Purchasing software
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Purchasing software, also known Procure-to-pay (P2P) software is a business software that helps automate and streamline the purchasing function of organizations. Features of purchasing software include electronic purchase order creation, purchase order approval, invoice matching and budget visibility and control, amongst others. The key benefit for organizations using purchasing software are: cost savings, time savings, better financial awareness, and better purchasing records, as all purchasing done with a purchasing software system is recorded.
Purchasing software also allows purchasing or procurement managers to establish a pre-defined group of vendors to be used by employees. By establishing a specific group of vendors, organizations are able to take advantage of benefits such as pre-negotiated rates.
Purchasing software can be industry specific or marketed generally. Purchasing software can be installed in two ways: on-premises or using cloud technology. Typically, older technologies or legacy systems are installed on-premises, while newer technology companies use Software as a service cloud technology.
Popular legacy systems include SAP and Oracle. Companies such as Procurify and Coupa are leaders in the cloud purchasing space.[1][citation needed]
Both large, multinational firms as well as small- and medium-sized businesses use purchasing software.