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In today's challenging business environment, where third-party costs can equal up to seventy percent of revenues, procurement management has become mission-critical. To remain competitive, it is essential for you to leverage procurement management applications to identify and accelerate savings and contribute to the company's bottom line.

To manage your procurement processes effectively, you need to have full visibility into expenditures, the ability to quickly source key spend categories, insight into total landed costs, and compliance with contracts and policies – so you realize meaningful procurement savings.

Procurement management functionality available in SAP software can help you automate, simplify, and accelerate source-to-pay processes for goods and services. Procurement management solutions can enable you to:

• Quickly identify savings opportunities through accurate, aggregated spend reporting and analysis
• Deliver sustainable savings through powerful and efficient sourcing capabilities
• Drive better-informed global supply decisions through visibility into international trade agreements and sanctions

Plus, SAP procurement management features can empower you to optimize contract value and minimize risk through effective process and compliance management.

Procurement management functionality supports:

• Spend performance management – Procurement management can provide sophisticated data aggregation, normalization, classification, and enrichment.
• E-sourcing – Procurement management can deliver collaborative RFx and auctions, plus bid analysis.
• Global trade services – Streamlined procurement management can provide expedited customs clearance and visibility into trade sanctions and international trade agreements.
• Contract life-cycle management – Procurement management features can support automated contract creation, management, and reporting.

Learn more about SAP software for business intelligence and mobility solutions – along with business management software for small and midsize companies. Procurement management is enabled by the SAP BusinessObjects Spend Performance Management, SAP E-Sourcing, SAP BusinessObjects Global Trade Services, and SAP Contract Lifecycle Management applications.