upgraded, so without maintenance issues.

Managing expenses has never been easier and it also inspires business owners to get rid of external solutions, unnecessary paperwork and burdened expenditure. The platform makes it easier for the businesses to verify and centralize the available information by giving them the necessary set of user controls, making Procurify a well-rounded solution for your needs. Agility is the top priority for Procurify. Workflows are immediate and allow easy decision making in critical situations. If you are a mid-sized company, Procurify is a go-to spendings management solution. It is popular among hundreds of companies around the world. All the financial departments can benefit from using Procurify and enhance their company’s spending culture.

Accelerate

Cloud-based procurement solution with more than 650 clients worldwide. SynerTrade Accelerate is a world leader in flexible digital procurement solutions that help companies to move to a digital way of the procurement process. The platform itself is capable of coveringall steps of the process and is valued for its ease of use and powerful functionality. The support community is tremendous and the company is willing to help its customers in 10 world languages with 24/7 support. With more than 650 clients worldwide, SynerTrade is one of the global market leaders of Flexible Digital Procurement Solutions for the digitalization of companies’ procurement processes.

Its SaaS platform covers the entire procurement process, recognized for its simplicity and easy-to-use functionality. SynerTrade operates in more than 20 offices worldwide and offers 24/7 support in 10 languages to help clients optimize more than 600 billion dollars of annual spendings. The company is a pioneer in procurement solutions and is well-suited for mid to large-sized companies. With this innovative platform, it has never been much easier to save money, communicate with traders and departments within the company.

Gatekeeper

An agile, powerful, easy-to-use, cloud-based procurement solution that is operated by an AI. bb has never been more powerful than with this solution: improved control over suppliers and contracts, automated alerts on key data, manage risks and workloads, closely monitor files and messages. An additional thing that is valued in the platform is its intuitive user interface, with large integrations of existing processes and the ability to engage users to maximize the benefits of the platform. With effective tools in the systems, the platform does the unprecedented work of managing all the paperwork and transitioning your business to the cloud. Providing practical solutions seems to be the first priority of the company and it is done at a high standard.

The only minor disadvantage that may occur when using this product is the slow acceptance of current technologies like eSignature, etc. It takes more time to adapt to new standards. However, with this platform, there is no longer any need to use the outdated excel.

Tradogram

One of the most innovative procurement system companies out there and perhaps the way spending management will be handled in the decades to come. Tradogram tools are flexible and customizable, can deal with requisitions, purchase orders, invoices, requests for quotes and proposals and delivery tracking. It helps you determine your future goals and provides you with all the tools needed to do so. It has also become effortless to manage user permissions, locations, company budgets and spending, catalog items, supplier and manufacturer management, etc. The latest security features and cutting-edge agility is available to you at a reasonable price and with intuitive handling.

The software will significantly help you improve your efficiency and reduce costs by creatively controlling your procurement workflows. Be on top of your contracts and any acquisition process by knowing when to send the request or negotiate the renewal. If you want full control of all the processes in your company from the product and supplier side, Tradogram may be the right e-procurement platform for you.

Precoro

Its main goal is to make the procurement process easy and help you to work on lower expenses. Automating many tedious tasks like purchase quote, purchase request, RFP, RFQ and RFI will reduce the amount of manual work your employees need to do and increase the productivity of your procurement and finance departments. With Precoro, it has never been easier to accelerate the entire expense management process and facilitate purchasing goods for your business. With Precoro, you can benefit from a steady and reliable purchasing process eliminating the mundane tasks.

With a unique data collection system, this platform will give you improved visibility over your company’s spending processes and help you handle the documents in the central, organized database. If you are a company that creates products regularly, this solution isa perfect choice for handling your orders and budget; it has all the e-procurement tools necessary for successful budget management and control over your finances. If you are a small or mid-sized company, you will be satisfied with the benefits Precoro offers to you, aiding you in your successful money-saving campaigns.

ProcurEngine

Even though the fact that such a large number of solutions are available today, ProcureEngine can attract your attention as the one that best fits as a Reverse/Forward Auction Platform. It was created considering the needs of its customers: maximizing spending and reducing costs with potential further investments. With this tool, you will maximize the transparency of all phases of the purchasing process, minimize allegations and unfair practices. Also, with the centralization of all of the documents, you will reduce the time of negotiations between you and suppliers/manufacturers.

With ProcurEngine, you get a transparent process of procurement with a customer-oriented approach. The software ensures the information is centralized and accessible at all times, giving you the ability to create precise audits with less effort. ProcureEngine is flexible and can be accessed anywhere in the world, deployed on-premise or in the cloud. It is fully compliant with any standards and adheres to all of the guidelines in the industry.

SAP SRM

Supplier Relationship Management (SRM) provided by SAP is a cutting-edge solution that helps you manage your supplier side, organize your contracts and reduce the effort ofyour procurement process. With this particular procurement system, you can maintain high output for your company, while drastically reducing the costs. The platform helps you standardize the goods and services acquisition process and enables to ensure you to ensure your money is spent in the right places, reducing procurement expenses. With SAP SRM, you receive unique ways to manage your business processes with essential suppliers and improve their efficiency. In SAP SRM procurement methods are highly optimized, giving you more flexibility while working with the supplier pool, which will result in attracting more beneficial supporters.

The SAP procurement system allows you to manage all your business-related documents in real-time, enables you to optimize the process as a whole and create new bonds with the suppliers. It has never been easier to expedite the procurement process and foster relationships with suppliers, than with SAP SRM procurement solution.

TradeGecko

As one of the major innovators on the market of procurement systems, TradeGecko has helped companies in more than 84 countries increase revenues while reducing costs. TradeGecko is highly flexible, yet easily scalable. It accommodates the needs of companies of all sizes. With this platform, every business can enhance productivity and automate processes using the platform’s robust. The system also gives you an additional depiction of trends relevant to your business and provides essential advice on optimizing the company’s assets. But TradeGecko’s functionality does not stop there. It includesaccounting, invoicing and order/sales/reporting management features that will greatly extend your business’ functionality. At its core, the functionality stems from the intuitive and well-designed user interface that brings users rich inventory and cutting-edge technology.

All data on the product is neatly organized and can be customized to show users’ preferred data selections. The company is good at gathering intelligence about the product and canhelp you file RFPs, RFQs, and RFIs automatically, based on your inventory. With TradeGecko, all orders and sales are closely monitored and can even be automated for quotations. After closing the deal, the system tracks payments and shipments in real-time, saving you time and money. With TradeGecko, you can manage your procurement like never before and enjoy the great deal of automation that the system brings to you at a reasonable price.

Nikolay Sidelnikov
Business Product Owner