Procurement software (sometimes it can be called RFQ software or purchasing management software) automates the management of purchasing processes within a supply chain. It usually works in cooperation with sourcing software to analyze current spending and potential vendor performance, and then Procurement Software finalizes deals and initiates transactions. This kind of software is an important element of supply chain management systems, as it helps companies with efficient management of their purchasing cycle times and maximization of profit on every purchase order. These systems often include billing, purchase order approval and tools for better product selection and ordering.
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