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VideosFebruary 09, 2024
Penny Software: Digitize and Manage your Full Procurement Cycle from Request to Approval
- Written by Sandra Francisco
- Published: February 09, 2024
Iyad Aldalooj, CEO of Penny Procurement and Sourcing Software and Solutions, explores the evolution of procurement and gives an overview of Penny’s platform.
"Penny Software is an enterprise application that focuses on procurement. What we do is we come in to digitize, and to a great degree, automate the procurement activities and processes for corporates or companies in the mid-market and upper market. It helps maximize the value of their procurement and savings to ensure compliance and governance. We have two main products. Our first product is a source to pay product which is a fully fledged, complete procurement software that helps on the upstream and downstream sides of procurement. So, on the sourcing side all the way from purchase requisition to RPs (purchase orders) and RFQs (request for quote) and a procured pay, which is a purchase requisition, and payment along with contract management, vendor management, catalog management and approval. Our second product is a B2B e-commerce platform. So, think about Shopify or e-commerce software like Magento. B2B e-commerce is totally different to B2C because its core is procurement. We have an e-commerce platform at the front end but at the back end there is procurement. We help B2B e-commerce manage relationships with their customers and suppliers. It is heavily RFQ and RP based and hence it is the core of the procurement platform", says Iyad Aldalooj.
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