Custom Procurement Management Software

• Procurement demand planning (by category, department, business entity, etc.) based on the analysis of relevant historical data, like:
  • The amount of raw materials used for manufacturing needs.
  • Products and services required to support departments’ work.
  • Sales data reflecting customer demand during different time periods, etc.
• AI-enabled spend analysis (including cost component analysis, supply market analysis, and more).
• Trend analysis for spend forecasting (by period, category, supplier, region, etc.).

• Setup of supplier requirements (quality standards, sustainability, capacity, delivery terms, etc.) based on the internal procurement policies.
• AI-enabled supplier pre-qualification against compliance requirements based on data from the questionnaires filled in by the suppliers and public data sources (e.g., a credit rating platform).
• Automated supplier categorization by user-defined parameters (product or service category, region, strategic priority, etc.).
• Configurable multi-department supplier approval workflow.
• Creation and management of preferred supplier lists for various products (based on supplier performance analysis).

• Template-based generation of purchase requisitions.
• Catalog-based and non-catalog-based (spot buy) purchase requisitions for products/services.
• Rule-based assignment of preferred suppliers to purchase requisitions.
• Automated workflows for hierarchical, parallel, pool purchase requisition approval.
• Real-time multi-department tracking of purchase requisition approval status.
• Scheduled reminders to the approvers.
• E-signing of purchase requisitions by the approvers.

• Automated creation of purchase orders (PO) from purchase requisitions or templates.
• Multi-department PO approval workflow.
• Automated PO grouping across departments and business entities by supplier to get volume discounts.
• Automated PO submission to suppliers.
• Scheduled vendor reminders to confirm purchase orders.
• Real-time tracking of PO status (sent, confirmed, invoiced, shipped, etc.) by procurement specialists.
• Tracking the expected PO delivery dates.

• Automated two- and three-way invoice matching (against purchase orders and order receipts).
• User-defined thresholds for invoice matching tolerance for price, total value, quantity, etc.
• Invoice tax amount verification according to the pre-set rules.
• Multi-currency and multi-language invoice support.
• Alerts on invoice exceptions (missed, mismatched or inaccurate data, duplicate invoices, tax variances, etc.) that require manual handling.
• Automated invoice routing for payment.

• Centralized storage of purchase-related documents (purchase requisitions, PO, invoices, etc.).
• Automated linking of purchase invoices to relevant PO and purchase requisitions.
• Search engine with filtering and metadata querying to navigate purchase documents.

• Creating catalogs of products and services provided by the pre-approved vendors.
• Configurable catalog hierarchies.
• Automated approval workflow for added/updated catalog items.
• Comparing product and service items across multiple catalogs by user-defined parameters, such as price, features, delivery date (for procurement specialists).

• Real-time tracking of spend amounts (by period, SKU, category, supplier, department, location, project, etc.).
• User-defined spend thresholds (by period, category, location, etc.).
• Alerts to the procurement team on procurement expenses nearing/exceeding the pre-set limits.
• Calculating and tracking spend variance against pre-set budgets (on the enterprise/department/project level).

• Supplier performance analysis against pre-defined KPIs, such as percentage of purchase orders delivered on time, average delay in purchase order execution, the number of back orders, and more.
• Real-time supplier risk monitoring based on internal and public data sources.
• Assessment of reputational, financial, operational, and other risks.

• Tracking essential procurement metrics (by period, business entity, region, etc.), such as:
  • Spend metrics (e.g., total spend amount, spend vs. budget, spend under management).
  • Savings metrics (e.g., cost savings via volume discounts or early payment discounts).
  • Category level metrics (e.g., number of suppliers in category, average payment time per category).
  • Average procurement/PO cycle time.
  • The ratio of disputed invoices to total invoices.
  • Cost per invoice/PO, and more.
• Customizable templates for scheduled/ad-hoc reports on procurement KPIs.

For a procurement team:

• Creating and managing product and service catalogs, catalog-based purchase requisitions and PO directly in a portal.
• Uploading purchase invoices from a portal.
• Automated linking of PO and invoices to the supplier profile.
• Instant messaging tools to communicate with suppliers and sub-suppliers.

For vendors:

• Vendor self-registration, editing and updating essential business information.
• Uploading and updating product and service catalogs.
• PO tracking and confirmation.
• Invoice creation, submission to customers and tracking by status (sent, paid, partially paid, etc.).
• Uploading and updating order shipment data.

• Multi-factor user authentication.
• Permission-based access for various user groups, including CPOs and CFOs, purchasing managers, category managers, financial managers, A/P managers, procurement analysts.
• Intelligent fraud detection.
• Comprehensive audit trail for all procurement-related activities.
• Supplier data retention and deletion policies.
• Compliance with SOX, SOC 1 and SOC 2, WTO regulations, FAR (for federal government procurement in the US), Peppol (for eProcurement in the EU), other relevant region- and industry-specific regulations.