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5 features which you should look out In cloud procurement software

An ideal procurement platform should be able to connect to third-party tools such as accounting systems and finance cloud and enable procurement workers to input and export data straight from spreadsheets or other systems.

Customizable

A cloud-based procurement system software should let administrators customize business rules, amend form fields, build customized workflows, and change user roles and permissions using this procurement tool. It should also modify extensions, plugins, and APIs to increase the suite’s functionality.

Management of the supplier’s lifespan

Every procurement platform’s fundamental function should be supplier management and collaboration. Within a procurement process, this capability should aid in discovering, onboarding, managing, and evaluating vendors who transcend across departments and categories.

Spend Management

Look for the cloud procurement software with a continuous monitoring system and specific spending categories with compliance & approval checks built-in every transaction, item, and step of the process.

Spend Insights

A cloud procurement software should be able to analyze existing buying data and manipulate and display purchase data. In addition, it should leverage APIs to search thousands of sources for updated information and ready-to-use reports that transform complex data into meaningful insights.