What is procurement software?

Procurement software is a tool that acts as the backbone of the procurement process, helping automate, streamline, and manage the acquisition of goods and services for a business. A procurement software ideally covers functionalities like requisition management, purchase orders, suppliers, sourcing and tendering, contract management, and spend analytics.

It can cover end-to-end procurement activities like the source-to-pay cycle or offer a range of specialized tools for niche purchasing functions like the purchase order software for small businesses, strategic sourcing platforms, and more.