Top Three E-procurement Solution Providers

top e-procurement solution

In today’s tech-driven era, where businesses are racing towards meeting customer demands, cloud-based procurement solutions have become a necessity and by no means a luxury. E-procurement solutions help companies automate and integrate their process from recruiting suppliers, placing orders, loading inventories, and delivering goods or services to the end customer.

Hence, the primary question for most companies isn’t if they should utilize e-procurement but rather where to find a reliable e-procurement solution provider. 

To help you with that search, we;ve listed three e-procurement solution providers in this article.

Photo by Kelly Sikkema on Unsplash 

SAP

SAP has consistently been among the top e-procurement solution providers and mostly shines on working with small companies.

Since then, SAP  has continued to improve its financial management systems and e-procurement solutions, making them highly customizable and modular. Plus, almost all of these solutions can help companies streamline their operations in various sectors such as inventory and distribution.

As stated before, SAP e-procurement systems are highly customizable, but the tradeoff is a large number of user errors and the lack of quality control. For instance, many users claim that clicking on the wrong part of the software can easily change the code, leading to a high potential for error. 

Many users complain about the ambiguous error descriptions that make the troubleshooting process only more complex, even creating additional errors. What’s worse is that they don’t have access to strong customer support. Users report it takes days for their support team to follow up on inquiries. 

Oracle

A significant advantage of using Oracle’s e-procurement solution is the all-in-one platform, making it easier to update and perform tasks from different angles. In addition, Oracle’s software integrates easily with existing systems, providing a more comprehensive package for every requirement.

The biggest downside to Oracle’s solutions is the lack of proper documentation and support. There are multiple features and tools not mentioned in the online manual. In addition, the support team doesn’t have the right tools or expertise to identify problems quickly and answer client questions punctually.

Penny

Compared to some of the other names on the list, Penny is a relatively new player. However, Penny has established itself as a reliable brand by offering a wide range of enterprise solutions for various industries.

Among the top benefits of utilizing Penny’s e-procurement solutions is that they’re more affordable than their counterparts on the market. Some businesses require an extended period to complete the implementation of different solutions.

However, Penny focuses on offering maximum adjustability, aiding businesses to tailor the software to their exact needs. Consequently, they’ll get the “best bang for their buck”.

Bottom Line

There’s no doubt that e-procurement solutions play a vital role in your day-to-day operations. However, you should know that there’s no one-size-fits-all solution that can cater to every industry. Therefore, as a business, you should clearly understand what you want and how the e-procurement solution will help you get there. 

We at Penny provide the perfect solution to boost your operational efficiency and profitability while allowing you to focus on keeping your clients happy! So, what are you waiting for? Just contact us and let’s get started!

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Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

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