Browse Definitions:
Definition

IT procurement software

Contributor(s): Matthew Haughn

IT procurement software is an application or product suite that automates and coordinates tasks involved with the acquisition of information technology-related products and services.

IT procurement products expand on the range of services provided by traditional procurement software, which automates processes related to physical goods such as purchasing materials and maintaining inventory.  Most IT procurement software can create and manage requests for quotations (RFQs), requests for proposals (RFPs), requests for information (RFIs) and tasks related to supplier relationship managment (SRM). Depending on the particular product, the software may also automate tasks related to market research, price negotiations, establishing terms and conditions for services, resolving invoice discrepancies and communicating the status of purchases with internal customers.  

Increasingly, IT procurement products are offered in the form of Software as a Service (SaaS). There are benefits and drawbacks to both the cloud-based and on-premises options. The SaaS procurement model is typically less expensive initially and faster and simpler to implement. On the other hand, on-premises software may enable more customization and may be easier to integrate with existing software.

See a tutorial on key issues and negotiation strategies in IT procurement:

This was last updated in April 2016

Continue Reading About IT procurement software

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

SearchCompliance

  • internal audit (IA)

    An internal audit (IA) is an organizational initiative to monitor and analyze its own business operations in order to determine ...

  • pure risk (absolute risk)

    Pure risk, also called absolute risk, is a category of threat that is beyond human control and has only one possible outcome if ...

  • risk assessment

    Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business.

SearchSecurity

  • biometrics

    Biometrics is the measurement and statistical analysis of people's unique physical and behavioral characteristics.

  • principle of least privilege (POLP)

    The principle of least privilege (POLP), an important concept in computer security, is the practice of limiting access rights for...

  • identity management (ID management)

    Identity management (ID management) is the organizational process for identifying, authenticating and authorizing individuals or ...

SearchHealthIT

SearchDisasterRecovery

  • business continuity and disaster recovery (BCDR)

    Business continuity and disaster recovery (BCDR) are closely related practices that describe an organization's preparation for ...

  • business continuity plan (BCP)

    A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue ...

  • call tree

    A call tree -- sometimes referred to as a phone tree -- is a telecommunications chain for notifying specific individuals of an ...

SearchStorage

SearchSolidStateStorage

  • hybrid hard disk drive (HDD)

    A hybrid hard disk drive is an electromechanical spinning hard disk that contains some amount of NAND Flash memory.

Close