The Best Procurement Management Software Solution

by Mumtaz

Posted on March 28, 2019 at 9:03 PM

Are You Searching for Procurement Management software solution?

If you are looking for procurement management software solution to manage your all procurement related activity like purchasing and selling then you need to visit at Elitemindz. Here you will get an expert development team which provides you customize procurement software as well. Basically, most of the organization is using procurement software to improve productivity, shorted the business cycle, reduce cost, etc. In this article, we will give you a brief description of the functionality of procurement software solution.

The Functionality of Procurement Management Software!

The procurement software solution is the cloud-based marketplace application in which the buyer and seller both can interact and start the procurement process.

  • Buyer creates RFP: If you are looking for purchase products and services then you need to add supplier in procurement application and create an RFP (request for proposal) so vendors can check his proposal and requirements.
  • Supplier responds to RFP: The next step in procurement application is suppliers need to respond on buyer RFP and send the RFQ (request for quotation) to the buyer.
  • Buyer views the quote of suppliers: Once the buyer receives a quotation from all his suppliers if the buyer proposal meets supplier expectation then the buyer selects a particular supplier and raise the purchase order if the supplier quotation will not meet buyer expectations he can follow the rest process.
  • Buyer starts the negotiation process: If the buyer does not receive an expected quotation from the suppliers then he can start the negotiation process for his expected proposal.
  • The supplier can check his competitor's Quote: Once Buyer starts negotiation then the suppliers can check the minimum quotation of his competitors
  • Buyer will check minimum quote: Buyer can check minimum quotes of the supplier and select the particular supplier.
  • Buyer places the PO: After selecting the particular supplier then the buyer can generate the PO (purchasing order) for the supplier to start the purchasing process.
  • Supplier receives PO: When the supplier receives the PO from the buyer and starts the order delivery process for the buyer.
  • Buyer receives delivery of goods and initiates payments: Once the buyer receives the delivery of products or services then he starts to initiate the payment process for the supplier.

Procurement management System or e-purchasing solution is the cloud-based marketplace application for quick interactions with sellers if you want to know more about the e-procurement application you can simply Book your Demo our executive will provide you a Free Demo.

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