Procurement software

Procurement software is a category of business software that helps organisations manage the acquisition of goods and services from external suppliers. It typically supports the procure-to-pay (P2P) or source-to-pay (S2P) cycle by providing tools to request, approve, order, receive and pay for purchases, and to manage supplier information and contracts.

Procurement applications are used in both private and public procurement to replace paper- or e-mail-based workflows with digitised processes, increase visibility of organisational spending, and enforce procurement policies and controls. In the early 2020s, the worldwide procurement software market was estimated at around US$6.6 billion in annual revenue, with analysts forecasting growth to about US$8.6 billion by 2029 as organisations adopt cloud-based and AI-enabled procurement platforms.

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