Procurement software requirements are the criteria companies need to evaluate when selecting a procurement solution for their business. They make up the core characteristics, capabilities and processes that will drive procurement system performance, including performance in budgeting, forecasting, contract management, supplier selection, strategic sourcing and compliance with laws, regulations and organizational policies. Beyond just operational efficiency, they should also consider key characteristics such as scalability, modularity, integration with other systems and analytics capabilities. With these requirements in mind, businesses can ensure they select the best software solution to meet their goals – boosting their procurement strategies and helping reduce costs.