Procurement Technology Definition
Procurement technology is the systems and software that organizations use to manage the process of procuring goods and services. This includes the entire spectrum of activities from sourcing and supplier management to contract management and spend analysis.
A procurement technology solution must offer a complete set of features and functionalities to support an organization’s needs. It should cover the entire procure-to-pay process, from requisitioning through invoice processing. The system should also include a robust supplier management module to help organizations develop and maintain relationships with their suppliers.
An effective procurement technology solution will automate and streamline the procure-to-pay process, resulting in increased efficiency and cost savings. It will also provide visibility into spend, helping organizations to identify opportunities for savings.
