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.
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