6 Major Factors for Evaluating Procurement Software Solutions

May 13, 2022 | Procurement tools and solutions

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May 13, 20222 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.

The right procurement solution for your organization will depend on your specific needs, so it’s important to take the time to understand the different features offered by various software packages. Some of the most common features to consider include the following, while FactWise, a unified suite of integrated procurement products, is packed tight with features above and beyond, that transform the entire journey from requisitions to pay for product manufacturers across industries.   

  • Vendor management: the ability to select, manage, and monitor vendors. 
  • Inventory management: the ability to track and manage inventory levels. 
  • Order tracking: the ability to monitor orders and shipments. 
  • Purchasing data analysis: the ability to analyze purchasing data for trends and insights. 
  • Spending analysis: the ability to track and analyze spending across vendors. 
  • Contract management: the ability to create, manage, and track contracts. 

It is important to carefully evaluate each feature and determine which ones are most important for your business. For example, if you are in the manufacturing industry, then inventory management may be more important than contract management, while for the services industry, contract management could be more important.  

In addition to the features mentioned above, it is also important to consider the user experience of the software. Look for software that is easy to use and understand, as this will make it easier for your team to use the software and get the most out of it. FactWise source-to-pay has an extremely intuitive interface that has consistently been rated by global industry leaders as the easiest to adopt in the market. It does not require trainings and includes a comprehensive help section to ensure users are empowered to derive value from the system with or without contacting Customer Support. It allows for customizations and simplifies complex workflows to significantly reduce repetitive, low-value-add tasks. Additionally, make sure to look for software that is secure and reliable, as this will ensure that your data is safe and protected. 

Examining the Advantages and Disadvantages of Different Software Packages 

For example, a cloud-based solution may offer more flexibility and scalability, but also carries a monthly subscription fee. A desktop application may offer more customization options but requires a large upfront investment.  

It is also important to consider the cost and timelines of implementation and training. Some software packages may require additional resources to install and configure, while others may require more time and effort to learn. Additionally, you should consider the cost of ongoing maintenance and support. If you are unable to provide the necessary support, you may need to outsource the task to a third-party provider.  

FactWise is a cloud-based end-to-end procurement software solution offered at a fraction of the cost of its competitors with no additional implementation or other hidden costs, so you pay only for what you use, as per your subscription plan, while onboarding unlimited users and suppliers. While other leading procurement software solutions sometimes take up to a year to implement, FactWise uses pre-built connectors and Open APIs to integrate swiftly and seamlessly with ERP and other third party systems. Teams can start using FactWise S2P with their data immediately and derive significant ROI within the same financial year or quarter. Evaluating and comparing procurement software can be a time-consuming process, but it is an important step in ensuring that you select the right solution for your business. By understanding the different features offered by various software packages, assessing their usability, examining their advantages and disadvantages, and taking into account any special requirements or needs, you can make an informed decision that will help your organization achieve its purchasing goals. 

About the Author

Stawan is the founder and CEO of FactWise. Before founding FactWise, Stawan was the NA TMT-Procurement Leader at McKinsey. Passionate about procurement, Stawan has 15 years’ experience in enabling clients of all sizes to achieve business impact via procurement.


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