How technologies influence the procurement world: a procurement software system

Unpacking Contraqer, a game-changing software in procurement and supplier management.

Consumer society. Global economy. Shopping on-the-go. Mass Production. These and other aspects make commerce nearly the most significant worldwide business only fueled by advanced technologies. Today’s focus is on the flip side of the buying process, not from a consumer point of view but from business owners who sell whatever is sold.

Making goods and services attractive and the buying experience as easy and smooth as possible is the biggest task for everyone in commerce, from small online shops to e-commerce giants like Amazon or Walmart. The desired unforgettable experience that a consumer feels/should feel is an output of a well-coordinated system perfectly working within a company. A system that organizes, manages, and keeps order with all an organization’s business processes that at least somehow deals with the purchases.

This article talks about the process of procurement management, purchasing process, which is often a critical part of a company’s supply chain and strategy. It also describes management and procurement software solutions, which now make procurement software focus, making it easier to automate processes and more efficient for companies worldwide.

Why do companies need procurement process management software?

So, what is procurement management? Making the entire purchasing process streamlined, organized, and efficient is the primary task of this type of business software intended to make the life of business owners more accessible and their businesses more productive. Automating the purchasing processes, materials, and goods, as well as maintaining an inventory of products, usually is performed by purchasing software through automation and simplification of such functions as:

• Ordering a product or service
• Generating, receiving, and fulfilling purchase orders
• Sending and processing invoices
• Maintaining an inventory
• Matching invoices to the materials received
• Paying all the bills online
• Tracking, controlling, and approving the entire procurement process

The main benefits of using reliable and sophisticated procurement software will result in the improved financial performance of an organization, constructive purchase process, more cost savings, more expense management, and proper visibility and control over procurement processes vital for business progress.

Moreover, it eliminates redundant organizational tasks, streamlining the company’s workforce efforts. Except for the benefits, the best procurement software and management systems provide, all of them should save a company their money, and it’s the most prominent bottom line here.

What business problem procurement processes management software solves?

In the development of procurement cloud and software solutions, an approach was used that reflects the real need of today’s business users. Procurement software and cloud technologies are no longer limited to standalone modules for specific actions or functions. Instead, procurement software systems should leverage the full potential of the cloud to make such a solution that would have the exact number of features and functions an organization requires for spend management from A to Z.

On top of that, a specific, challenging goal was set – eliminate the chaos typically caused by top procurement software by complicated connections and communication between numerous vendors, government agencies, buyers, suppliers, accounting systems, finance and procurement teams, and other organizational departments.

You can check out this video to see how this chaos usually breaks out in a company without the right procurement software and properly established procurement spend management, strategic sourcing spend management, and inventory spend management processes.

To stand out to such a challenge, a SaaS-based procurement software platform was developed for small and mid-sized businesses to settle the proper tools for business operations. The task was to make the whole procurement tool and process transparent with the help of t procurement software for business owners to make intelligent business decisions.

Contraqer – an excellent example of effective procurement management software

Contraqer is a procurement software system that centralizes procurement data in a single workflow to move business spending and simplify the purchasing processes. The system collects, stores, and updates procurement data in the cloud in real time. In such a way, a user can see all the purchase-related data on the easy-to-perceive dashboards. Pre-built integrations with other office tools were also implemented to move business spending and simplify daily operations.

Below, the set of features incorporated into Contraqer’s tools is discussed:

Purchase orders, invoices, order management, and packing lists on one screen

On a three-dimensions dashboard, compare purchases you have ordered with the invoices, purchase orders, and package lists you have received.

Email reminder

This function hints user at the contract renewal or termination date of a supplier management or procurement process. All the emails are sent automatically, which helps users to keep legal relations with their vendors and to manage budgets and suppliers in order.

Relay document’s component

In Contraqer, the procurement system, contract management, and procurement system, all the relay communication is maintained with the RFQs. It allows a user to see all the sent RFQs, all the returned quotes, and issued purchase orders together with all the invoices and packing lists a user has received.

Returns and credit memos are also visible within the same dashboard, and contact information associated with the supplier collaboration, all the abovementioned info. This positively impacts the procurement process and ensures constructive communication among procurement teams.

Compare quotes tool

A user can quickly and visually compare supply chain management quotes from different vendors on this board. At a glance, a user can compare prices and find out whether a vendor quote has discrepancies or is appropriate. Moreover, a send confirmation tool was implemented to eliminate mistakes by sending correct and wrong back order management quotes back to the vendors. It contains RFQ that a user has shipped, a quote from a vendor that was sent back, and a spreadsheet that highlights all the mistakes in a warehouse management quote. Just imagine how many unnecessary actions this feature excludes.

Contraqer is an exemplary procurement management software that effectively centralizes and simplifies procurement processes. It is comprehensive features and user-friendly interface make it an invaluable contract management tool for businesses of all sizes. By automating various procurement processes and tasks, Contraqer not only enhances efficiency but also contributes to significant cost savings and improved financial performance for organizations.

Final remarks

With tools like Contraqer, numerous decision-makers and multiple users of procurement platforms can view, collaborate, organize, and manage their approval processes and workflows without the headache of unnecessary daily routines and ineffective functioning of the various procurement in general. It automates the procurement process from RFQ generation to purchase orders, invoices, and packing lists for public and governmental organizations. The system is designed for different roles and management levels, from procurement professionals to chief financial and technology officers.

Software like Contraqer presented itself as a significant milestone left behind now. It helped and is helping many procurement professionals in companies of all sizes respond to their business needs and daily challenges. Contact us to get your hands on tools like Contraqer as soon as possible.