Effective management of inventory is crucial for meeting business targets. The seamless supply of goods to customers depends on the timely sourcing of the same from vendors and suppliers. The traditional methods of procuring goods may be complex, less unreliable, time consuming, more error-prone, and have lesser ability to cope with dynamic market requirements. Using procurement software for this purpose may prove to be cost-effective, reduces errors, ensures transparency, and streamlines the entire process.
Enterprises can use procurement software to track their procurement needs, thus ensuring scalability and business growth. Procurement software are computer programs that automate inventory management and the purchase of materials. Such software helps in performing a variety of functions like purchasing goods to complete orders, digitizing the ordering process, matching invoices to received goods, and paying bills online.
Some of the e-commerce procurement software use automation to aid enterprises in the following ways:
- Inventory Management - predict demands based on past trends and place orders accordingly to prevent either shortages or surplus.
- Executing the Purchasing Process - convey the requirement, budget, and deadline to the vendor.
- Supplier Relationship Management - send reminders to confirm or reject orders and verify pending orders.
- Contract Management - terminate, renew, or initiate contracts with vendors and communicate compliance requirements.
- Invoice Management - complete payments and send invoices.
Some of the E-commerce Procurement Platforms in India and their Features
An ideal e-commerce procurement platform that uses procurement software is user-friendly, cost-effective, and flexible. It gives real-time updates and maintains an optimal balance between human intervention and automation. Here are some of e-commerce procurement platforms available in India (in no particular order):
- Vendorful - This customer-driven, flexible procurement partner simplifies vendor management and boosts productivity. It stores contracts, identifies saving opportunities, and optimizes outcomes with strategic management. The platform can also simplify complex processes like vendor selection and contract administration. Its point-and-click interface serves as an excellent alternative to complicated Excel sheets and shared drives. Since it is an API-first product, it can easily integrate with a range of systems.
- Precoro - This easy-to-use, cloud-based expenditure management software solution works wonders in helping generate savings by automating the procurement process. It analyzes data and provides real-time budgeting, catalog management, and many such related options to control spending. Additionally, it also helps to create purchase requests and to-do lists for procurement, sets automated approval routing, and much more.
- Gatekeeper - This AI-driven contract management software helps provide its users control over their vendor contracts and an insight into the terms of these contracts. It also allows users to identify unnecessary expenses and highlights areas ripe for consolidation. Automating the contract process using Gatekeeper minimizes the time spent, efforts made, costs incurred, and contract risks.
- Procurence Meercat - This tool helps connect and coordinate between the e-commerce procurement, quality control, and compliance departments. This solution ensures transparency in supplier management that significantly reduces supply chain risks and overall procurement costs. The software is ideal for scalable businesses with multiple EPR systems. It also covers other procurement-oriented verticals like contract management, compensation claims, supply chain audits, savings management, and much more.
- Procure Xperts - Organizations of all sizes can seamlessly integrate this SaaS-based e-commerce procurement software solution into their procurement processes. It saves valuable time and reduces expenses with its result-oriented services. Its customized solutions cater effectively to the specific needs of its users.
- Tradogram - This cloud-based procurement management software automates the entire process for both direct and indirect purchases. Its procurement administration tools offer multi-level management for the suppliers' list, inventory, and catalogs. It also provides different procurement operations tools for purchasing goods to fulfill orders, tracking deliveries, generating invoices, managing contractors, sending instant updates, and managing requisitions.
- ProcurePort - This cloud-hosted sourcing software automates the entire sourcing process for enterprises. It uses several interrelated modules that make up the ProcurePort Solution Suite. Its different modules provide support for contract management, supplier management, expenditure analysis, and invoice automation.
- Applegate PRO - This software allows buyers to connect directly to reliable suppliers when they are seeking quotes. It uses data on market activity and allocates the most relevant suppliers in your sector. Once the software matches buyers with suppliers who can effectively meet their needs, they receive different quotations and can then select the best option. Later, buyers can easily issue a purchase order or negotiate terms and prices with the supplier.
- e-Requisition - This is an efficient purchase order approval system developed by TRxlink. It simplifies the purchase process and allows organizations to easily track purchases. This e-commerce procurement platform provides better visibility of expenditures and eliminates the need for a traditional requisitioning system. It seamlessly integrates with various other applications like QuickBooks.
- InstaSupply - This expenditure control software simplifies expenditure tracking and seamlessly integrates purchase ordering, workflow approvals, budgeting, delivery tracking, supplier relationship management, invoice generation, and data collection into one easy-to-use, powerful cloud-based application. You can easily access this application from anywhere and it provides real-time tracking of all the procurement activities.
Switching to procurement software eliminates manual processes and can help improve productivity levels. If you decide to implement an e-commerce procurement software system, please include your team in the entire selection process. This will help you to make the correct choice and purchase suitable software that your employees can use easily.
Disclaimer: This blog is provided on a best-effort basis and suggests ways to enhance your business, and there is no assurance as to its accuracy, completeness or usefulness or that such information is error-free. Amazon.in hereby disclaims any and all liability and assumes no responsibility whatsoever for consequences resulting from use of such information. You may decide to either accept or reject these suggestions in your sole discretion. Implementation of these suggestions may be subject to applicable laws. Please contact your consultants to understand your obligations and compliance under the applicable laws. You expressly waive any and all claims, rights of action and/or remedies (under law or otherwise) that you may have against Amazon.in and/or its affiliates arising out of or in connection with the use of or reliance upon such information.