Paramount WorkPlace Pricing: What’s Included in Its Quote-Based Plan?

Going over budget is a prevalent issue in any company’s procurement process. More often than not, the reason behind this overspending problem is miscommunication. Somewhere along the supply chain, the communication line gets unclear. As a result, actions like accidental purchases, duplicate acquisitions, and simply reckless spending derail the budget. Eventually, it can affect the business’s overall financial health, especially if left unchecked. Fortunately, resolving this issue is not as complicated as it may seem with the help of the right procurement software.

Among the leading procurement solutions available in today’s market is Paramount WorkPlace. A software solution that is capable of simplifying complex requisition and procurement processes, Paramount WorkPlace offers its services in packages tailored specifically to the needs of mid-market businesses and large enterprises. And in this article, we will look into Paramount Workplace pricing, specifically the inclusions in its quote-based pricing plan to help you assess if this is the right software solution for your business.

The COVID-19 outbreak has made quite an impact on the global supply chain, creating unprecedented disruptions that upended many business operations. B2B businesses, in particular, continue to suffer from the ongoing economic deterioration and slow recovery. The situation is worse for multinational companies and/or businesses that have globally dispersed suppliers as they have to deal with region-specific restrictions and challenges. In fact, unlike other economic crises in the past, COVID-19 has presented difficulties that procurement leaders have encountered for the first time.

Amid the crisis, however, the pandemic has brought to light a number of important things and one of them is the need for drastic changes in the procurement operating models. According to Supply Chain Digital Magazine, it is now time for “the next wave of change in procurement.” And “the next wave” being referred to in this statement is incorporating the latest technologies, such as automation and artificial intelligence, into the procurement process.

Although the COVID-19 pandemic further reinforced the need for digital procurement, the digitization of the procurement process is not a new thing. Procurement software solutions have been in the market for some time now. Not all of them, however, are equipped, with advanced capabilities to help your business navigate the post-pandemic supply chain challenges and opportunities.

Among the procurement platforms available today, Paramount WorkPlace offers some of the most advanced functionalities that allow you to streamline your procurement process, control your spending, manage suppliers, collect accurate timesheets, and more. Also, another advantage provided by Paramount WorkPlace is that you get a package that is tailored to your business’ needs.

Overview of Paramount WorkPlace

Paramount WorkPlace is a sophisticated requisition and procurement software created specifically for mid-sized and large businesses. Beyond procurement, Paramount WorkPlace’s primary functions include requisition and expense management. With these three core functions combined in a single platform, Paramount WorkPlace enables your business to have an efficient procurement and requisition process, reduce processing costs, as well as make data-driven purchasing decisions.

Accessibility is another strength of Paramount WorkPlace. It is not only web-based, but it also has a dedicated mobile application that you can launch from your Android or iOS devices. Through its mobile app, you can process requisitions, create expense entries and approve them, create timesheets on the go, and more.

Paramount WorkPlace also offers AP automation services, which streamlines not only PO transaction entries but non-PO entries as well. And because everything is digital, the processing of AP invoices is completely paperless. Additionally, the risk of losing critical invoices is significantly lessened as everything will be saved and organized in its cloud-based storage. Aside from the aforementioned services, Paramount WorkPlace also offers expense management tools, travel management, supplier management, and timesheet.

In terms of integrations, Paramount WorkPlace allows real-time integration with leading ERP software, such as Microsoft Dynamics, Sage, Sage Intacct, Blackbaud, Acumatica, and Oracle NetSuite.

Products and Services Included in Paramount WorkPlace’s Quote-based Plan

Paramount WorkPlace offers a range of products that you can use as stand-alone applications or as solutions integrated with your ERP system.

Requisition and Procurement

A core product of Paramount WorkPlace, the requisition and procurement platform provides you with an innovative solution that allows you to have a comprehensive view of your spend workflow even on mobile. Using your Android or iOS device, you can get access to the guided buying catalogs, go catalog and non-catalog shopping, and submit your planned purchases for approval. Furthermore, approving requisitions can also be done through the mobile app.

Paramount WorkPlace’s requisition and procurement software also allow you to predefine your company’s ad-hoc approval process. By imposing approval rules, detecting variances, and incorporating measures to control expenditures, you can ensure that the company purchases stay within the budget range. And to get the best deals, you can request price quotes directly from different vendors.

Invoicing is also less of a hassle as your suppliers and vendors have access to a self-service portal for their invoice entries. This intuitive platform also provides vendors and suppliers with their own network where they can directly communicate and collaborate, which reduces the workload of your internal team.

Paramount WorkPlace’s requisition and procurement platform have two versions. The other one is the WorkPlace 4th Gen, which simplifies the receiving and invoicing process. This version also further enhances the user experience, as well as the multi-company and multi-currency capabilities of your business.

OCR and AP Automation

OCR capture page in Paramount Workplace

This product takes care of the PO and non-PO transactions and accounts payable invoices. Equipped with innovative and intuitive automation capabilities, this product automates transaction entries of purchase orders, as well as those made outside the predefined products or services to be procured. Beyond its sales automation solution, this product uses advanced OCR technology to capture all necessary information in an invoice for a more accurate and efficient recording of data and paperless storage.

Travel and Expense Management

Invoice processing is straightforward with Paramount Workspace.

This product is a user-friendly expense management solution that eliminates paper-based processes and documentation involved in business-related travels and spending. This provides you with a platform where you can consolidate all corporate bookings and travels, incorporate travel policies, authorize travel-related purchases, and set spending limits. Furthermore, this application’s audit capabilities give you full visibility of the entire audit trail, thus allowing you to identify any modifications as well as who made them.

This application also offers real-time management of project-related purchases. By identifying the impact of particular purchases on the project’s spending budget, you will be able to make an informed decision on which purchases should be approved.

Supplier Management

Process all requisition transactions in Paramount Workspace.

This solution provides your vendors and suppliers with their own self-service portal where they can perform routine tasks, such as viewing, adding, and keeping track of information related to purchase orders, invoices, quote requests, and others. This portal is also where vendors and suppliers can keep their contact information up-to-date. With this self-service platform, you are not only empowering your vendors and suppliers, but you are also saving internal manpower, cost, and time that would have been spent coordinating with suppliers and vendors.

Project Timesheet

Paramount WorkPlace’s project timesheet is a standalone solution that functions as a time tracking system. This comes with a job and costing feature designed for businesses or organizations, informing them which jobs or projects involve regular purchases. As an example, this software solution is ideal for manufacturing and construction businesses as their projects heavily involve making purchases.

With this project timesheet, you can also monitor your internal and external billable hours or labor costs. Another advantage of this product is you can keep track of procurement costs from requisitions to purchase orders. Furthermore, you can ensure that your budget is sufficient throughout the procurement cycle.

Another core feature of the product timesheet is you can view and approve or reject timesheets from your mobile device. In terms of integrations, Paramount WorkPlace’s project timesheet integrates seamlessly with Microsoft Dynamics, Sage Intacct and ERP, Blackbaud, NetSuite, and Acumatica as an extension.

Who can benefit from Paramount WorkPlace?

Mid-market and large enterprises are the ones that will benefit the most from the products of Paramount WorkPlace. This software solution is also for businesses that want to enhance the capabilities of their ERP systems. Different businesses, however, also have different needs. And in order to cater to the specific requirements of their clients, Paramount Workplace pricing ensures that you get not only what you need but also your money’s worth. If you would like to know about other procurement software, you can check out our list of the best procurement software here.

By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.