Procure to pay software manages all procurement activities, from purchasing to vendor payments. This type of software helps companies streamline procurement operations and increase efficiency by using one centralized system instead of separate solutions. Procure to pay solutions are mostly used by procurement professionals but can also be leveraged by accountants to monitor invoices and payments. Suppliers may also use procure to pay software through online portals.
Procure to pay software is usually delivered as a mix of multiple solutions or as a standalone software suite. When not included in the product, procure to pay software needs to integrate with AP automation software and supplier relationship software. Integration with e-commerce platforms and supply chain suites is also essential.
To qualify for inclusion in the Procure to Pay category, a product must:
Consolidate procurement information from multiple data sources
Manage all or most operations that are part of the procurement cycle
Create and implement purchasing policies and best practices
Monitor financial transactions related to procurement
Define and manage procurement business processes