What is SaaS procurement software?

Software as a Service (SaaS) procurement software, also known as “Procurement Management System” is a tool made for and used by businesses in order to ease their, often painstakingly complex, procurement processes. It consists of a central platform that allows the user to electronically source, compare the prices of, order, and purchase products from different vendors. In addition to being centralized, this software also offers advanced features and sophisticated functions designed to make the entire procurement process more efficient, cost-effective, and transparent. 

It doesn’t come as a surprise that there’s a rise in the number of different SaaS procurement software on the market, as businesses have understood the implications of modernizing and digitizing the entire process. These convenient contemporary solutions help those who are focused on growth, not waste time and resources needlessly. 

Who is SaaS procurement software made for?

It’s no secret that the procurement process can be outright chaotic, overwhelmingly time-consuming, and disorganized. As a result, this can lead to potential miscommunication with the vendors, within the company, and even some financial discrepancies. In today’s fast-paced and competitive business market, not having to spend additional time and resources on a procurement process can make or break a business, which is why so many companies choose to rely on SaaS procurement software.

All this is to say that there aren’t any rules or limitations when it comes to who should use SaaS procurement software. It’s perfect for small businesses, mid-sized companies, as well as large enterprises. Different teams also rely on it with ease: finance and accounting, vendors and suppliers, and even cross-functioning teams and startups. If your business has to go through the purchasing process regularly, SaaS procurement software is for you. 

How is it different than other “in-house” software?

SaaS procurement solution differs from more “traditional” software in the most basic sense: you don’t have to spend a fortune on it. You won’t be required to pay for hosting, maintenance, and an IT team to look after and over it while you work. What is more, this kind of software doesn’t take nearly as long to download, install, and implement. It also requires less frequent updates, and the moment it’s installed it can be put to use. In addition, it’s much more on the intuitive side, offering a great UX with no required special training and it doesn’t need a team of specialists to set it up. 

What are the advantages of using SaaS procurement software?

Ease-of-access

Seeing as SaaS procurement software is hosted in the cloud, you can access it from any place that has a working internet connection. Not only does this mean that all of your procurement professionals and teams are able to work remotely, but collaborating with vendors and managing procurement tasks can easily be done while you’re on the go. This is a great benefit for businesses’ distributed teams as well as those who are in the process of transitioning to/from remote work environments.

Setting goals

Regardless of the size of your company and where you are on the market at the moment, SaaS solutions can be easily scaled up or down to meet your needs. We’re not talking just about the present moment, it can be done later on, as your business continues to move goalposts and change needs. Your business might be growing, you could be thinking of downsizing, or you might be going through minor seasonal fluctuations, yet SaaS procurement software can be adjusted to match your specific current requirements.

Expense overview and insight

For each business, transparency in spending should be a priority. When they have a clear overview of where their finances are going, they have a chance to pinpoint saving opportunities. In addition to this, they can easily streamline processes and choose contracts that bring them the most value. This is the reason most SaaS solutions offer the users clear and simple analysis reports which can help further improve their strategic planning as well as decision making. 

Better overall control

With SaaS procurement software, you will have a crystal-clear insight into the entire procurement process. Your entire team will be listed there together with their tasks, and it will be easy to see who made any and every decision. You will also have a chance to monitor your budget in real time and be mindful of your spending. All this allows you to monitor each step of the process and have complete control over the tasks, meaning that there will be less room for errors. 

Complete transparency

The best part about this type of software is that it offers complete transparency: you are in control of all processes, you have a clear view of tasks that are to be done and who’s in charge of them, and you have the liberty to compare all offers and pick the best one. 

Customer support

We all need a helping hand every now and then, which is why most SaaS software solutions on the market come with a reliable and efficient support team. These teams will quickly respond to your inquiries whenever you find yourself stuck with a seemingly unsolvable problem. There is no need to Google things and try to figure it out on your own, as chances are that an efficient customer support team will be happy to help you get answers.

Access to advanced functions and options

Investing in SaaS procurement software can absolve you of the headache caused by a number of tedious tasks such as: tracking down that one supplier whose contacts you wrote down somewhere, picking an offer that turned out to be wrong for you at this point, not being able to keep track of your expenses, etc. 

Depending on what exactly you need, there are dozens of advanced options you can benefit from: personalized notification on the messaging app of your choice, getting in touch with your suppliers easily, complex procurement strategies simplified with a click, supplier solvency information in real-time, and many more. 

To be able to say that the procurement process in your company runs smoothly, you should undergo a trial-and-error approach which may take time. However, with the right software and proactive approach, you will be more likely to have things run smoothly behind the scenes while simultaneously saving time and money, and avoiding stress. With the right SaaS software such as Valuator, the procurement process will be easier and better controlled. Check out the benefits of the Valuator platform HERE and enhance the procurement process in your company.