Procurement Management Software Definition
Procurement management software is a tool used by businesses to streamline and automate the procurement process. The software provides a central repository for all procurement-related data and documents, and enables users to track and manage vendor contracts, purchase orders, invoices, and payments.
The software also includes features for managing supplier relationships, such as supplier performance evaluations and contract management. In addition, procurement management software can help businesses develop and implement strategic sourcing initiatives.
