Categories   >   Procurement Software
Last Reviewed: November 13th, 2024

Best Procurement Software Of 2024

What is Procurement Software?

Procurement software is a digital toolkit designed to streamline and optimize the purchasing process for businesses. It tackles pain points like manual paperwork, slow approvals, and opaque supplier relationships. By automating tasks and centralizing data, it empowers businesses to reduce costs, improve efficiency, and gain greater control over spending. Key functionalities include requisition management, purchase order automation, supplier collaboration tools, and real-time analytics. Emerging features like AI-powered sourcing and spend analysis further enhance decision-making. While primarily benefiting procurement teams, its impact resonates across departments like finance, operations, and even sales. Potential limitations include integration challenges and reliance on data quality. However, the overall value proposition of improved cost savings, increased agility, and enhanced risk management makes procurement software a valuable asset for businesses of all sizes and industries.

What Are The Key Benefits of Procurement Software?

  • Reduced costs
  • Improved efficiency
  • Enhanced visibility
  • Strengthened compliance
  • Streamlined processes
  • Optimized supplier management
  • Empowered decision-making
  • Mitigated risks
  • Increased collaboration
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SelectHub Award Winners - Array

Our Research Analysts evaluated 87 solutions and determined the following solutions are the best Procurement Software overall:

Overall

  • 96 SAP Spend Management
    Best Overall, Deployment Options, Mobile Capabilities
  • 92 JAGGAER ONE
    Best for Budget Management, Receiving and Inventory Management, Supplier Management
  • 90 Oracle Procurement Cloud
    Best for Budget Management, Contract Management, Native Integration and Extensibility
  • 88 Coupa Procurement
    Best for Mobile Capabilities, Product Catalog, Requisitions
  • 86 Basware P2P
    Best for Mobile Capabilities, Requisitions
  • 85 Ivalua
    Best for Supplier Management
  • 81 Workday Spend Management
  • 81 Zycus
    Best for Mobile Capabilities, Product Catalog, Purchase Orders Management
  • 79 Tradogram
    Best for Mobile Capabilities
  • 73 Precoro
SAP Spend Management Award
SAP Spend Management
SAP Spend Management
Start Price
$15,000
Annually, Quote-based
Analyst Rating
96
SelectHub’s Analyst Rating for SAP Spend Management, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked SAP Spend Management

SAP Spend Management garners mixed reviews from Procurement teams. Proponents praise its comprehensive features and integration with other SAP solutions, citing streamlined workflows and improved visibility into spending patterns as key benefits. "It's like having a central nervous system for our procurement," one user remarked about its real-time data and reporting capabilities. However, some find the initial cost and complex pricing structure daunting, especially compared to niche competitors offering more tailored solutions. "For smaller businesses, the sticker shock can be a real dealbreaker," another user noted. Customization options are another point of contention. While users appreciate the flexibility, some lament limitations compared to competitors. "We wanted to tweak certain workflows, but the configuration felt rigid," one user shared. This highlights the trade-off between adaptability and ease of use, a common theme in user reviews. Despite these drawbacks, SAP Spend Management's strengths in supplier collaboration and risk management stand out. The centralized platform for communication and document sharing is lauded for fostering stronger relationships and improving contract terms. "The supplier collaboration tools have been a game-changer for our negotiations," one user enthused. Additionally, built-in compliance features and risk scoring are seen as valuable differentiators, ensuring adherence to regulations and mitigating potential issues. "Knowing we have these safeguards in place gives us peace of mind," another user commented. Ultimately, user reviews suggest SAP Spend Management is a powerful tool for larger organizations seeking comprehensive procurement solutions and seamless integration with existing SAP systems. However, its high cost, limited customization, and niche strengths might not be ideal for smaller businesses or those seeking more tailored options. As one user aptly concluded, "It's a Ferrari of procurement, but you need the budget and expertise to drive it smoothly."

Pros & Cons

  • Streamlined workflows: Automates tasks like purchase orders and invoices, saving time and effort.
  • Improved visibility and control: Provides real-time insights into spending patterns and supplier performance, enabling data-driven decision making.
  • Enhanced supplier collaboration: Offers a centralized platform for communication and document sharing, fostering stronger relationships and better contract terms.
  • Reduced costs and risks: Identifies cost-saving opportunities and mitigates compliance risks through built-in tools, helping to optimize spend.
  • Scalable and flexible: Adapts to your specific needs and grows with your business, accommodating changing requirements.
  • High initial cost and complex pricing: Customized pricing can be challenging to navigate, and the upfront investment can be significant, particularly for smaller organizations.
  • Limited customization options: While adaptable, some users find the configuration options for specific workflows and integrations restrictive compared to niche competitors.
  • Steeper learning curve for advanced features: Extensive training may be needed to fully utilize advanced functionalities, potentially impacting user adoption and efficiency gains.
  • Integration challenges with non-SAP systems: While integrations are possible, seamless data exchange with certain third-party applications might require additional effort or custom development.
  • Occasional reporting limitations: While powerful, some users report limitations in ad-hoc reporting capabilities for specific data points or desired visualizations.

Key Features

  • Guided Buying: Simplify and standardize purchasing processes with pre-approved catalogs and automated requisition workflows.
  • Supplier Management: Manage supplier relationships effectively through centralized data, performance dashboards, and collaboration tools.
  • Contract Management: Streamline contract creation, approval, and tracking to ensure compliance and optimize terms.
  • Spend Analytics: Gain deep insights into your spending patterns with real-time dashboards, reporting tools, and ad-hoc analysis capabilities.
  • Invoice Automation: Automate invoice processing with optical character recognition, three-way matching, and exception management.
  • Workflow Automation: Eliminate manual tasks and streamline approvals with customizable workflows for purchase orders, requisitions, and other processes.
  • Budgeting and Forecasting: Accurately forecast future spending and manage budgets effectively with integrated budgeting and forecasting tools.
  • Supplier Risk Management: Identify and mitigate potential supplier risks through risk scoring, compliance checks, and supplier performance monitoring.
  • Mobile Access: Access key Spend Management functionalities on the go with mobile apps for purchase approvals, invoice reviews, and supplier communication.
  • Open Integration Platform: Integrate seamlessly with other SAP solutions and third-party applications for a connected and flexible procurement environment.
  • AI-powered Insights: Leverage AI and machine learning to gain predictive insights, automate tasks, and optimize procurement decisions.
JAGGAER ONE Award
JAGGAER ONE
JAGGAER ONE
Start Price
$45,000
Annually, Quote-based
Analyst Rating
92
SelectHub’s Analyst Rating for JAGGAER ONE, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked JAGGAER ONE

JAGGAER ONE gets mixed reviews from Procurement users. Fans praise its comprehensive suite, boasting, "It streamlines everything from sourcing to contract management, giving us a clear picture of our entire spend." This centralized view and automated workflows are lauded for boosting efficiency, with one user exclaiming, "We've slashed manual tasks, freeing up time for strategic sourcing initiatives." However, JAGGAER ONE's complexity can be a double-edged sword. While its depth is praised for offering "granular control over every step of the procurement process," the learning curve is steep, with users lamenting, "The interface is overwhelming, especially for new team members." This complexity can also lead to inflexibility, as some users find it "difficult to customize workflows and reports to fit our specific needs." Compared to Ariba, users appreciate JAGGAER ONE's focus on supplier collaboration. "The supplier portal fosters better communication and transparency, leading to stronger relationships," one user says. However, JAGGAER ONE's performance can falter, with reports of lag and slow response times, particularly when compared to Ariba's renowned speed. Cost is another concern, with JAGGAER ONE's price tag seen as "prohibitively high" by some. Ultimately, JAGGAER ONE is a powerful tool, but its complexity and cost might deter smaller organizations or those seeking a simpler solution. For those who prioritize deep functionality, supplier collaboration, and data-driven decision making, JAGGAER ONE's strengths outweigh its weaknesses, but careful consideration is crucial.

Pros & Cons

  • Streamlined Workflows: Simplifies complex procurement processes with guided buying, approvals, and contract management.
  • Enhanced Visibility: Provides real-time insights into spending, contracts, and supplier performance, fostering data-driven decision making.
  • Improved Collaboration: Connects internal stakeholders and external suppliers on a single platform, promoting better communication and streamlining collaboration.
  • Reduced Costs: Automates tasks, identifies savings opportunities through spend analytics, and negotiates better contracts, leading to significant cost reductions.
  • Increased Efficiency: Eliminates manual processes and automates repetitive tasks, freeing up time for strategic initiatives and boosting overall procurement efficiency.
  • Improved Compliance: Ensures adherence to procurement policies and regulations through guided workflows and automated controls, mitigating risks and improving compliance.
  • Complex Interface: Steep learning curve for new users, with a complex interface and navigation.
  • Limited Customization: Limited options for customizing workflows and reports to specific needs, leading to inflexibility.
  • Performance Issues: Can experience lag and slow response times, especially with large data sets or complex workflows, impacting user productivity.
  • Scalability Concerns: May not scale well for large organizations or complex procurement requirements, leading to potential limitations in the future.
  • High Cost: Can be expensive to implement and maintain, with ongoing subscription fees and potential consulting costs, raising budget concerns.
  • Integration Challenges: Integrating with existing systems can be complex and time-consuming, requiring additional resources and expertise.

Key Features

  • Supplier Management: Manage your entire supplier lifecycle, from onboarding and qualification to performance tracking and risk mitigation. Enjoy self-service portals for suppliers, automated workflows, and robust collaboration tools.
  • e-Sourcing and Sourcing Optimization: Conduct strategic sourcing events, from reverse auctions to RFQs, automate supplier selection, and optimize contract terms with AI-powered insights.
  • Contract Lifecycle Management: Streamline contract creation, approval, negotiation, and execution. Gain real-time visibility into contracts, manage obligations and compliance, and automate renewals.
  • Purchase Order Management and Spend Analytics: Centralize purchase orders, automate approvals and workflows, and gain deep insights into spending patterns. Identify cost savings opportunities, optimize supplier relationships, and improve budget forecasting.
  • Invoice Automation and Matching: Automate invoice processing, eliminate manual data entry errors, and accelerate payment cycles with AI-powered matching and three-way matching capabilities.
  • Compliance and Risk Management: Ensure adherence to internal policies and external regulations with built-in compliance tools, risk assessment capabilities, and audit trails. Mitigate fraud and supplier risk through proactive monitoring and controls.
  • Business Intelligence and Reporting: Gain real-time visibility into all procurement activities with customizable dashboards and reports. Analyze data, identify trends, and make informed decisions based on actionable insights.
  • Mobile Access and User-Friendly Interface: Access JAGGAER ONE on any device, from desktops to smartphones, with a user-friendly interface that simplifies procurement tasks for all users. Role-based permissions ensure secure access and control.
  • Open Integration Platform: Integrate JAGGAER ONE seamlessly with your existing ERP, financial, and other enterprise systems to create a connected and efficient procurement ecosystem.
  • Advanced Analytics and AI: Leverage AI-powered spend analytics, supplier risk assessment, and predictive insights to optimize your procurement strategy, identify cost savings opportunities, and make data-driven decisions.
Oracle Procurement Cloud Award
Oracle Procurement Cloud
Oracle Procurement Cloud
Start Price
$400
Per User, Monthly
Analyst Rating
90
SelectHub’s Analyst Rating for Oracle Procurement Cloud, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Oracle Procurement Cloud

Oracle Procurement Cloud receives mixed reviews from users with typical procurement needs. Many users appreciate its ability to automate tasks, improve visibility, and enhance collaboration with suppliers. They report significant time savings and increased efficiencies compared to previous systems. One user states, "It has streamlined our procurement process significantly. We've reduced our purchase order processing time by 50%." Others highlight the platform's real-time insights and supplier portal, commenting, "The data is always up-to-date and readily available, which helps us make better decisions." and "Our suppliers love the self-service portal. It's made communication and collaboration much easier." However, some users find the platform expensive, particularly for small businesses. They also mention a steep learning curve and limited customization options. One user points out, "The subscription fees can be a burden for smaller companies, and the implementation process can be time-consuming and costly." Another user adds, "It took a while for our team to get comfortable with the interface, and we found ourselves wishing for more flexibility in tailoring the platform to our specific needs." When compared to other procurement solutions, users highlight Oracle Procurement Cloud's strengths in automation, collaboration, and data visibility. However, they also acknowledge the platform's complexity and cost, which can be deterrents for some. For example, one user comments, "Oracle Procurement Cloud offers more automation and reporting capabilities than SAP Ariba, but it comes at a higher price point." Another user adds, "Coupa is a more user-friendly option than Oracle Procurement Cloud, but it lacks some of the advanced features." Ultimately, the user reviews reveal that Oracle Procurement Cloud is a powerful tool with the potential to significantly improve procurement processes. However, its complexity and cost may make it a less attractive option for some businesses. Choosing the right platform depends on a careful evaluation of individual needs, budget, and technical expertise.

Pros & Cons

  • Time savings: Users report significant time savings due to automation of manual tasks and streamlined workflows.
  • Improved visibility: Users appreciate the real-time insights into spending and supplier performance.
  • Enhanced collaboration: Many users highlight the benefits of the self-service portal for improving communication with suppliers.
  • Reduced errors: Automation and process control lead to fewer errors and improved data accuracy.
  • Scalability: Users value the ability to adapt the platform to their specific needs and grow with their business.
  • Cost: Oracle Procurement Cloud can be expensive, especially for small businesses, due to subscription fees and potential implementation costs.
  • Complexity: Users report a steep learning curve and the platform requires significant training for full utilization.
  • Limited customization: Some businesses find the platform's customization options insufficient for their specific needs.
  • Integration challenges: Integrating Oracle Procurement Cloud with other systems can be complex and require additional resources.
  • Reporting limitations: Some users find the reporting capabilities not as robust as they need, requiring additional data manipulation.

Key Features

  • Spend Analysis: Analyze historical spending data to identify trends, optimize purchasing decisions, and uncover cost-saving opportunities.
  • Sourcing and Requisitioning: Streamline the sourcing process with e-sourcing tools, manage requisitions efficiently, and automate approvals.
  • Contract Management: Create and manage contracts with suppliers, track performance against agreed terms, and ensure compliance.
  • Purchasing and Ordering: Automate purchase order creation, manage purchase orders efficiently, and track order status and deliveries.
  • Invoice Processing: Automate invoice processing with e-invoicing capabilities, match invoices to purchase orders, and manage exceptions efficiently.
  • Supplier Management: Onboard and manage suppliers, track performance and compliance, and collaborate effectively with key suppliers.
  • Reporting and Analytics: Generate comprehensive reports on spending, supplier performance, and procurement activities, providing valuable insights for data-driven decisions.
  • Workflow Automation: Automate routine tasks and approvals, streamline procurement processes, and reduce manual workload.
  • Integration with other Applications: Integrate with other Oracle Cloud applications like ERP,Financials, and Supply Chain Management for a holistic view of operations.
  • Mobile App: Access procurement data and manage tasks on the go using the mobile app, increasing accessibility and productivity.
Coupa Procurement Award
Coupa Procurement
Coupa Procurement
Start Price
$2,500
Monthly
Analyst Rating
88
SelectHub’s Analyst Rating for Coupa Procurement, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Coupa Procurement

Coupa Procurement receives consistent praise for its user-friendly interface, making it easy for teams to adopt and navigate. The platform's comprehensive features, including purchase order management, supplier catalogs, and contract management, streamline procurement processes and save valuable time. Coupa Procurement's real-time tracking of purchases and shipments enhances visibility and control over spending. However, some users note that navigation can be challenging initially and express a desire for more role-specific training resources. Additionally, while Coupa Procurement offers reporting capabilities, some users find them to be less extensive than desired, particularly for complex data analysis needs.

Coupa Procurement stands out with its focus on ease of use and comprehensive spend management tools. It simplifies procurement tasks, making it an attractive option for businesses seeking greater control and visibility over their expenditures. The platform's ability to track purchases, shipments, and invoices in real time provides valuable insights for data-driven decision-making. Coupa Procurement is particularly well-suited for companies handling numerous purchase orders and invoices, as it streamlines these processes and enhances efficiency. Its expense management and reporting features further cater to businesses requiring detailed financial oversight.

Pros & Cons

  • Purchase Orders: It’s easy to manage large purchase orders and search for vendors, according to all users mentioning this feature.
  • Invoices: It’s easy to file and submit invoices for suppliers in the experience of all the reviewers referring to this feature.
  • Tracking: Tracking purchases, shipments, expenses and pending approvals is simple, according to all reviews referring to this aspect.
  • Reporting: Every review about reporting agrees the tools make it easy to quickly create, save and access reports from mobile phones and desktops.
  • Manage Expense: The solution helps tabulate expenses and keep them transparent, according to all the reviewers referencing this aspect.
  • Usability: More than 60% of users mentioning this issue feel that the system is less intuitive, making it difficult to use and navigate.
  • Training: Training is not specified to job roles, as all the reviews mentioning this feature note.

Key Features

  • Purchase Requisitions: Helpful tools guide users through their buying processes while bringing preferred products to the surface. Also offers alerts to show discounts and other advantageous terms. 
  • Open Buy Shopping: Coupa Open Buy provides a centralized area for price comparison across all suppliers. Both punchouts and hosted catalogs are included. 
  • SOW-Based Spend Management: Flexible forms provide guidance through the process of entering the correct data for SOW-based processes. Also supports submitting work details and timesheets online to track performance. 
  • Budget Tracking: Manage budgets in real-time to get a better idea of spending impact before purchases are approved. Budget meters included in real-time dashboards help track spend. 
  • Fraud Detection: Spend Guard uses AI and machine learning to help detect fraud and errors across the entirety of spending. 
  • Faster Approvals: Leverage mobile and email-based tools to boost approval speed. Everyone involved in approval can check purchase requisition status and approve or reject it anywhere on an internet-enabled device. 
Basware P2P Award
Basware P2P
Basware P2P
Start Price
$15,000
Per Invoice Transaction, Annually
Analyst Rating
86
SelectHub’s Analyst Rating for Basware P2P, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Basware P2P

Basware P2P earns praise for its user-friendly interface and streamlined invoice processing, with reviewers often comparing it favorably to clunky legacy systems. "It's like night and day compared to our old system," gushed one user. "Invoices used to take weeks, now they're done in minutes." The automation features are a major hit, with users highlighting the ability to reduce manual tasks and errors. "It automatically matches invoices to POs and flags discrepancies," said another reviewer, "saving us countless hours and headaches." However, some users find Basware P2P's customization options limited, particularly when compared to competitors like Coupa. "We had to work with Basware's support team to get some basic customizations done," one reviewer mentioned. Additionally, the reporting capabilities, while functional, are seen as lacking some of the depth and flexibility offered by other solutions. "The reports are good enough for basic needs," said a user, "but for deeper analysis, we have to export data to other tools." Despite these drawbacks, Basware P2P's ease of use and automation muscle make it a strong contender for businesses seeking a user-friendly and efficient P2P solution. As one reviewer aptly summarized, "It's not perfect, but it's a huge improvement over manual processes and most other P2P systems we looked at. It just works."

Pros & Cons

  • Streamlined workflows: Automates tasks like PO matching, invoice capture, and approvals, saving time and reducing errors.
  • Improved visibility: Provides real-time spend data and customizable reports for better decision-making and cost control.
  • Enhanced supplier relationships: Self-service portals and faster payments improve communication and collaboration with suppliers.
  • Reduced costs: Automates processes, minimizes errors, and negotiates better supplier discounts, leading to significant cost savings.
  • Increased efficiency: Frees up staff from manual tasks for more strategic activities, boosting overall procurement efficiency.
  • Mobile accessibility: Manage key tasks like approvals and PO reviews on the go with mobile apps.
  • Integration complexity: Integrating Basware with existing systems can be complex and expensive, requiring specialized IT expertise.
  • Customization limitations: While configurable, Basware's core functionality may not fully adapt to highly specific procurement needs.
  • Scalability concerns: Large enterprises with high transaction volumes might face additional licensing fees or infrastructure needs.
  • Limited vendor adoption: Not all suppliers, especially smaller ones, may be actively using Basware, hindering automation benefits.
  • Reporting limitations: Out-of-the-box reporting might not be sufficient for complex data analysis, requiring additional tools.
  • Learning curve: Initial setup and configuration can be challenging, requiring training and support for users.

Key Features

  • Automated PO Processing: Streamline PO creation and approval with automated workflows, reducing errors and manual tasks.
  • Multi-channel Ordering: Order from various suppliers through a centralized platform, including e-requisitions, web portals, and punchouts.
  • Contract Management: Enforce negotiated pricing and terms with built-in contract compliance tools.
  • Supplier Onboarding Portal: Simplify supplier registration and enable self-service updates.
  • Supplier Performance Tracking: Monitor key metrics like delivery times and invoice accuracy to identify improvement opportunities.
  • Supplier Collaboration Tools: Foster closer relationships with suppliers through two-way communication and shared data.
  • Automated Invoice Routing and Approval: Eliminate manual invoice routing and approvals based on pre-defined rules.
  • Optical Character Recognition (OCR) and Data Extraction: Extract key invoice data automatically for faster processing and reduced errors.
  • Early Payment Discounts: Capture early payment discounts from suppliers to improve cash flow.
  • Real-time Spend Visibility: Gain instant insights into spending patterns and identify cost-saving opportunities.
  • Customizable Reports and Dashboards: Track key metrics and generate reports tailored to your specific needs.
  • Predictive Analytics: Leverage AI to anticipate future spending trends and make informed purchasing decisions.
  • Seamless Integration: Connect Basware P2P with your existing ERP, accounting, and other business systems.
  • Robust Security: Ensure data privacy and integrity with advanced security features and compliance certifications.
  • Scalability and Flexibility: Adapt Basware P2P to your evolving business needs and grow with confidence.
Ivalua Award
Ivalua
Ivalua
Start Price
$150,000
Annually
Analyst Rating
85
SelectHub’s Analyst Rating for Ivalua, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Ivalua

Ivalua receives praise for its robust functionality and adaptability to complex procurement processes. Users appreciate its ability to handle intricate sourcing events, contract management, and supplier collaboration. Its strength lies in providing a comprehensive suite of tools that streamline procurement operations, from requisition to payment. However, some users note that Ivalua's extensive features can lead to a steeper learning curve, requiring dedicated training and support. Compared to competitors like Coupa and Jaggaer, Ivalua stands out with its focus on configurability and scalability, making it suitable for large enterprises with diverse procurement needs. This adaptability is crucial for organizations with global operations or intricate supply chains. Users highlight Ivalua's ability to integrate with existing ERP systems and its user-friendly interface as key differentiators. While the initial setup may require effort, the long-term benefits of a tailored procurement solution make Ivalua a worthwhile investment for organizations seeking to optimize their procurement processes and achieve cost savings.

Pros & Cons

  • Source-to-Pay Digitization: Streamlines the entire procurement process, from sourcing and supplier management to contract management and invoicing, into a single digital platform.
  • Spend Visibility: Provides comprehensive insights into spending patterns, allowing for better cost control and identification of saving opportunities.
  • Supplier Management: Offers robust tools for onboarding, evaluating, and collaborating with suppliers, fostering stronger relationships and improved performance.
  • Contract Management: Simplifies contract creation, negotiation, and execution, ensuring compliance and mitigating risks.
  • Customization: Adapts to specific business needs and workflows, providing a tailored procurement solution.
  • Complex User Interface: The platform's interface can be overwhelming for new users due to its extensive features and functionalities. This complexity can lead to a steep learning curve and require significant training investment for effective adoption.
  • Customization Challenges: While Ivalua offers a high degree of customization, implementing and managing these customizations can be technically demanding. Organizations may require specialized IT expertise or external consultants to tailor the platform to their specific needs, potentially increasing implementation costs and timelines.
  • Reporting Limitations: Generating reports and extracting insights from data within Ivalua can be cumbersome. Users often find the reporting tools to be less intuitive and flexible compared to dedicated business intelligence platforms, making it challenging to gain comprehensive visibility into procurement performance.

Key Features

  • Source to Pay: Generate, observe and estimate value by internally connecting the S2P process for the complete operation. Cover all bases, from gaining maximum visibility to generating value, improving performance and developing a secure supplier base. 
    • Supplier Risk & Performance Management: Discover, onboard, manage and collaborate with suppliers to assign contracts while assessing risk data within a centralized, digitized space. Automate processes for real-time tracking to gain insights on categorized suppliers as per their risk types and resolve issues while following a streamlined workflow. 
    • Sourcing: Discover, track and source key suppliers and ensure contract compliance by accessing detailed insights using market research and contractual negotiations. 
    • Contract Management: Create, manage and negotiate contracts while collaborating across all facets and gaining maximum visibility. Access guided contract requests and automate processes by updating the contract repository. 
    • eProcurement: Digitize and optimize workflows, ensuring compliance while managing spend categories. Streamline purchase orders and update product catalogs while collaborating with suppliers. Control, manage and track budgets while analyzing real-time spend trends and data analytics. 
    • Invoicing: With features like one-click approvals, smart four-way matching and invoice automation, help create a streamlined invoicing process. Access eArchives for a lifetime reserve of invoices while seamlessly integrating into financial applications. 
    • Payments: Access real-time payment updates, transaction tracking and maximum visibility by enabling operational transparency in the supplier payment process. Minimize errors and frauds and grant B2B payments among cross-borders and domestic suppliers with full reconciliation. 
    • Spend Analysis: Generate personalized report analyses and ad-hoc and targeted KPIs to foster actionable insights. Access comprehensive reports and analytics based on sourcing, spend analysis, productivity, invoicing and accounts payable. 
  • Procure to Pay: Eliminate inconsistent data, maximize visibility and reduce unusual spending by digitizing the P2P process. Experience touchless, four-way smart matching along with invoice automation. 
  • Inventory Collaboration: Optimize and replenish stocks based on preset limits. Collaborate with suppliers and gain complete visibility across all inventory levels, from stock distribution to their locations. 
Workday Spend Management
Workday Spend Management
Start Price
$5,900
Annually
Analyst Rating
81
SelectHub’s Analyst Rating for Workday Spend Management, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Workday Spend Management

Workday Spend Management's ability to streamline spend analytics and automate tasks has resonated with businesses seeking greater efficiency and cost savings. Positive feedback highlights the software's intuitive design, which allows users to easily monitor expenses and engage with suppliers. The automation of procurement processes, including purchase requisitions and invoice management, has significantly reduced manual labor for many organizations.

Workday Spend Management stands out from the competition with its strategic sourcing capabilities. The platform facilitates collaboration with suppliers and stakeholders, enabling dynamic negotiations and seamless project intake. Real-time data on savings, reporting, and supplier performance empowers businesses to make informed decisions and optimize their supply chains. When compared to other spend management solutions, Workday's offering shines in its ability to provide a centralized platform for managing various business areas, including human resources, financial planning, and data analytics. This comprehensive approach allows for greater visibility and control over spending across the entire organization.

Workday Spend Management is an ideal solution for businesses of all sizes looking to enhance their spend management practices. Its scalability and flexibility make it suitable for organizations with varying needs and complexities. The platform's ease of use and comprehensive features empower businesses to save time and money while gaining valuable insights into their spending patterns. Whether you're a small startup or a large enterprise, Workday Spend Management can help you optimize your procurement processes and achieve greater financial control.

Pros & Cons

  • Streamlined Procurement: Workday Spend Management helps to simplify the procurement process, making it easier for businesses to manage their spending. The platform offers a centralized location for purchase orders, invoices, and contracts, which can help to reduce paperwork and improve efficiency.
  • Enhanced Visibility: Gaining better visibility into spending patterns is another advantage. The platform provides real-time insights into spending data, which can help businesses to identify areas where they can save money. This can be especially helpful for businesses that are looking to reduce costs or improve their bottom line.
  • Improved Compliance: Workday Spend Management can also help businesses to improve compliance with procurement policies and regulations. The platform offers features such as automated approval workflows and audit trails, which can help to ensure that spending is compliant with company policies.
  • Usability Challenges: Workday Spend Management can have a steep learning curve due to its complex interface and navigation, especially for those accustomed to more intuitive platforms. This complexity can lead to decreased user adoption and require additional training resources.
  • Customization Limitations: The system's rigidity can pose challenges for organizations with unique or industry-specific procurement needs. For example, tailoring approval workflows or integrating with niche third-party applications may require extensive configurations or custom development, which can be time-consuming and costly.
  • Reporting Constraints: Generating ad-hoc reports or extracting specific data points can be cumbersome, often requiring users to navigate through multiple modules or rely on IT support. This can hinder data-driven decision-making and limit visibility into spending patterns.

Key Features

  • Strategic Sourcing: Achieve quick implementation and collaborate with suppliers and stakeholders on contracts based on dynamic negotiations to source project intake seamlessly. Access real-time data to track savings, reporting, supplier performance and activity for a streamlined workflow. 
  • Procure to Pay: Create, categorize and manage purchase requisitions, orders, supplier invoices and policies to streamline P2P processes under a centralized space. Eliminate manual labor with machine learning to access real-time spend analytics. Automate the process to control spend data in a flexible manner. Enable a live chat option to receive quick status updates on invoices and requisitions. 
  • Inventory: Access robust inventory controls and supply chain analytics within a centralized, flexible framework. Store, track and manage inventory without any external interference using mobile controls. Gain complete visibility and instant data analysis of reports. 
  • Expenses: Minimize paperwork and manual labor by automating the process of expense reporting. Scan and upload receipts to automatically create expense reports based on expense category, price and other details. 
Zycus Award
Zycus
Zycus
Start Price
$50,000
Quote-based, Annual
Analyst Rating
81
SelectHub’s Analyst Rating for Zycus, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Zycus

Zycus Source-to-Pay evokes mixed emotions among users. Some praise its comprehensive functionality, calling it a "one-stop shop" for procurement needs. They highlight its strengths like user-friendly catalog management, streamlined contract management, and end-to-end visibility, leading to smoother procure-to-pay processes. "It's like having a highly efficient assistant managing all our sourcing and spending," one user gushes. However, others find the platform's complexity daunting. The abundance of features can feel overwhelming, leading to slow adoption and low utilization. "It's powerful, but the learning curve is steep," admits another user. Customization options are also a double-edged sword. While Zycus offers flexibility, some find the configuration rigid, limiting tailoring to specific workflows. "I wish it could bend a little more to fit our unique needs," laments a user. Integration also presents challenges. Difficulty syncing Zycus with existing systems can create data silos and disrupt processes. One user complains, "It's like information gets stuck in traffic jams between Zycus and our ERP." Reporting and analytics capabilities also receive criticism. Limited pre-built reports and lack of customization options leave some users feeling blindsided by data. "I need better insights to make informed decisions, but the reporting tools are just clunky," one user sighs. Cost is another major concern. Zycus' hefty initial investment and ongoing maintenance fees raise questions about ROI. "It's a big financial commitment, and I'm not sure we're seeing the cost savings we were promised," admits a user. Despite these drawbacks, Zycus' strengths remain undeniable. Its comprehensive suite, user-friendly interface, and strong vendor management capabilities set it apart from competitors. But for Zycus to truly win over users, it needs to address complexity, improve integration, and offer more flexible and insightful reporting tools. Only then can it live up to its potential as a truly transformative procurement platform.

Pros & Cons

  • Streamlined Workflow: Zycus automates manual tasks, reducing cycle times and errors, freeing up procurement teams for strategic initiatives.
  • Deeper Supplier Insights: Gain 360° visibility into supplier performance, enabling better collaboration and risk management.
  • Cost Savings Opportunities: Identify and capture hidden savings through e-sourcing, spend analytics, and contract optimization.
  • Enhanced Compliance: Ensure adherence to regulations with automated controls, mitigating risks and penalties.
  • Scalable and Adaptable: Zycus's modular platform grows with your business, adapting to changing needs and procurement complexities.
  • Complexity and Learning Curve: Extensive features and modules can overwhelm users, leading to slow adoption and low utilization.
  • Customization Challenges: Rigid configuration options limit tailoring the platform to specific workflows and needs.
  • Integration Issues: Difficulty integrating Zycus with existing ERP and financial systems, causing data silos and process disruptions.
  • Reporting and Analytics: Limited pre-built reports and lack of customization options hinder data-driven decision-making.
  • High Cost and ROI Concerns: Hefty initial investment and ongoing maintenance fees raise questions about long-term return on investment.

Key Features

  • Streamlined Procurement Processes: Automate and simplify requisitioning, sourcing, contracting, and invoice management, reducing cycle times and costs.
  • Spend Visibility and Control: Gain real-time insights into spending patterns across categories, suppliers, and locations to identify opportunities for cost savings and contract optimization.
  • Supplier Collaboration: Enhance supplier relationships through self-service portals, e-sourcing tools, and collaborative contract management functionalities.
  • Risk Management: Mitigate procurement risks through supplier prequalification, spend analytics, and compliance tools.
  • Supplier Onboarding and Lifecycle Management: Streamline supplier onboarding, qualification, and performance management with automated workflows and centralized data management.
  • Supplier Collaboration and Communication: Foster stronger supplier relationships through secure self-service portals, real-time communication channels, and collaborative tools.
  • Supplier Performance Management: Track and evaluate supplier performance based on key metrics, identify improvement areas, and drive continuous improvement.
  • Risk Mitigation: Proactively identify and address supplier risks through prequalification assessments, compliance monitoring, and risk scoring tools.
  • Automated Sourcing: Reduce sourcing cycle times and effort through automated e-sourcing tools for RFQs, RFPs, and auctions.
  • Reverse Auctions: Drive competitive pricing and cost savings through dynamic reverse auctions that leverage supplier competition.
  • Sourcing Optimization Tools: Utilize advanced analytics and data-driven insights to optimize sourcing strategies, identify best-value suppliers, and negotiate better contracts.
  • Supplier Relationship Management: Foster stronger supplier relationships through collaborative sourcing processes, supplier feedback mechanisms, and post-award communication tools.
  • Centralized Contract Repository: Store and manage all contracts in a single, secure repository for easy access, version control, and auditability.
  • Automated Contract Management: Automate contract approvals, renewals, and compliance checks to improve efficiency and reduce risks.
  • e-Signature and Approval Workflows: Streamline contract execution and approval processes with electronic signatures and automated workflows.
  • Contract Analytics and Reporting: Gain valuable insights into contract performance, identify areas for improvement, and optimize contract terms.
  • Real-time Spend Analytics: Gain real-time visibility into spending patterns across categories, suppliers, and locations to make data-driven procurement decisions.
  • Advanced Reporting and Dashboards: Generate customizable reports and dashboards to track key performance indicators, identify trends, and measure the effectiveness of procurement initiatives.
  • Predictive Procurement: Leverage AI and machine learning to predict future spending patterns, identify potential risks, and optimize procurement strategies.
  • Benchmarking and Best Practices: Compare your performance against industry benchmarks and best practices to identify areas for improvement and drive continuous improvement.
Tradogram Award
Tradogram
Tradogram
Start Price
$168
Monthly, Freemium
Analyst Rating
79
SelectHub’s Analyst Rating for Tradogram, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Tradogram

Tradogram, a comprehensive procurement software solution, has attracted considerable attention in the market. Users frequently highlight its user-friendly interface and intuitive design, enabling effortless navigation and quick adoption for teams. The platform's robust reporting and analytics capabilities empower users with valuable insights into spending patterns, supplier performance, and overall procurement efficiency. This data-driven approach facilitates informed decision-making and optimization of procurement processes. Additionally, Tradogram's seamless integration with various enterprise resource planning (ERP) and accounting systems streamlines data flow and eliminates manual data entry, saving time and reducing errors.

While Tradogram offers numerous advantages, some users note that its customization options could be more extensive to cater to specific industry or organizational needs. Furthermore, the initial setup and configuration process may require some technical expertise, potentially posing challenges for users with limited IT resources. Despite these considerations, Tradogram's strengths in user experience, reporting, and integration make it a compelling choice for businesses seeking to enhance their procurement operations. The software is particularly well-suited for mid-sized to large organizations with established procurement processes and a desire to leverage technology for greater efficiency and cost savings. Its ability to centralize procurement data, automate tasks, and provide actionable insights empowers procurement teams to make strategic decisions and optimize their supply chain management.

Pros & Cons

  • Streamlined Sourcing: Tradogram simplifies the sourcing process by automating tasks like vendor discovery and RFx management, saving procurement teams valuable time and effort.
  • Enhanced Visibility: The platform provides real-time insights into spending patterns and supplier performance, enabling data-driven decision-making and improved cost control.
  • Collaboration & Communication: Tradogram fosters collaboration between procurement teams and suppliers through a centralized communication hub, streamlining negotiations and contract management.
  • Risk Mitigation: The platform's risk management tools help identify and mitigate potential supply chain disruptions, ensuring business continuity.
  • Limited Customization: Tradogram's pre-configured modules might not fully align with the unique workflows and approval processes of every organization, potentially leading to inefficiencies or workarounds.
  • Learning Curve: The platform's extensive features and functionalities could present a steep learning curve for new users, requiring additional time and resources for training and onboarding.
  • Integrations: Seamless integration with existing ERP or financial systems might require additional configuration or development effort, potentially impacting implementation timelines and costs.

Key Features

  • Multi-Level Management: Access a flexible, intuitive and personalized multi-level management tool that helps connect different departments across various locations all under one roof. Configure a collaborative administration dashboard to create and categorize departments and manage and track workflows while granting access levels to managers and users. 
  • User Permissions: Delegate user roles with customizable permissions granting personalized access to a dashboard. Automate reports, enable notification alerts, and manage and review purchase orders. Verify account details and confirm orders before setting up automated integrations for the accounts payable process. 
  • Supplier List: Create, categorize and organize a master supplier list within a centralized database. Onboard suppliers without an existing account and evaluate their performances based on supplier ratings. 
  • Catalog: Create, import, organize and track orders based on an item master list for a streamlined workflow. Manage databases, add external items and first-time item orders during order creation, and link shopping carts using punch-out enabled technology. 
  • Approval: Eliminate irregular expenditures by configuring a customizable hierarchical approval workflow. Enable instant automatic notification alerts for approvals and exempt specific users from certain approval rules. 
  • Budget: Create budget levels and track company-wide expenditures, allowing visibility on all levels. Categorize budgets, manage project costs and limit excessive purchases by enabling automated notifications. 
  • Inventory: Track stock levels, set up reorder threshold points and create purchase orders for requisition orders. Update inventory by booking in received stock. 
  • Report Builder: Access an intuitive UI that helps generate customizable reports based on items, suppliers, locations, purchase order categories, document types and more. Automatically compile reports to help track orders at every stage. Analyze and access complete spend visibility in real time while granting limited control to each member to review spend reports. 
  • Requisitions: Create multi-purpose requisitions which can be routed through supervisors for approval before getting turned into purchase orders. Access and track order requirements from a single, centralized dashboard. 
  • Purchase Orders: Create, track, manage and set order approvals for purchase orders to limit extra spending and maximize procurement control. Access a centralized database and use filtered searches to gain full visibility and sort through orders based on required preference. 
  • Requests: Add item details from an external list or database and save request forms in both RFQ and RFP formats. Create and track single-format requests to suppliers in real time. 
  • Delivery Tracking: Organize delivery details, keep track of delivered orders and update them in the system automatically. Enable notifications in case of delayed delivery to maintain transparency between vendors and suppliers. 
  • Invoices: Create, match and sync multiple invoice entries to ensure a three-way match for all orders. Integrate with accounting software, like Oracle and QuickBooks, to incorporate general ledger details in the invoice process. 
  • Expenses: Draft and create expense reports while making customizable approval workflows in an expenditure tracking database. 
  • Contracts: Plan, create, store and manage various contracts to minimize expenses. Use filtered searches to sort and track based on expiry date, category, supplier, location and more. 
  • Instant Messaging: Enable notifications to access real-time responses and streamline communication within a unified database. Allow live collaboration between users and suppliers before finally passing it off for approval. 
Precoro
Precoro
Start Price
$35
Per User, Monthly
Analyst Rating
73
SelectHub’s Analyst Rating for Precoro, is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked Precoro

Reviews from the past year for Precoro paint a picture of a platform that streamlines procurement processes, saving businesses valuable time and money. Users consistently highlight Precoro's intuitive interface, making it accessible even for those without a finance background. The platform's robust reporting capabilities, with over 150 data points, empower financial teams to analyze spending patterns and make informed decisions. Integration with popular accounting software like QuickBooks and Xero further enhances Precoro's appeal, automating tasks and reducing manual data entry.

While Precoro receives widespread acclaim, some users note occasional system instability requiring restarts. Additionally, managing supplier interactions can be challenging as suppliers lack dedicated accounts within the platform. Despite these drawbacks, Precoro's strengths far outweigh its weaknesses. Its comprehensive feature set, ease of use, and time-saving automation make it a standout choice in the procurement software landscape. Businesses seeking a holistic solution to optimize their procurement processes will find Precoro to be an invaluable asset. From small startups to large enterprises, Precoro's scalability and affordability cater to diverse organizational needs. If you're looking to transform your procurement operations and unlock cost savings, Precoro is undoubtedly worth exploring.

Pros & Cons

  • Easy to Use: According to all users mentioning this aspect, the system is very easy to use and requires little training.
  • Budget Management: Every reviewer referring to this feature observes that the system has helped bring transparency and gain control over their budget.
  • Customer Support: The service team is always there to answer questions and even help make available features not offered by the software, according to all reviews referring to this aspect.
  • Approval Workflow: Everyone mentioning this feature says the system has helped them become fast and effective by offering customizable approval workflows.
  • Purchasing Process: It helps automate, streamline and maintain the purchasing process, according to more than 88% of reviews on this feature.
  • Reports: It’s easy to access real-time and customized reports, according to 70% of reviewers referencing this feature.
  • Purchase Orders: It’s difficult to create and delete open POs and to set repetitive POs, according to more than 55% of users mentioning this feature.
  • Integration: Integration with SAP, NetSuite, QuickBook and other accounting solutions is difficult, as more than 85% reviews that mention this feature note.
  • Import: All the reviewers that mention this aspect report that data importing needs improvement, as many things need to be entered manually.
  • Search Tool: Every user mentioning this aspect finds it difficult to search for POs with items named in it.

Key Features

  • Purchase Request: Manage all the requests in a single platform, clear statuses and analyze requests. Also provides e-commerce capabilities with catalogues. 
  • Purchase Orders: Automate the creation of purchase orders, attach files and export POs. Instantly convert requests into orders and leave comments on POs to pass information.  
  • Approval Workflow: Customize based on departments and locations, and receive instant notifications. Approve on a mobile phone and set thresholds and policies for routing. 
  • Budget Management: Create budgets for departments, locations and other custom fields. Automatically set budget limits, manage bulk uploads, control budget in real time with the help of a progress bar and get data-based reports to make informed decisions. 
  • Reporting: Includes standard, visual and customized reports for access to real-time data and filters for more precise reports. Allows exporting to accounting software. 
  • Integration: Get automatic integration and match fields automatically for flat-file integration. Integrate with Xero, NetSuite, QuickBooks and more. 
  • Inventory: Offers warehouse management, stock tracking and stock transferring. Get receipts for goods in the warehouse and manage stock requests and approvals. 
  • Three-Way Match: Match POs to receipts and invoices, track discrepancies, customize additional workflows and exceptions, and manage order revisions. 
  • Supplier Management: Create and manage a suppliers portal and suppliers list. Set up infinite product catalogs, manage contracts, store contacts and receive reports on supplier performance. 
  • User Management: Restrict user access, use two-factor authentication and manage multiple currencies, offices and countries in a single account. 

COMPARE THE BEST Procurement Software

Select up to 5 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Procurement Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
SAP Spend Management
96
$15,000
Annually, Quote-based
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
SAP Spend Management
JAGGAER ONE
92
$45,000
Annually, Quote-based
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
JAGGAER ONE
Oracle Procurement Cloud
90
$400
Per User, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Oracle Procurement Cloud
Coupa Procurement
88
$2,500
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Coupa Procurement
Basware P2P
86
$15,000
Per Invoice Transaction, Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Basware P2P
Ivalua
85
$150,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Ivalua
Workday Spend Management
81
$5,900
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Workday Spend Management
Zycus
81
$50,000
Quote-based, Annual
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Zycus
Tradogram
79
$168
Monthly, Freemium
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Tradogram
Precoro
73
$35
Per User, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Precoro

All Procurement Software (87 found)

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Tridge

by Tridge
Tridge
Tridge is a one-stop shop that helps businesses connect buyers and suppliers worldwide to easily find and source food products. It aims to bridge the information gap in the agri-food supply chain, fostering a more efficient and equitable trading environment.The data and analytics hub provides insights into global production, trade flows and pricing trends. It helps gather and analyze information from various sources, including official customs databases and the Food and Agriculture Organization (FAO). Businesses can use these insights to identify new suppliers and customers, understand market fluctuations, and make informed sourcing decisions.It offers supplier verification, logistics support and market reports to ensure an efficient sourcing experience. Small and medium enterprises can find information about import regulations, connect with logistics providers and initiate transactions directly through the platform. The pricing starts at $59 monthly for trade solutions, with custom pricing available for the data intelligence platform.
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SpendHQ

by SpendHQ
SpendHQ
SpendHQ is a unique software platform that ranks 42 among all Procurement Software according to our research analysts and 10 crowd-sourced reviews from 1 source. Starting from $40000, SpendHQ is priced moderately and is most fitting for any company. SpendHQ can be deployed online. Similar alternatives to SpendHQ include Oracle Services Procurement, Vendx and EstimateOne.
User Sentiment User satisfaction level icon: great
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Elcom

by Elcom Systems
Elcom
Elcom is a cloud-based, P2P, spend management solution that helps manage inventory while optimizing and digitizing the entire supply chain process. It helps provide spend visibility and control finances efficiently. It also helps in collaboration within organizations while reducing complexity and system fragmentation.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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Sievo

by Sievo
Sievo
Sievo is a unique software product that ranks 44 among all Procurement Software according to our research analysts. Starting from $500, Sievo is priced within reason and is most suitable for companies large and small. Sievo can be deployed in the cloud. Similar alternatives to Sievo include Oracle Services Procurement, Vendx and EstimateOne.
Cost Breakdown
$100 - $500
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eSupplier

by eSupplier.in
eSupplier
ESupplier is a notable application that ranks 45 among all Procurement Software according to our research analysts and 1 crowd-sourced review from 1 source. Starting from $100, eSupplier is priced fairly, has offered a free trial in the past and is most applicable for midsize businesses. ESupplier can be deployed online. Similar alternatives to eSupplier include Vendx, EstimateOne and Tradogram.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
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Platform
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Scout RFP

by Scout RFP
Scout RFP
Scout RFP is a notable software solution that ranks 46 among all Procurement Software according to our research analysts. Scout RFP is most suitable for medium-to-large-sized businesses. Scout RFP can be deployed in the cloud and is accessible from a limited number of platforms including Windows devices. Similar alternatives to Scout RFP include Oracle Services Procurement, EstimateOne and Tradogram.
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Platform
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Symphonia

by Veriscape
Symphonia
Symphonia is a unique software solution that ranks 47 among all Procurement Software according to our research analysts. Starting from $50000, Symphonia is priced reasonably, has offered a free trial in the past and is most applicable for businesses with hundreds or thousands of employees. Symphonia can be deployed in the cloud. Similar alternatives to Symphonia include Oracle Services Procurement, Vendx and EstimateOne.
Cost Breakdown
$1,000 or more
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Platform
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MM4

by MM4
MM4
MM4 is a noteworthy solution that ranks 48 among all Procurement Software according to our research analysts. MM4 is most advisable for businesses large and small. MM4 can be deployed online and is accessible from a limited set of platforms including Windows devices. Similar alternatives to MM4 include Oracle Services Procurement, EstimateOne and Tradogram.
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Platform
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VORTAL

by VORTAL
VORTAL
VORTAL is a unique software tool that ranks 49 among all Procurement Software according to our research analysts. VORTAL is most fitting for any sized business. VORTAL can be deployed online. Similar alternatives to VORTAL include Oracle Services Procurement, Vendx and EstimateOne.
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Platform
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Fraxion

by Fraxion
Fraxion
Fraxion is a unique platform that ranks 50 among all Procurement Software according to our research analysts and 50 crowd-sourced reviews from 1 source. Starting from $0, Fraxion is priced initially at no cost, commonly offers a free trial and is most applicable for any sized business. Fraxion can be deployed in the cloud and on-premise and is accessible from a handful of platforms including Windows and Linux devices. Similar alternatives to Fraxion include Bellwether, Ciiva and Request to Pay.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
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Platform
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PayEm

by PayEm
PayEm
PayEm is a corporate finance platform that automates and simplifies procurement for global businesses. It allows companies of all sizes to visualize their spending over time, streamline their expense request process and modernize their accounts payable management. It can integrate with any business’s ERP, and supports payments and transfers in more than 180 countries and territories.
Cost Breakdown
$10 - $100
Company Size
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PROKURA

by CICRA Solutions
PROKURA
PROKURA is a notable software tool that ranks 52 among all Procurement Software according to our research analysts. Starting from $29, PROKURA is priced moderately, has offered a free trial in the past and is most applicable for businesses large and small. PROKURA can be deployed in the cloud. Similar alternatives to PROKURA include Oracle Services Procurement, Vendx and EstimateOne.
Cost Breakdown
$10 - $100
Company Size
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Deployment
Cloud On-Premise
Platform
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Ion Wave

by Ion Wave Technologies
Ion Wave
Ion Wave is a cloud-based strategic sourcing solution for procurement teams of all sizes. It helps streamline bidding processes and supplier and contract management. Businesses can use a centralized platform to generate quotes, manage suppliers and receive alerts instantly for a seamless procurement experience.It automates manual tasks, facilitates vendor collaboration and ensures efficient bid evaluation. Procurement teams can benefit from faster turnaround times, increased competition among suppliers, and, ultimately, cost savings.It simplifies the bid management process, including RFPs, RFIs (Requests for Information) and sealed bids. Users praise the software's ability to improve transparency and reduce errors throughout the procurement process. However, some reviewers mention a slight learning curve when implementing the platform.It offers a flexible pricing structure based on an organization’s unique requirements. Additionally, a strong customer support team ensures smooth platform performance throughout the tenure.
Cost Breakdown
$100 - $500
Company Size
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Platform
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BuyerQuest

by BuyerQuest
BuyerQuest
BuyerQuest is a cloud-based, P2P solution that streamlines and enhances the purchase experience. It provides deep insights and transparency when it comes to spend management. Some of its features include procure-to-pay, contract and catalog management. Its private marketplace offers a one-stop shopping experience in a familiar B2C interface.
Cost Breakdown
$100 - $500
Company Size
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Vroozi

by Vroozi
Vroozi
Vroozi is a cloud-based, multi-channel solution that offers integrated strategic sourcing. It facilitates digital supplier collaborations with third-party vendors. It also helps create approval workflows, create and edit catalog content, and check audit logs. It is compatible with mobile devices and is accessible from anywhere.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
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Cetec ERP

by Cetec ERP
Cetec ERP
Cetec ERP is a cloud-based solution tailored for manufacturing and distribution businesses. It runs operations more efficiently while offering real-time visibility into every aspect of your business. Here’s what you can expect: Manage customer relationships and track sales processes from start to finish. Simplify quoting, track orders and keep production on schedule. Optimize purchasing decisions and streamline material requirements planning. Monitor stock levels in real time, reducing waste and ensuring availability. Maintain high standards with integrated quality control processes.Users love its easy-to-use interface and rich features. Many appreciate how it connects across departments, making operations smoother and less stressful. Unlike other ERP systems that use third-party vendors for support, Cetec’s in-house team provides direct help. Plus, updates come at no extra cost.You can use Cetec ERP as a cloud-based solution via a web browser or as an on-premise installation with local servers. When it comes to pricing, Cetec ERP uses a subscription model. Base users are $50 per user per month with a minimum of five users, while shop floor users are $25 per user per month. Volume discounts are available for larger teams, making it a great choice for businesses looking to grow.To learn more about Cetec ERP, visit their company page.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
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Unit4 ERP

by UNIT4
Unit4 ERP
Unit4 ERP leverages a natural language digital assistant to expedite day-to-day business activities and provides a seamless user experience. Its financial management module offers real-time visibility and control over each stage of the record-to-report cycle. It consolidates enterprise-wide data within a unified system to streamline budget planning and analysis. Automate and streamline project life cycles, optimize resource utilization and execute projects with precision with the project management inclusion.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$10 - $100
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Xeeva

by XEEVA
Xeeva
Xeeva is a cloud-based, source-to-pay solution developed with patented AI technology embedded in its core. Using AI tech helps enrich data to simplify sourcing processes and make transparent sourcing decisions. It automates tasks and minimizes errors and labor. Some of its other features include procure-to-pay and spend analytics.
Cost Breakdown
$1,000 or more
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Unimarket

by Unimarket
Unimarket
Unimarket is a cloud-based solution that helps simplify and automate processes within one integrated space. It has a vast catalog-driven supplier marketplace and helps provide an intuitive shopping experience for suppliers. It is flexible, configurable and helps integrate with financial systems while granting complete visibility into the P2P process.
Cost Breakdown
$1,000 or more
Company Size
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Xelix

by Xelix
Xelix
Xelix is an up-and-coming software tool that ranks 135 among all Accounts Payable Software according to our research analysts. Xelix is most suitable for all business sizes. Xelix can be deployed in the cloud. Similar alternatives to Xelix include Checkflo, DocStar and Sage Accounting.
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See the Price per User for the top Procurement Software… plus the most important considerations and questions to ask when shopping

Buyer's Guide

The Best Procurement Software Makes Purchasing and Organization Simple 

By Amrita Chakraborty, Content Writer and Market Analyst at SelectHub

Procurement Software Buyer's Guide

Everyone knows that time is money. An afternoon spent on tedious, time-wasting tasks is equivalent to throwing cash out of the window. Procurement software is a valuable time-saving solution meant to keep resource waste at a minimum. 

The procurement process is full of clerical duties that can keep valuable employee time from being adequately maximized. A procurement system is critical for efficient, consistent support of the B2B purchasing value chain — especially considering the rise of digitalization.

At a minimum, procurement management software is a time-saver. Each situation calls for its own solution, however, so take some time to consider what you are looking to accomplish. By the time you have finished this guide, you should have enough knowledge to begin pursuing your procurement system!

Executive Summary

  • Boost productivity and move away from time-consuming duties with software.
  • Procurement software boosts organization and speeds up direct and indirect spend tasks.
  • Procure systems provide helpful core features and more advanced features for complex operations.
  • Asking vendors questions will help you decide on a final product. Check out some examples in this guide.
What This Guide Covers
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What Is Procurement Software?

In a nutshell, procurement management software handles supply chain management tasks related to the central management of purchasing, sourcing, vendors and suppliers, invoicing, maintaining optimal inventory amounts, and more.

Like many supply chain focused solutions, the features present in these platforms can vary. Software encompassing all processes is commonly referred to as “procure-to-pay” solutions.

Improving communication is another key piece of procurement systems. Running smooth and optimized processes requires clear lines of communication between stakeholders like vendors, suppliers, procurement officers and more. They also leverage automation to reduce time-intensive tasks that can bog down valuable employees.

Finding the best value for materials, improving purchasing cycles and ensuring that purchase orders are optimized for increased revenue are all within the capabilities of a procure system.

In short, procurement solutions:

  • Automate and streamline purchase processes, including purchase order creation and distribution.
  • Ensure invoices and orders match up to avoid costly errors down the line.
  • Provide valuable visibility into all purchases while maximizing spend management.
  • Optimize approval workflows with automation and mobile approval acceptance.
  • Document and verify payments.
  • Connect with vendors, suppliers and more while managing communications between partners.

Procurement vs. Sourcing

These terms often see interchangeable use in conversation, but there are some key differences between the two to keep in mind:

  • Procurement: Procurement is an overarching set of processes that is the lifeblood of supply chains worldwide. Before you manufacture products, you have to procure them — sounds simple enough. Procurement, in a nutshell, involves placing, confirming, paying and following up on product orders.
  • Sourcing: Sourcing, while part of the procurement process as a whole, happens before any of the above processes begin. Before you can procure items, you need to identify a source to purchase them from. Think of sourcing as the entry point into the rest of your procurement processes.

It’s worth noting that both of these vital tasks can be handled separately or together. Similarly, your procurement teams can take over sourcing, and your sourcing teams can procure — it’s really up to you and your business. However, it’s generally accepted that separating them helps reduce errors and simplifies each.

Deployment Methods

Most software today falls within two camps — cloud-based or on-premise solutions. The market has seen a massive influx of cloud-based procure systems due to their many advantages. However, on-premise platforms do have a few advantages that help keep them relevant. Here is a quick breakdown of some pros and cons of these two deployment strategies:

Cloud-based Advantages

Like most supply-chain-based industries, procurement teams have been moving their platforms to the cloud in large numbers, and here’s why:

  • Lower Costs: Cloud-based software usually offers SaaS subscription models for pricing instead of the large, upfront investment required for an on-premise procure system. Low monthly payments also open the door for smaller businesses that cannot drop large amounts on integrating software.
  • Increased Collaboration: Software hosted in the cloud opens up communication between departments regardless of geographical location. Mobile apps ensure that parties can give important approvals from anywhere and users can view and manipulate data on the go without being chained to a desk.
  • Flexible and Scalable Platforms: While customizing the nuts and bolts of a cloud-based platform isn’t a readily available feature, businesses can integrate their procurement systems with other tools to optimize their workflows. As your business grows, you can adjust database and transaction volume changes to suit the needs of your business as it expands its market reach.
  • Better Performance: Cloud-based platforms leverage the resources of their hosting providers to handle spikes in traffic. Instead of manually upgrading an in-house solution for busy times of the year, you can increase your usage as needed and scale down afterward.
  • Optimized Disaster Recovery: Leveraging third-party sources to help manage your procurement and sourcing tasks can save you huge amounts of time and money in the event of a disaster or catastrophic failure of equipment. Most vendors offer backup options. On-premise systems can also back up important information, but only if your backup devices are in the same physical location.
Disadvantages

No system is perfect, and as beneficial as cloud-based ones are they come with their own sets of pitfalls:

  • Smaller subscription-based payments make these systems accessible, but these charges increase over time. If you’re expecting to use a system for a long time, be sure that you aren’t losing money in the end.
  • Since these procurement platforms are hosted by vendors through the web, you’ll need an active internet connection to work with them. Power outages and service interruptions can throw a wrench into your processes and slow down your transactions.
  • Customizing and scaling these solutions can lead to unexpected costs with your vendor. Since the vendor runs the system for you, you must go through them for any additions or changes your business requires.
  • It’s easy to see why the cloud and procurement go hand in hand. However, those looking to exert total control over their systems should look to an on-premise platform.

On-premise Advantages

Even though on-premise deployments are falling in popularity, they have some advantages worth mentioning:

  • Customization: Nothing beats an in-house platform when it comes to fine-tuning software from top to bottom. Since everything is contained within the actual physical business, the solution can be built to meet the specific requirements of a business.
  • Security: Housing your solutions within your business ensures that they are safe from outside attacks. Walking across the building and physically looking at your network is comforting in the world of software security.
  • Internet Connectivity: Internal systems don’t require the internet to function; while you may need it to send and receive data from external sources, you can still perform in-house functions without a strong connection.
Disadvantages
  • On-premise procurement software is costly for several reasons. You’ll need to physically implement hardware and software to run the solution, on top of hiring IT professionals to keep things running and to solve any errors that arise.
  • Cloud-based systems benefit from rapid implementation. On-premise solutions take much longer to get up and running due to their physical presence at your operation. Expect much longer timelines to get your procurement tools ready to go with this type of deployment strategy.
  • Operating an on-premise system also requires some in-depth knowledge of procurement processes and how they work; this includes your external partners. Cloud-based platforms benefit from the vendor’s experience.

It’s worth mentioning that cloud-based systems aren’t exactly wide open to attack. Providers are always looking for ways to update and patch their security networks to protect their users’ solutions.

Ultimately, your company’s unique requirements should guide your choice of deployment strategy.

Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

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Primary Benefits

Now that you have a basic idea of procurement software, let’s dive in a little deeper.

Procurement Software Benefits and Features

Discussed below are some of the primary benefits of procurement software:

Centralize Data

Procurement systems built as a single source of truth ensure that there are no data discrepancies across all processes and workflows. Instead of piecemeal modules, a single source of truth takes all disparate procurement and sourcing information and disseminates them across the platform.

Improve Inventory Control

Up-to-date inventory information and demand preparation are critical to smooth processes. Integrating a procurement tool frees you from pen-and-paper inventory organization, automates reordering and provides real-time stock level notifications.

Increase Spend Visibility

Procurement systems usually come stocked with analytical tools that users can leverage to get valuable insight into their spending. These features can help highlight places where spend is outside of established protocols to mitigate risk. The data gleaned from spend analysis can show users how to cut costs and improve their supplier relationships.

Cut Costs

Digitizing processes comes with numerous advantages, especially when it comes to saving money. Secure backups of important documents help avert potential conflicts with vendors and suppliers, while vital data is visible through electronic organization.

Standardize Workflows

Standardization throughout procurement processes lets users build flexibility and control into their workflows to ensure their tasks flow efficiently, maintain accuracy and account for special transactions that require unique handling.

Enhance Supplier Management

Strong supplier relationships are vital to a thriving procurement operation. These solutions give you the tools to communicate and measure critical performance KPIs.

Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

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Implementation Goals

Before fully integrating a procurement tool, you need to identify the essential goals you wish to accomplish. The success of a procurement system depends on what critical needs it fulfills for its enterprise.

Here are some common goals that procurement management software should meet to streamline your purchasing tasks.

Goal 1

Efficient Purchasing

Automating purchasing tasks is one of the main draws of procurement systems. Speeding up the creation, acceptance and verification of purchasing orders frees up valuable resources to spend elsewhere.

This goal applies universally as speeding up ordering tasks is a desire brought by most implementing this type of procurement management system.

Goal 2

Data Integration

Continuity of data from one area of functionality to another is a critical implementation goal. If a platform is not in use, integration is easier than ever — as long as there is continuity throughout the procurement value chain.

Sourcing, contracts and purchasing can function very well in isolation, but the savings and oversight potential is tightly coupled with procurement’s ability to connect the data — and, therefore, the activities — conducted in each one.

Goal 3

Improved Supplier Relationships

Although the primary stakeholders are procurement and enterprise buyers, suppliers also deserve consideration. Evaluating potential procurement systems for their user-friendliness towards all parties will improve the implementation process and long-term ROI.

Specific concerns include whether it is possible for suppliers to efficiently manage multiple customer needs from one login and with one data set as well as the complexity of uploading and altering online catalogs.

Goal 4

Better Oversight and Governance

To achieve the “single source of truth” objective with procurement, the company must get most purchasing transactions to flow through it. Non-compliance (also commonly known as “maverick” spend) is a challenge that plagues every team with an established process.

The strength of the enterprise mandate for using procurement can be supported by the solution itself, making use of restrictive features or allowing access to more choices.
Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

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Basic Features & Functionality

While procurement software comes in many different forms, you can expect many of these core features to be present. Many providers offer all of the following functionality, albeit at varying levels of maturity and proficiency, while some specialize in offering a subset.

Even when companies do provide a broad range of functionality, it is wise to investigate whether they are fully integrated at the code level or were consolidated under one brand and interface through the acquisition of point solutions.

Catalog Buying

This component of functionality is often considered to be its entire purpose, since this is the primary touchpoint for the majority of the organization. Procurement management software can specify suppliers for the purchases that others in the organization will make.

In some cases, suppliers will provide entire “punchout” catalogs that leverage their own detailed item information and reflect the specifications and prices under contract with the enterprise.
ERP Contract Management

Once an award decision comes through, contract terms and language require signing and agreement by all parties. Contract management functionality may include redlining (legal revisions with tracking) and electronic signature.

Or, it may simply contain the storage of terms and expiration so they can be centrally managed and enforced over the duration of the agreement. The legal team should involve itself in setting functionality expectations.
Billing

Automated billing processes are another major draw of procurement software. Quickly matching invoices to their individual orders and automatically resolving payments is standard for this type of software.

With the automation of this process, miscommunications and problems that arise during billing in analog settings will be things of the past.

Larger enterprises usually have a billing solution in place, but smaller operations often benefit from upgrading to an electronic billing solution.
Ordering and Selection

One of the many standard features of procurement management systems is an easy-to-use ordering format. Simple item listings and data from past orders help speed up the selection and ordering processes.

If one ordering strategy is successful, it is accessible from the order history and able to be brought in and used again.
Spend Analysis

Real-time data gathered from spend analysis is key to optimizing processes. Analyzing expenditure data to identify cost-cutting solutions and highlighting possible trends helps enterprises stay competitive and efficient.

This data is useful for employees in other departments to put together inventory lists or in crafting a budget.
Purchase Order Approval and Delivery

Procurement management software stores data in one easy to access place which allows for easy tracking of orders. Once approval comes through, the order is accessible immediately.

This also guarantees that users who need to inspect and approve the orders have an easy way to access them.

Delivering orders to their recipients via their preferred method of transport is also part of this feature. Instead of long delivery tasks devouring useful blocks of time, these processes are taken over by the software.
Requisitions

Successful procurement software gives you the tools to easily navigate requisitions. The ability to review requests for services or goods and then quickly approve or cancel them helps keep the supply chain moving.
Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

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Advanced Features & Functionality

The core features of procurement software will begin as your one stop shop for improving procurement practices. As you become familiar with your software suite, you will want to keep in mind some more advanced features that can enhance other aspects of the process.

Below are some extra pieces of functionality to keep in mind, though you should ask procurement software companies about availability in their products.

Marketplace Functionality

Most companies focus on making their data accessible with procurement implementation. There are significant efficiency gains available with access to the knowledge and information of their industry peers.

Some procurement management software providers offer access to new marketplaces of suppliers that extend beyond their current knowledge.

This resource can shorten the time between the identification of a product or service need and a contract, or it can serve as a backup plan in response to supply chain disruption.

Evaluate the number of suppliers available, the information in their profiles, the process of validation and the industries they represent.
Mobile Accessibility

Mobile functionality can be beneficial to implement down the line. Orders are placeable on the go, and spend data is viewable in the palm of your hand.

Never wait to find out how procurement processes are resolving with mobile accessibility.

Procurement management software is comparable to the head chef of a kitchen. With so many pots on the fire, being able to access spend or purchase data anytime anywhere keeps you on top of the many processes at hand.
Ordering Templates

Once you are familiar with your procurement software, you can customize some functionality to speed up efficiency. With templates designed by those who most often interact with the software, ordering speed will rise.

Instead of crafting original purchase orders every time supplies are in demand, procurement systems allow for the creation of ordering templates that can save time on recurring orders.
Follow-up and Reminder Messages

Some software packages come with practical functionality that can keep you up to date on important requests. Following up on purchase orders with suppliers helps cement good communication and maintains supplier accuracy.

With so many moving parts in the procurement arena, reminders can be set to keep you on track and able to keep up. If specific purchase orders are time sensitive, these reminders can prevent a potential problem down the line.
Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

Get free access now

Current & Upcoming Trends

With 2023 just around the corner, it’s time to take a peek into some of procurement software’s recent and upcoming trends.

Increase in Cloud-based System Adoptions

Procurement thrives off of real-time data, and cloud-based solutions give users robust reporting and analytics capabilities to stay on top of demand without holding onto too much stock. As we said earlier, the low cost of entry associated with SaaS platforms is also driving interest in cloud-based services and giving smaller businesses a chance to leverage the power of a procurement system.

The global procurement software market was valued at $7 billion in 2021. It’s expected to reach $14.9 billion by 2029, growing at a CAGR of 9.86%.

Procurement Software Market

With the market value expected to double by 2029, here are some of the trends you can expect to see grow with it.

An Increasingly Volatile Market

Online shopping is in even more demand than expected, and customer demand can change in an instant. Procurement software that can scale up and down as needed to meet the nebulous needs of the market is more important now than ever.

Environmentally-minded Procurement

As more businesses try to become more carbon neutral, procurement software providers are jumping into the ring with ways to push supply chains toward being green. These systems help procurement teams work with suppliers to find the most environmentally conscious procurement strategies while avoiding anything that is sourced unethically.

Procurement is one of the best sections of the supply chain to start making these kinds of changes due to its close proximity to the materials required to keep the supply chain running.

A Focus on Supplier Relationships

Maintaining healthy relationships with your suppliers helps keep the supply chain agile and able to absorb disruptions without grinding completely to a halt.

Improving communication with your suppliers can help you avoid issues by ensuring you can contact them at a moment’s notice to implement changes or adapt to disaster.

Procurement Processes as Risk Mitigation Support

Digitization is sweeping the globe and letting procurement officers empower buyers with the ability to source and purchase on their own. Procurement software gives users powerful purchasing templates that can cut down on the need for time-intensive oversight. Visibility into sourcing operations is also becoming a key factor in eliminating hidden or unnoticed supply chain risks.

Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

Get free access now

Software Comparison Strategy

When you begin your search for a procurement system, there are a few things to keep in mind when measuring up the competition:

  • Integration capabilities with legacy systems
  • Specific modules or end-to-end features
  • Analytical and reporting capabilities
  • Customizability
  • Mobile apps and accessibility
  • Vendor support
  • Approvals and authorizations
  • Supplier identification and communication
  • Invoicing
  • Negotiation tools

Procurement tools come in a variety of flavors, so be sure to construct a list of make-or-break features that your final solution has to offer. Take a look at our procurement requirements template if you need some help getting started on a list of must-have features.

Some platforms handle specific portions of the procurement cycle, like procure-to-pay, spend management and purchase order software. You can also go with an end-to-end procurement system to ensure you get all the features you need to meet your requirements.

Pricing Considerations

Depending on your deployment strategy, the cost of your procurement tools will vary. Most cloud-based systems vendors charge by the user on a per-month basis. The overall costs of your system will also include any additional services your vendor provides on top of the access levels your users require. Adding modules or scaling up also comes with extra costs.

Like we discussed earlier, purchasing an entire system for an on-premise deployment will cost significantly more upfront, but could save you more down the line depending on how long you plan to use a system.

Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

Get free access now

Questions To Ask Yourself

You may be tempted to dive into the market and line up a short-list of vendors to solve your inefficiencies, but take a minute to slow down and assess your business. Asking some of these simple questions can help start you off with a strong foundation of what you need in a new procure system:

Helpful Questions to Ask About Procurement Software

  • Do I need a full procure-to-pay solution or specific modules?
  • What do my procurement and sourcing teams need?
  • What does the new solution or module need to accomplish?
  • Is now the best time for a new integration?
  • What are the features required?

Questions To Ask Vendors

As you finish narrowing down specific vendors and software packages, you may have a few lingering concerns about making the right choice. Before making a final decision, come up with questions you can ask vendors related to any remaining confusion you have.

Here are a few examples to you get you started:

About the Software

  • How will this software integrate with your complete supply chain?
  • Does it help with sourcing as well as procurement?
  • How does the solution scale with my business?
  • How much does the solution cost?
  • How is the software deployed?

About the Vendor

  • How does support work, and are there self-learning tools?
  • How long does implementation take?
  • Do you offer training and support options?
  • Who are your competitors?
  • Do they offer paid or free integrations?
Procurement Software Report

Expert recommendations and analysis on the top Procurement Software

Get free access now

Final Thoughts

Efficient procurement and sourcing are vital to a healthy supply chain. Take your time when considering new procurement software, line up your requirements, talk to your teams and check out our procurement comparison guide for a more in-depth look at the software market. We created this guide hoping to give users a solid foundation for choosing their perfect procure system, good luck and happy hunting!

Product Comparisons

Additional Resources

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Amrita
By Amrita Chakraborty
Technical Content Writer
Amrita is a Technical Content Writer and Market Analyst at SelectHub. She writes content for categories such as inventory management and procurement. When she is not working, Amrita spends her day bingeing shows, napping, writing about mental health, and petting cats.
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Vidhi
Technical Research By Vidhi Kanodia
Senior Analyst
Vidhi Kanodia joined SelectHub after graduating from Osmania University in Hyderabad. Building on the hands-on experience she gained there, she expertly reviews peer research work in categories like procurement, PLM, eCommerce, insurance, hotel management, risk management and legal software.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Ryan
Edited By Ryan McElroy
Content Editor
Ryan McElroy is a Content Editor and Senior Market Analyst at SelectHub who writes and edits content on various software types, along with their broader concepts and the industries they serve, including medical, construction, CMMS, supply chain management and legal. He studied at the University of Missouri (Mizzou) and earned his BA in Journalism in 2016. During his free time, you’ll find Ryan playing video/card/board games, sipping coffee and reading speculative fiction, or listening to music his loved ones often describe as “headache-inducing.”
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