When selecting procurement software for a small business, it is important to consider the features that the software offers to ensure that it meets the organization's specific needs and goals. The following are some of the key features to look for in a procurement software: 

• E-sourcing and e-bidding: E-sourcing and e-bidding capabilities allow small businesses to automate and streamline the sourcing process by electronically managing requests for quotes (RFQs), proposals, and bids. This includes the ability to send RFQs to multiple suppliers, receive and compare bids, and select the best supplier. With FactWise, teams can create best-in-class RfX in under a minute, leverage smart dashboards to communicate effectively with multiple vendors, and discover new suppliers.  
• Purchase order management: Purchase order management capabilities allow small businesses to create, approve, and track purchase orders electronically. This includes the ability to create purchase orders, send purchase orders to suppliers, and track the status of purchase orders. FactWise enables users to create POs via RfX events or directly issue POs to suppliers of their choice, depending on the spend category and spend volume.  
  • Invoice and payment management: Invoice and payment management capabilities allow small businesses to manage invoices and payments electronically. This includes the ability to approve invoices and make payments, as well as track the status of invoices and payments. Suppliers can easily create invoices in under 30 seconds, and buyers can complete accurate, on-time payments following any deductions in goods receival and quality check stages.  
• Supplier management: Supplier management capabilities allow small businesses to manage suppliers electronically. This includes the ability to identify and select the best suppliers, negotiate contracts, and monitor supplier performance. FactWise offers holistic supplier analytics across key metrics and enables supplier diversity.  
• Data analytics: Data analytics capabilities allow small businesses to analyze data and gain insights into procurement processes and performance. This includes the ability to use data visualization tools to identify patterns and trends, and to use data analysis to make more informed decisions. With FactWise, teams can leverage a single source of truth across their procurement and inventory processes due to the complex data aggregation and analytics offered by the end-to-end source-to-pay solution. 
• Compliance: Compliance capabilities allow small businesses to ensure compliance with laws and regulations related to procurement, such as the Federal Acquisition Regulation (FAR) and the Small Business Administration (SBA) rules. 
• Risk management: Risk management capabilities allow small businesses to identify and mitigate risks throughout the procurement process. This includes the ability to identify and mitigate risks such as supplier defaults or natural disasters. 
• Mobile access: Mobile access capabilities allow small businesses to access procurement software from mobile devices. This allows employees to access procurement software from anywhere, at any time. 
• Collaboration: Collaboration capabilities allow small businesses to collaborate more effectively with suppliers, vendors and internal stakeholders. This includes the ability to use digital collaboration tools such as chat and file sharing, as well as the ability to track and manage communication with suppliers and vendors. On FactWise, users can chat internally and externally, add attachments to RfX events, POs, invoices, goods receipt notes, quality checks, and payment documents, and receive smart notifications and critical updates.  

In summary, when selecting procurement software for a small business, it is important to consider the features that the software offers to ensure that it meets the organization's specific needs and goals. The key features to look for in a procurement software include 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, and cloud-based or on-premise options. 

Offered at a fraction of the cost of its competitors, FactWise is committed to transforming the end-to-end source-to-pay journey for product manufacturing companies globally.