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.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

SearchCompliance

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

  • compliance as a service (CaaS)

    Compliance as a Service (CaaS) is a cloud service service level agreement (SLA) that specified how a managed service provider (...

  • data protection impact assessment (DPIA)

    A data protection impact assessment (DPIA) is a process designed to help organizations determine how data processing systems, ...

SearchSecurity

  • Web application firewall (WAF)

    A web application firewall (WAF) is a firewall that monitors, filters and blocks data packets as they travel to and from a ...

  • spyware

    Spyware is a type of malicious software -- or malware -- that is installed on a computing device without the end user's knowledge.

  • application whitelisting

    Application whitelisting is the practice of specifying an index of approved software applications or executable files that are ...

SearchHealthIT

SearchDisasterRecovery

  • business continuity plan (BCP)

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

  • disaster recovery team

    A disaster recovery team is a group of individuals focused on planning, implementing, maintaining, auditing and testing an ...

  • cloud insurance

    Cloud insurance is any type of financial or data protection obtained by a cloud service provider. 

SearchStorage

  • DRAM (dynamic random access memory)

    Dynamic random access memory (DRAM) is a type of semiconductor memory that is typically used for the data or program code needed ...

  • RAID 10 (RAID 1+0)

    RAID 10, also known as RAID 1+0, is a RAID configuration that combines disk mirroring and disk striping to protect data.

  • PCIe SSD (PCIe solid-state drive)

    A PCIe SSD (PCIe solid-state drive) is a high-speed expansion card that attaches a computer to its peripherals.

Close