Procurement tools and solutions

The 5 Major Procurement Platforms: A Comparative Guide

Feb 19, 2023 • 3 min read

Popular cloud-based procurement platforms include SAP Ariba, Coupa, Oracle Procurement Cloud, Infor, and Jaggaer. Each platform has unique capabilities and limitations, with costs, usability, and technical requirements as major constraints on adoption. Organizations should choose a platform based on specific needs and requirements, considering factors such as cost, supplier network, customizability, and ease of use.

3 Obstacles Faced by SMBs in Implementing Procurement Solutions

Feb 13, 2023 • 2 min read

SMBs face challenges when implementing procurement solutions due to lack of resources, knowledge, and budget. 42% report lack of resources, 33% lack of knowledge & expertise, and 30% lack of budget as obstacles. SMBs need to evaluate their needs and find tailored solutions to overcome these challenges.

8 Factors Impacting the Cost of Customizing Procurement Solutions

Feb 1, 2023 • 3 min read

The cost to customize procurement solutions can vary greatly, depending on complexity, type of solution, vendor, number of users, level of integration, training, support, maintenance, upgradation, and need for new features/functionality. Despite high costs, customizing can align with specific needs, improve performance, and stay competitive. Organizations should evaluate potential benefits and costs before deciding to customize.

3 Approaches to Measuring ROI for Procurement Platforms

Jan 23, 2023 • 4 min read

Measuring ROI for procurement platforms is critical for maximizing procurement budgets and ensuring the best value. To measure ROI, data should be collected consistently across departments and analyzed regularly. Predictive analytics can help calculate long-term ROI. Maximize your returns by measuring ROI for procurement platforms.

The Expected and Real Impacts of Procurement Tools: Studies and Stories

Jan 23, 2023 • 3 min read

Procurement tools automate and streamline purchasing processes, reducing costs and improving financial performance. Features include automated procurement, strategic sourcing, spend analysis, and supplier management. These tools help organizations manage procurement activities, mitigate supplier risks and improve overall performance, as evidenced by cost savings statistics and user success stories.

5 Key Features in Procurement Tools to Drive SMB Adoption

Jan 30, 2023 • 2 min read

SMBs require procurement solutions that are affordable, scalable, easy to use, integrate with other systems, and offer reporting & analytics. A procurement solution can streamline purchasing processes, reduce costs, and improve efficiency for SMBs.

10 Factors to Consider When Choosing a Procurement Platform

Jan 17, 2023 • 3 min read

Choosing the right procurement platform for your organization involves considering factors such as functionality, integration, scalability, user-friendliness, cost, support and services, security, flexibility, reporting and analytics, and reputation and references. Select a platform that meets your organization's needs for effective procurement management.

Finding the Balance between Variety and Simplicity in Procurement Solutions 

Jan 8, 2023 • 4 min read

In this article, we discuss the advantages and disadvantages of using multiple solutions or just one all-in-one solution for procurement strategies. We also discuss cost considerations, security considerations, and how to choose the right procurement solution for your business. Finally, we consider the importance of finding the right balance between variety and simplicity when it comes to procurement solutions.

How to Implement Procurement Solutions: Costs and Timelines

Jan 5, 2023 • 4 min read

Implementing a procurement solution can be an expensive undertaking but with proper planning and preparation, businesses can reduce the costs and maximize their return on investment. The implementation timeline for a procurement system can take anywhere from three months to a year, depending on the size and complexity of the organization, the number of users who need to be onboarded, and the customization and integration required.

4 Technologies That Manufacturers Can Use to Transform Procurement

Jan 2, 2023 • 4 min read

In today's rapidly changing market, technology is essential to streamline the procurement process, from sourcing to pre-negotiation to contracts and beyond. Cloud-based solutions, AI-powered tools, and IoT-enabled systems can enhance efficiency, visibility, compliance, cost savings, and fraud prevention. Machine learning algorithms can be used for supplier management, inventory management, and to analyze procurement data, while automation can reduce manual labor. FactWise offers a modular, end-to-end Source-to-Pay platform to transform the procurement journey for buyers and suppliers globally.

Contract Manufacturing: A Definitive Guide

Dec 27, 2022 • 4 min read

Maximize cost savings and access specialist skills with contract manufacturing. Outsource production to a third-party contractor to reduce labor costs, overhead, and increase flexibility. Benefit from improved quality assurance, faster turnaround times, and a reduced carbon footprint. Contract manufacturing helps businesses focus on core competencies while outsourcing production efficiently.

How to Create Win-Win Outcomes in Contract Manufacturing

Dec 24, 2022 • 4 min read

Contract manufacturing can be a valuable solution for companies looking to outsource their production needs. To ensure success, it's important to understand your own needs, find the right contract manufacturer who meets those needs, and have clear goals and objectives defined in the agreement.

DPO: A Powerful Tool for Procurement to Drive Bottom-Line Impact

Dec 6, 2020 • 2 min read

Days Payable Outstanding (DPO) measures how quickly a business pays its suppliers and is an important metric for procurement organizations. A high DPO maximizes cash flow by providing longer credit periods and lower pre-payments. By collaborating with well-performing suppliers, procurement organizations can impact the company's bottom-line and increase alignment with finance.

The Top 5 Benefits and Challenges of E-Procurement Solutions

Sep 28, 2022 • 3 min read

E-procurement streamlines procurement processes and saves costs, increases efficiency, improves supplier performance, ensures compliance and fosters better collaboration. However, implementation costs, resistance to change, data security, integration and limited supplier adoption may pose challenges.

Selection Criteria for Procurement Software: A Definitive Guide

Sep 16, 2022 • 4 min read

Selecting the right procurement software for your organization requires identifying your organization's needs, understanding the benefits of procurement software, exploring cost considerations, and finding a vendor with comprehensive customer support. Ensure the software you choose meets your budget and needs, while providing future flexibility.

Revolutionizing Procurement via Automation

Sep 1, 2022 • 3 min read

Benefits of procurement automation include streamlining processes, reducing manual data entry and errors, improving accuracy and speed of procurement, reducing costs, and improving customer service. Automation ensures compliance with internal policies and regulations, reduces the risk of fraud and human error, and optimizes supplier management. Procurement automation helps organizations improve overall productivity and efficiency.

Procurement Performance Management System: A Guide

Aug 29, 2022 • 4 min read

To establish a successful procurement performance measurement system, companies should set clear goals and objectives, identify key performance indicators (KPIs) such as cost savings, delivery times, and supplier quality ratings, collect and analyze data, set up evaluation criteria, and create a reporting structure.

5 Procurement Unlocks Achieved via Data Visualizations

Jul 12, 2022 • 3 min read

Data visualization in procurement helps organizations make informed decisions by visualizing complex data and identifying patterns, trends, and opportunities. Using visuals such as graphs, charts, and dashboards, businesses can track procurement performance, compare suppliers, identify areas of risk and improvement, and communicate key metrics to stakeholders.

Procurement Performance: KPIs and Measurement Frameworks

Jul 9, 2022 • 3 min read

Effective procurement performance measurement is critical for organizations to maintain a competitive advantage and achieve their goals. By identifying key performance indicators, establishing a data-driven framework, and aligning with corporate objectives, organizations can measure the impact of their procurement initiatives, improve decision making, and achieve cost savings and improved supplier satisfaction.

6 Steps to Implement a Procurement Performance Management System

Jun 27, 2022 • 3 min read

Implementing procurement performance management involves defining KPIs and metrics, choosing procurement performance management software, collecting data, analyzing performance, and communicating results. Ensure adequate training for procurement team members and provide ongoing support to maintain proficiency in using the system for continuous improvement.

9 Benefits of Gamification in Procurement

Jun 21, 2022 • 2 min read

Procurement gamification uses game design elements to motivate and engage employees, suppliers and customers in procurement processes. Benefits include cost savings, improved supplier performance, increased employee engagement, better compliance, and increased innovation.

8 Key Procurement Software Features to Drive Value for SMBs

Jun 6, 2022 • 2 min read

When selecting procurement software for small business, look for features like e-sourcing and e-bidding, purchase order management, invoice and payment management, supplier management, data analytics, compliance, risk management, mobile access, collaboration, reporting and analytics, customization, cloud-based or on-premise options. Ensure the software meets your organization's specific needs and goals.

3 Reasons Why Cloud-Based Procurement Softwares Trump On-Premises Solutions

Jun 3, 2022 • 2 min read

Cloud-based procurement software offers cost savings, scalability, and flexibility compared to traditional on-premises systems. Users can access the software from anywhere, scale up or down as needed, and save on hardware and IT costs. Companies using cloud-based procurement have seen significant benefits, such as increased productivity and cost savings. 

Key Considerations and Benefits of Integrations between Procurement Software and Other Systems

May 31, 2022 • 3 min read

Integrating procurement software with other enterprise systems, such as ERP and CRM, can improve procurement performance and reduce costs. Benefits include increased efficiency, data accuracy, and collaboration. Successful integration involves identifying systems, planning, testing, and monitoring performance. A scalable and flexible integration process ensures that changing business needs are accommodated.

The Top 8 Procurement Software for Manufacturing Companies to Drive Value

May 28, 2022 • 3 min read

Procurement software streamlines purchasing processes, improves supplier relationships, and saves costs. FactWise, SAP Ariba, Oracle Procurement Cloud, Coupa Procurement, Procurify, JAGGAER Direct, Infor M3 Procurement, and eProcurement by Kuebix are popular procurement solutions. Choose the right one for your organization based on specific needs and requirements.

6 Benefits of Mobile Applications in Transforming Procurement

May 22, 2022 • 2 min read

Mobile procurement apps improve business operations by digitizing procurement processes and providing real-time visibility. Benefits include increased efficiency, accuracy, collaboration, better decision making and cost savings. Mobile procurement apps reduce transaction times, lower errors, improve supplier relationships, enhance decision making and save up to 30% on procurement costs.

7 Tips for Maximizing ROI on Procurement Software

May 19, 2022 • 2 min read

Maximizing ROI from procurement software is crucial for delivering value to the organization. Implementing best practices, utilizing all features, monitoring performance, continuously improving, providing training, and integrating with other systems can help maximize ROI.

How Is Artificial Intelligence Transforming Procurement Software?

Feb 20, 2023 • 2 min read

AI is transforming procurement by automating processes such as supplier selection, contract management and spend analysis. Companies using AI in procurement have reported significant cost savings and improved supplier relationships. The use of AI in procurement is becoming increasingly popular and the global AI in procurement market is set to reach $4.5 billion by 2025.

6 Major Factors for Evaluating Procurement Software Solutions

May 13, 2022 • 2 min read

Choosing the right procurement software depends on business needs. Features such as vendor management, inventory management, order tracking, and contract management should be considered. The software's ease of use, security, and cost should also be evaluated. A cloud-based solution may offer flexibility but comes with a monthly fee, while a desktop application may have more customization options but requires a large investment.

5 Ways to Ensure Data Security on Your Procurement Software Solution

May 7, 2022 • 2 min read

Ensure data security in procurement with risk assessments, strong authentication, encrypted sensitive data, regularly updated software, and monitored activity. Implement these steps to protect sensitive information and increase trust in procurement processes. Protect your company's reputation with secure procurement software.

6 Positive Impacts of Procurement Software on Procurement Process

May 4, 2022 • 2 min read

Procurement software streamlines procurement processes, improves data visibility and analytics, and enhances compliance and risk management. Companies using procurement software have reported significant cost savings, improved supplier relationships, and increased efficiency. The user-friendly software enables procurement professionals to perform tasks with ease, while promoting cross-functional collaboration and communication.

5 Steps to Easily Customize Your Procurement Software and Maximize Value

May 1, 2022 • 3 min read

Customizing procurement software streamlines processes, improves efficiency, and offers accurate data. By tailoring the software to specific needs, organizations can save money and stay up-to-date with technology. Work with the software vendor, implement customizations, and continuously monitor and improve for optimal performance and user adoption. This leads to improved efficiency, cost savings, and better supplier relationships.

5 Benefits of Using Digital Spend Analysis Solutions for Procurement Decision Intelligence

Apr 28, 2022 • 3 min read

Procurement software enhances spend analysis with increased visibility, accuracy, efficiency, data analysis capabilities, and improved supplier negotiations. By automating the process and providing real-time data, organizations can identify cost savings and make informed decisions.

5 Best Practices to Ensure Regulatory Compliance of Your Procurement Software

Apr 28, 2022 • 3 min read

Ensure regulatory compliance with procurement software by conducting a regulatory review, implementing controls and processes, regularly updating policies, training employees, and partnering with reputable vendors. Regular monitoring and evaluation can ensure the software is being used in a compliant manner.

Driving Success with Procurement Software: Steps and Key Metrics

Jan 4, 2022 • 3 min read

Measure the success of your procurement software implementation with key performance indicators such as user adoption rates, time savings, increased efficiency, cost savings, and improved supplier relationships. Assess technical and cultural factors, as well as financial implications, to ensure success. Analyze data and user stories to optimize the solution for maximum impact.

6 Steps to Ensure Accurate and Holistic Data Migration between Solutions

Apr 16, 2022 • 2 min read

Smooth data migration in procurement software switch can be achieved by assessing current data, prioritizing important information, choosing right migration tool, validating data, testing data accuracy and completeness, and seeking support if needed. Follow these steps to ensure successful migration with accurate and complete data.

Harnessing E-Sourcing for Increased Cost Savings and Efficiency

Apr 22, 2022 • 2 min read

E-sourcing with procurement software provides organizations with benefits such as reduced time and cost, improved supplier management, better negotiation and decision-making, enhanced compliance and risk management, and increased collaboration and communication.

Growing Together: Ensuring Your Procurement Solution Scales with Your Business

Apr 10, 2022 • 2 min read

Scalability is crucial for growing businesses when selecting procurement software. Factors to consider include ability to handle growing user base, high volume of transactions, integration with other systems, handling big data, customization, and handling multiple languages, currencies and tax laws. A scalable procurement solution helps businesses streamline processes, make better purchasing decisions, and support global expansion.

Financial Planning, Budgeting and Forecasting using Procurement Software: A Guide

Apr 7, 2022 • 3 min read

Procurement software can streamline budgeting and forecasting by providing real-time data access, reducing the risk of errors, and automating tasks such as tracking purchase orders. Properly configured and with proper training, procurement software can help organizations make informed decisions and effectively allocate resources.

How to Ensure Smooth Integrations between Procurement and ERP Systems

Apr 4, 2022 • 3 min read

Integrating procurement software with ERP can bring efficiency, cost savings, and better decision making to a business. Choose a procurement solution that offers pre-built connectors, standard protocol connections, functional requirements, support, maintenance, and has security certifications such as SOC 2 and ISO 27001.

Enhancing Reporting and Analytics via Procurement Software: A Guide

Apr 1, 2022 • 3 min read

Procurement software streamlines reporting and enhances analytics, providing businesses with valuable insights into purchasing operations. Utilize the full power of procurement systems to improve performance, reduce waste and inefficiency, track supplier performance, and make informed decisions. Automated reporting saves time and resources while enhanced analytics helps identify cost-saving opportunities and optimize purchasing activities. Adopted by successful companies such as Microsoft, Amazon, and Coca-Cola.

4 Benefits of Using Procurement Software to Enhance Strategic Sourcing

May 10, 2022 • 3 min read

Strategic sourcing and procurement software can benefit businesses by reducing costs, improving supplier relationships, enhancing collaboration, and streamlining sourcing processes. An effective procurement software should have necessary features, a user-friendly interface, strong security protocols, and reliable customer support. By evaluating various systems, businesses can find the best one for their needs and maximize the benefits of strategic sourcing.

Unlocking Savings, Efficiency, and Compliance in RfQ Management Using Procurement Software

May 7, 2022 • 2 min read

Implementing procurement software for RFQ management can significantly improve efficiency, reduce cost of goods sold, and improve supplier compliance. Improve your RFQ process with procurement software for better supplier relationships and data-driven decision making.

4 Benefits of Using Procurement Software to Improve Category Management

May 4, 2022 • 3 min read

Procurement software streamlines category management, improving efficiency, supplier management, spend analysis and collaboration. With real-time data, clear policies and performance metrics, organizations can identify cost-saving opportunities and make informed purchasing decisions. By leveraging procurement software, organizations can achieve significant improvements in procurement processes and outcomes.

Leverage Technology to Optimize Purchase Order Management

May 2, 2022 • 3 min read

Improve your purchase order management with technology. Automated systems can save time and money, prevent errors, and improve efficiency. Enhance visibility and control with software, mobile devices, and digital records. Generate reports and forecast trends for informed purchasing decisions."

Unlock Savings, Efficiency and Accuracy with E-Purchasing Solutions for Purchase Orders

Apr 28, 2022 • 3 min read

E-purchasing streamlines procurement processes and offers numerous benefits for businesses, including cost savings, increased efficiency, reduced human error, and improved supplier relationships. Automated purchase order systems can help companies reduce labor costs, improve productivity, and access a wider variety of suppliers and products. E-purchasing also provides a secure platform for making purchases, with encrypted transactions and easy integration with accounting software.

Leveraging Procurement Software for Improved Inventory Management

Apr 13, 2022 • 2 min read

Procurement software can improve inventory management and drive cost savings. Companies using procurement software have seen a reduction in inventory carrying costs by up to 25%, improvement in inventory turnover by up to 20%, and increase in inventory accuracy by 30%.

Mobile Procurement Solutions: Benefits & Limitations in Modern Supply Chains

Mar 4, 2023 • 3 mins

Mobile procurement solutions have become increasingly popular in recent years, with the rise of smartphones and mobile devices. These solutions allow procurement professionals to access procurement information and complete tasks on-the-go, leading to increased efficiency and productivity.