ESSENTIAL FEATURES OF E-PROCUREMENT SYSTEMS

1. The software should be secure and not vulnerable. It should be virus free and able to combat a threat through active scanning and elimination of detected threats.
2. The system should be scalable. The capacity of a system to handle a growing amount of work or its potentially being able to be a growing amount in order to accommodate a growth.
3. Contract management– the system should have the feature to customize access and views for each department based on the function and contract type.
4. Digital negotiation- buyers and sellers should have a collaborative workspace to work on negotiation. It enables transition to a fully digital environment with improved security, efficiency and visibility while reducing the contracting life cycle.
5. E-signature integration- e-signature integration is important for any contract life cycle management and it provides one agreement, one vendor, one point of contact with access to two dynamic systems for buyers and sellers.
6. Purchase request- the system should be able to create a purchase request in order to reduce time and enhance business activity.
7. Spend analysis- in addition to improving compliance and reducing cycle times, performing detailed spend analysis helps companies to find new areas of saving that previously went unexploited and hold on to past areas of saving that they have already
negotiated.
8. Supplier registration- potential suppliers should have a provision to self-register with your company along with necessary details which can be used later during decision making.