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A procurement system or purchasing system allows organizations to automate the process of purchasing goods/services and maintaining inventory.

Procurement software is a systematic process for identifying and obtaining goods, services, and works from outside providers.

Digital procurement software enables you to request and approve purchase orders, select and order the product or service, receive and match the invoice and order, and prepare the documentation required for verification of payment.

Procurement software is a computer program or suite that allows an organization to automate the processes of purchasing materials and maintaining an inventory of goods.

A reverse auction is an auction where the roles of buyer and seller are reversed and the primary objective is to drive purchase prices downward (as opposed to the rising prices in a regular auction).

Strategic sourcing allows businesses to consolidate their purchasing power to achieve the lowest possible total cost of ownership and minimize risk to the supply chain.

A contract management system helps keep the contract accessible and relevant at all times, keeping the agreement on track every step of the way.

The e-auction process in procurement is also known as a reverse auction. Rather than a seller making the listing, accepting bids, and awarding the highest bidder with the auctioned item, the process happens in the opposite direction.

An e-auction is a process in which a company seeking a supplier puts out a request for bids on a specific contract, and suppliers are then able to submit their best price offers to fulfill that contract.

Rich Information
All information of each product is in one central space, the catalogue on the website. All relating documents are also found on the website and many auction companies add audio and videos to show their stock and products.

Time Saving and Money Saving
Online auction saves time and money for both buyers and sellers. Buyers do not need to travel to participate in the auction while sellers do not need to set up a live event.

No Physical Location or Multiple Physical Locations
Products do not need to be moved to one central location for an auction to be held. The units can be at multiple locations for viewing purposes or alternatively can be catalogued with all the information needed for the buyer to buy site unseen.

Compare Prices
The main advantage of bidding via online is that it provides the opportunity to compare the price online. The bidder can do a small research regarding the product price and quality with other online auction site before participating in the bidding.

A reverse auction is an auction where the roles of buyer and seller are reversed and the primary objective is to drive purchase prices downward (as opposed to the rising prices in a regular auction).

A reverse auction helps to streamline the sourcing route and leads to process efficient

Contract management software is an indispensable tool for ensuring the intent of every contract in your organization is fully realized. Contract management software can maximize a contract’s performance, ensuring the enforcement of commercial terms, accelerating cash flow and time-to-revenue, and reducing the risk of noncompliance.

The objective of Contract Management is to ensure that both parties meet their respective commitments as efficiently and effectively as possible and that the intended outcomes of the contract are delivered.

A contract management system helps keep the contract accessible and relevant at all times, keeping the agreement on track every step of the way.