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A procurement system, also known as a purchasing system, allows companies to automate purchasing goods/services and maintaining inventory. It manages all the procurement-related processes, including:  Sending purchase orders  Generating purchase

Purchasing software is a set of tools that an institution can use to help with the procurement of goods and services. Modern procurement software is online, allowing workers to request

Invoice automation enables straight-through invoice processing with no human interaction to free up back-office finance or procurement teams to concentrate on higher value-added tasks. Most businesses still receive most of

What is Vendor Management? Vendor management is defined as the process that businesses and organizations use to maintain their suppliers (vendors). The vendor management process includes controlling costs, finding vendors,

Procurement is the process of sourcing and obtaining the goods and services a business needs to fulfill its objectives. Procurement is most generally associated with businesses because companies need to

What is contract lifecycle management? Contract lifecycle management refers to the proactive, methodical management of a contract from initiation through award, compliance, and renewal. Implementing contract lifecycle management (CLM) can

Expense management refers to the systems that a business has deployed to process, pay, and audit employee-initiated expenses such as travel and entertainment. Expense management comprises policies and procedures that

What is a GPO? A GPO or Group Purchasing Organization, also called a co-op, purchasing group, consortium, collective, coalition, or leveraged procurement group, exist to leverage their members’ combined purchasing