Procurement Software is a term that covers a wide range of applications ranging from the simplest shopping cart technology on a web site to highly complex supply chain management applications in a world wide enterprise.
Procurement as a business functions sits at the beginning of the Purchase to Pay Spectrum of Sourcing and Procurement, Purchasing, Settlement and Accounting but Procurement Software usually refers to procurement and purchasing.
In it’s strict sense Procurement Software would cover:
- RFX Management
- Contract Management
The term Procurement Software normall encompasses the purchasing process also including:
- Purchase Requisition
- Purchase Order
For information on Procurement Software Vendors see the guide to Purchase to Pay Software