Procurement Management

Procurement management is also referred to as the source-to-settle process. It encompasses the evaluation, selection, and creation of formal contractual agreements as well as managing the company’s ongoing supplier relationships.

Procurement is a complex discipline spanning many interrelated activities. The procurement management process includes the transactional purchasing of goods and services, and integrates with accounts payable to complete the source-to-settle cycle by providing supporting documents to help with the processing of supplier invoices for payment.

In an increasingly complex and dynamics marketplace, companies need agile tools that will help them improve procurement processes. Strategic procurement organizations are increasingly adopting integrated, cloud-based software suites that combine supplier management, sourcing, contract management, and proactive risk management with transactional procure-to-pay capabilities.

With our complete procurement solution, companies can leverage critical information when making decisions while proactively managing ongoing activities throughout the source-to-settle cycle.

Our integrated, cloud-based procurement management solution consists of the following features:

Procurement organizations still struggle with purchasing that occurs outside of formal processes and policies. Our solution enforce compliant purchasing by making it easy for employees to find what they need and direct purchases to authorized suppliers. These systems also implement corporate spend management policies and controls with auditable purchase order workflows to ensure that requisitions are properly approved.

Cumbersome processes prevent procurement organizations from providing more strategic value to the company. Procurement management solutions standardize, streamline, and automate traditionally manual processes. As a result, purchase approvals are easily managed and resources are freed up for more strategic activities.

Qualifying and assessing a potential supplier’s capabilities, viability, and compliance with the company’s code of conduct is essential. Alerts prompt procurement professionals when a supplier’s qualifications are expiring or when new information becomes available that might affect supplier qualifications, capabilities, and change their risk profile. 

During negotiations, contract reviewers can quickly identify deviations from the standard language to highlight risks, make required changes, and gain required approvals prior to finalization. Alerts notify users of expiring contracts to ensure timely renewals and minimize delays.

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