A procurement management system manages the evaluation, selection, and creation of formal agreements with suppliers. It also manages ongoing supplier relationships and the transactional purchasing of goods and services, working with accounts payable to complete the source-to-settle cycle by processing supplier invoices for payment.
Companies invest in procurement solutions to streamline and automate the source-to-settle process, while controlling costs by directing purchases to approved suppliers. An effective procurement management system will deliver the following benefits:
Advances in technology are transforming traditional business practices by disrupting supply markets, changing customer buying patterns, and adding complexity to the supply chain. Procurement organizations must respond by taking on a more strategic role in all of the activities surrounding purchasing. They need solutions that are up to the task.
By moving to the cloud, procurement management systems digitize procure-to-pay processes with embedded mobile, social, and analytic capabilities and a richer, consumer-like user experience. With modern technology, such as built-in collaboration, embedded analytics, and a more intuitive user experience, companies can build a more effective purchasing system to control employee spending, reduce supplier risk, and improve cost savings.
Strategic procurement organizations are demanding integrated suites that combine supplier management, sourcing, contract management, and proactive risk management with transactional procure-to-pay capabilities. With a complete procurement solution, companies can leverage critical information when making decisions while proactively managing ongoing activities throughout the source-to-settle lifecycle. An integrated, cloud-based procurement management solution consists of the following:
Oracle Procurement Cloud modernizes procurement business processes so you can proactively manage suppliers and activities throughout the source-to-settle cycle. This complete, integrated, and cloud-based solution enables you to transform your procurement organization to provide fast and compliant procurement services to all areas of your organization.
Leveraging digital capabilities, such as embedded analytics, social collaboration, and mobile devices, Oracle Procurement Cloud enables you to reduce supplier risk, source more effectively, control spending, and improve your organization’s profit margins.
|Simple||Intuitive applications drive rapid user adoption|
|Efficient||Simplified processes ensure greater productivity|
|Cost Savings||Increase savings and control costs|
|Connected||Seamlessly collaborate with internal teams and your suppliers|
|Fast||Streamline the source-to-settle process|
|Easy to Use||Consumer-like user experience ensures adoption|