Categories   >   SRM Software
Last Reviewed: November 19th, 2024

Best SRM Software Of 2024

What is SRM Software?

Supplier Relationship Management (SRM) Software is smart business software designed to orchestrate collaborative relationships between a company and its suppliers. Intended to reduce procurement costs and foster supplier innovation, SRM eliminates supplier-related inefficiencies, transforming the traditional procurement process. Functions like supplier evaluation, contract management, procurement, risk management, and performance tracking underpin its offering. Emerging features lean towards AI for predictive analytics, real-time monitoring and blockchain for improved trust. Users from industries with complex supply chains, like retail, manufacturing, and healthcare particularly benefit from SRM software. However, SRM’s utility can be hampered when data input is inconsistent, and user adoption is poor. In summary, SRM serves as a relationship advocate, fostering supplier collaboration, yielding cost savings and supply chain resilience. This dynamic blend of benefits positions SRM as a significant enabler in achieving strategic procurement objectives.

What Are The Key Benefits of SRM Software?

  • Enhances supplier relationships
  • Reduces procurement costs
  • Optimizes supplier performance
  • Improves risk management
  • Boosts supply chain resilience
  • Tracks contract compliance
  • Aids in supplier evaluation
  • Automates procurement processes
  • Supports informed decision-making
  • Promotes supplier innovation
Read more

Overall

Based on the latest available data collected by SelectHub for 89 solutions, we determined the following solutions are the best SRM Software overall:

Ariba
Ariba
Start Price
$50
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Ariba

SAP Ariba is a comprehensive tool designed to help organizations with procurement, sourcing and supply chain management. User reviews suggest that data emailing and a steep learning curve are a couple major drawbacks of the product. The customer support is slow for light account users as well. Another con is that lags occur during basic navigation tasks. However, consistent product updates help solve such hindrances and consistently add new capabilities. It’s easy to use and can be easily synced with an ERP solution, which many users cite as a great advantage. All in all, it provides strong benefits but has some drawbacks that may make other solutions a better choice.

Pros & Cons

  • Regular Feature Updates: New features are regularly introduced in the software, which is an advantage according to all reviews on this aspect.
  • Easy to Use: More than 90% of reviews on this feature suggest that the software has an intuitive user interface and all features are easy to navigate.
  • ERP Synchronization: It’s easy to integrate with an ERP system, a chief benefit as all reviews on the topic indicate.
  • Data Emailing: According to 80% of reviews on email capabilities, sending generated data via emails is slow and cumbersome.
  • Learning Curve: It has a learning curve for new users, as all reviews on this aspect state.
  • Lags Sometimes: According to all reviews on speed, the website lags occasionally while opening windows or clicking on drop down menus.
  • Customer Support: User support is quite slow especially for light account users, according to all reviews on customer support.

Key Features

  • Buying and Invoicing: A configurable interface with built-in approvals keeps up-to-date with compliance and cataloging. Removes the difficulty in the procure-to-pay process by simplifying the management of each step and supports businesses agility and scalability through global spend and visibility tools. 
  • Financial Supply Chain Management: Streamline operations by eliminating manual entry and applying automation to complex processes. Link purchase orders to invoices, improve metric capture, comply with tax regulations, capture payment discounts and more. 
  • Strategic Sourcing: Integrates into procurement execution processes for increased visibility, more savings opportunities and spend segmentation. Enables teams to organize and standardize their source-to-contract tasks, as it aggregates purchase orders with proper classification. 
  • Direct Spending: Integrates with all processes from product design to manufacturing and delivery, which helps: 
    •  Speeds up the time to market and provides a head start on the competition. 
    •  Boosts supplier collaboration by identifying product shortages before they become costly problems. 
    •  Increases supply chain visibility to increase fill rates and reduce overall inventory levels. 
  • E-Procurement: Helps reduce bottom-line costs by delivering optimal negotiated savings rates. Decreases buying cycles by up to 50%, lowers supply costs by 10% and reduces processing costs by up to 60%. 
  • Intelligent Spend: Users can simultaneously handle spend by category as well as coordinate spend policies for supply chain operations with a fully unified view of all spend processes. Supports all critical spend categories, including direct and indirect materials, external labor, travel and other expenses. 
  • Buyer Services: Robust deployment services, solution consultations and adoption support enables a quick deployment and ensures that requirements are met right out of the gate. 
Coupa
Coupa
Start Price
$499
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Coupa

Coupa has been a major player in the Supply Chain Management software game for over a decade, but how does it stack up in 2024? User reviews from the past year paint a picture of a platform with strengths and weaknesses. On the plus side, Coupa consistently receives praise for its user-friendly interface and its ability to help businesses save money by streamlining procurement processes and providing greater visibility into spending. However, some users find Coupa's pricing to be on the higher end and feel the platform lacks the flexibility to adapt to their specific needs, especially when compared to competitors like SAP Ariba and Oracle SCM Cloud. Coupa's unified platform approach is a significant differentiator, offering a comprehensive suite of applications for managing spend, procurement, and supply chain activities, which can be a major advantage for businesses seeking an all-in-one solution. Yet, this can also be a drawback for those who only require specific functionalities, as they may end up paying for features they don't need.

So, who is Coupa best suited for? It's a solid choice for mid-sized to large businesses looking for a user-friendly, cloud-based solution to gain better control over their spending and supply chain operations. However, businesses with unique requirements or budget constraints may want to explore other options that offer greater flexibility and affordability. Remember, the software landscape is constantly evolving, so it's always a good idea to check for the latest reviews and comparisons before making a decision.

Pros & Cons

  • Streamlined Procurement: Coupa simplifies the purchasing process, making it easier for employees to buy what they need while adhering to company policies. The platform offers features like guided buying, which helps users find the right products and suppliers, and automated approvals, which speed up the procurement cycle.
  • Enhanced Visibility: Coupa provides real-time visibility into spending, allowing businesses to track expenses, identify savings opportunities, and make more informed decisions. The platform offers customizable dashboards and reports that give users insights into key metrics, such as spend by category, supplier performance, and contract compliance.
  • Improved Supplier Management: Coupa helps businesses manage their supplier relationships more effectively. The platform offers tools for supplier onboarding, performance management, and risk assessment. This can help businesses reduce supplier risk, improve supplier quality, and negotiate better pricing.
  • Customization Challenges: Tailoring Coupa to specific workflows can be complex and time-consuming, often requiring significant IT support or external consultants. This can be a barrier for organizations with unique or evolving supply chain needs.
  • Usability Concerns: The user interface can feel clunky and unintuitive, leading to a steep learning curve for new users. Coupa's extensive features and functionalities can overwhelm users, making it difficult to navigate and locate specific information efficiently.
  • Integration Complexities: Integrating Coupa with existing ERP or other enterprise systems can pose challenges and require additional development effort. This can impact data consistency and hinder seamless information flow across different platforms.
  • Cost Considerations: Coupa's pricing structure can be complex and may involve multiple modules or add-ons depending on specific requirements. This can make it difficult to accurately predict and manage overall costs, especially for growing organizations with evolving needs.

Key Features

  • Sourcing Service Providers: Source the right talent using a resume index and initiate temporary or SOW-based project work requests easily. 
  • Collaboration: Release work orders to suppliers and allow tracking of details about work completion and progress. Keep everyone updated on the status of the deliverables. 
  • Onboarding and Offboarding: Onboard and offboard contingent workers securely and with ease to ensure optimum efficiency and to get more value for the spending. 
  • Compliance: Ensure suppliers meet SLAs, as well as comply with company policies and laws regarding temporary labor in complex contracts. 
  • Artificial Intelligence: Access and leverage talent with the right skills set using recommendations from an AI-supported resume index. 
NetSuite
NetSuite
Start Price
$999
Per User, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked NetSuite

User reviews for NetSuite ERP paint a mixed picture, highlighting both its strengths and weaknesses. Many users praise its comprehensive features and real-time data visibility, reporting improvements in efficiency and collaboration. One user commented, "NetSuite has transformed our business by automating tedious tasks and providing us with a single source of truth for all our data." Another added, "The collaboration features are fantastic – we can now work together seamlessly across different departments, which has boosted productivity significantly." However, users also raise concerns about the complexity of the platform and its high cost. Some find the learning curve steep and the customization options limited compared to competitors like SAP Business One and Microsoft Dynamics 365. One user noted, "NetSuite was initially overwhelming for our team due to its complexity. We had to invest heavily in training just to get started." Another commented, "The cost was a major barrier for us. We found other ERP solutions that offered similar features at a fraction of the price." The issue of vendor lock-in is another recurring concern among users. Switching to a different ERP system can be challenging due to data migration issues and dependence on NetSuite's proprietary features. One user expressed their apprehension, "We're worried about getting locked into NetSuite's ecosystem. Switching to another provider seems like a huge headache." Overall, user reviews suggest that NetSuite ERP is a powerful and feature-rich solution but comes with a steep learning curve and high cost. While it may be the perfect fit for large organizations with complex needs and significant resources, smaller businesses might find it overwhelming and expensive. When evaluating NetSuite, it's crucial to carefully consider your specific needs, budget, and technical expertise before making a decision.

Pros & Cons

  • Real-time data and visibility: Gain immediate insights into your business performance with real-time access to all your data.
  • Improved efficiency and automation: Automate routine tasks and streamline workflows to boost productivity across your organization.
  • Enhanced collaboration: Break down departmental silos and foster better communication across teams.
  • Scalability and flexibility: Adapt NetSuite to your unique needs and accommodate your business growth.
  • Comprehensive features: Manage all aspects of your business operations with a single platform.
  • Improved decision-making: Get data-driven insights to make informed and strategic decisions.
  • Strong customer support: Reliable support is available through multiple channels to ensure your success.
  • High security and compliance: Secure your data and meet industry regulations with robust security features.
  • High cost: NetSuite's initial implementation and ongoing maintenance fees can be significant, especially for small businesses.
  • Steep learning curve: The platform's extensive features require significant training and user adoption efforts.
  • Limited customization options: While customizable, NetSuite requires technical expertise and can be costly compared to competitors.
  • Vendor lock-in concerns: Switching to a different ERP provider can be challenging due to potential data migration issues and dependence on NetSuite's proprietary features.
  • Integration challenges with certain applications: While NetSuite offers pre-built integrations, connecting with niche or less popular applications might require complex manual data entry or third-party solutions.

Key Features

  • Sales Order Management: The sales order management tool provides automation that works to reduce manual errors and to speed up the billing and order management process. It is also integrated with other business functions such as finance and fulfillment. 
  • Source Management: This tool helps ensure compliance during the purchasing process through its centralized supply portal. It also has forecasting abilities that are able to recalculate predictions based on actual fluctuations. 
  • Warehouse Management: The warehouse management feature streamlines warehouse operations by decreasing overhead and cycle times. It can also improve rates of on-time delivery, therefore improving customer retention and ultimately boosting revenue. 
  • Production Management: The production management tool is integrated with CAD and PLM functionality. This feature assists in the development of quotes, tracking of contract renewals and cost estimation. 
  • Manufacturing Accounting: All of the basic features of accounting are present in this tool, from invoicing to forecasting. It can also help your company determine the amount of taxes you need to pay based on factors such as location and revenue. 
  • Transportation and Logistics: This tool is well-integrated with IoT functionality, as it lets you see in real-time where your transportation units are located. The logistic side of this tool provides inventory estimation based on historical data to help you decide what to order more of and what to order less of. 

Pricing

Maintenance Cost The NetSuite ERP maintenance cost is included in the price of your subscription. If you purchase a license directly with NetSuite, you will also get NetSuite Support. There are silver, gold and platinum packages that are priced based on your annual contract value. This tool includes FAQs, tips and online user guides.
Installation/Implementation Cost Installation and/or implementation is an additional cost with NetSuite ERP. NetSuite requires that you use a third-party for implementation support. Therefore, price varies depending on which consulting firm you decide to go with.
Customization Cost Customization is an extra cost when purchasing NetSuite ERP. This is associated with the introduction of tools or programs that go above and beyond the “out of the box” software capabilities.
Data Migration Cost/Change Management/Upfront Switching Cost This is another cost that goes above and beyond that of the basic software package. The price of this is dependent on factors such as complexity and the amount of data that you need to move over to the new system.
Recurring/Renewal Costs Your recurring costs are dependent on the elements listed above, such as the number of users needed for your software solution, implementation, support and training services.
Oracle SCM Cloud
Oracle SCM Cloud
Start Price
$350
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Oracle SCM Cloud

Users of Oracle SCM Cloud express overall satisfaction with its comprehensive capabilities and robust features. Many praise its ability to provide end-to-end visibility and control over their supply chain operations, citing improved efficiency and cost savings. One user commented, "Oracle SCM Cloud has revolutionized our supply chain management, streamlining processes and increasing visibility into critical data. We've seen a significant reduction in lead times and inventory levels, leading to substantial cost savings." However, some users noted the platform's complexity, particularly for small and medium-sized businesses with limited resources. "The initial learning curve can be steep, and customization requires specialized expertise," remarked one user. "However, the long-term benefits outweigh the initial challenges." One of Oracle SCM Cloud's key strengths compared to competitors like SAP S/4HANA and Microsoft Dynamics 365 Supply Chain Management is its scalability and global reach. "Oracle SCM Cloud seamlessly scales with our business, accommodating our growth and expansion into new markets," stated another user. "The multi-language and currency support is invaluable for our international operations." While competitors offer similar features, Oracle SCM Cloud stands out with its advanced analytics and machine learning capabilities. "The platform's ability to predict future demand and optimize inventory levels has been a game-changer for our business," commented one user. "We are now able to anticipate customer needs and react quickly to market changes, ensuring on-time deliveries and improved customer satisfaction." Overall, user reviews paint a positive picture of Oracle SCM Cloud as a powerful and comprehensive solution for optimizing supply chain operations. While its complexity might require additional support for smaller businesses, its scalability, global reach, and advanced analytics capabilities make it a compelling choice for large enterprises seeking to gain a competitive edge in today's dynamic business environment.

Pros & Cons

  • User-Friendly Interface: It offers an easy to use, intuitive and configurable user-interface, as noted by around 92% of reviewers who mention UI.
  • Navigation: It is easy to navigate throughout the application, as stated by 100% of the users.
  • Latest Upgrades: It keeps the cloud updated through seamless upgrades, as observed by more than 71% of the users specifying upgrades.
  • Security: All users who refer to security report that it offers an enhanced security architecture.
  • Integration: The integration process is cumbersome, as stated by more than 55% of reviewers who specify integration.
  • Reporting: Over 57% of reviewers who refer to reporting note that it lacks flexible reporting capabilities.
  • Speed: Its slow speed is unable to handle large volumes of data, as noted by 80% of the users mentioning speed.
  • Customization: It has limited scope for customization, as specified by around 87% of reviewers who refer to customization.

Key Features

  • Collaboration and Visibility: Increased data visibility allows managers to plan and forecast efficiently. Maintain contact with clients and partners with a messaging system that links businesses. Better collaboration between employees enforces better collaborative planning for the entire supply chain. 
  • Distribution Planning: Gain access to world-class planning tools and quickly respond to demand changes. Plan ahead to reduce inventory and prevent detrimental issues with manufacturing. 
  • Manage Demand: Enables users to forecast the products needed using its demand management toolset, helping companies stay ahead of market changes and become driven by it. 
  • Promotion Management: Its data-mining capabilities can help discover successful promotion tactics for various operations to maximize ROI. Data from sales points can be measured and used to predict strong promotion strategies. 
  • Transportation Management: Optimize shipments across all methods, regardless of the transport mode through its transportation management. Reduces the complexity of fleet management while boosting carrier sourcing. 
  • Warehouse Management: Real-time visibility into warehousing processes strengthens accuracy and reduces daily costs. Automates several time-intensive operations and helps task employees with more essential duties. 
Fishbowl Inventory
Fishbowl Inventory
Start Price
$329
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Fishbowl Inventory

Fishbowl Inventory brings numerous modules to the table, including inventory and warehouse management, to fulfill a wide range of daily tasks. The support teams provide in-depth training and responsive support, especially from those working in Fishbowl’s Plug-In support. The system supports numerous integrations, but sometimes the integration process isn’t the most stable. Some users noted that being required to host their data on site was cumbersome and expensive. The mobile apps give users the ability to follow and interact with daily tasks while they are out of the office. The implementation process for the system can be time consuming, but overall, users felt that it satisfied their needs. Users felt that it could use more customization options and that the reporting features was a bit unpolished and basic.

Pros & Cons

  • Ease of Use: Nearly 83% of users who mentioned ease of use noted that the system is intuitive, accessible and easy to learn.
  • Support: Approximately 75% of reviewers said that support teams, especially those working on plug-ins, were helpful, knowledgeable and quick to respond.
  • Functionality: About 62% of reviewers who talked about the overall functionality of the system said that overall, the features of the system were suitable for daily warehousing and inventory management processes.
  • Customization: Out-of-the-box customization options were limited and hard to implement, as noted by nearly 75% of users who referred to customization.
  • Cost: All users who mentioned cost said that the price associated with customization, integration and the overall system was too high.
  • Reports: Almost 80% of users who mentioned reports said that they were too basic, exporting was difficult and that they had to pay to customize them.

Key Features

  • Reporting Features: Gathers data created by processes such as delivery and ordering and converts it into an accessible format. This collected data can be studied to find trends and plan for the future of business operations. 
  • Shipping Support: Allows users to print their own shipping labels. Mobile devices can be used to track products. It also integrates with FedEx and UPS. 
  • Inventory Management: Automate reordering along with streamlining pick, pack and shipping to optimize the supply chain. Users can track inventory with barcoding printing and scanning. 
  • Multi-Location Support: Get an overhead view of a multi-location operation with robust management tools. Monitor stock levels in multiple facilities, gain trend data across all operations and transfer products from one location to another to avoid shortages. 
  • Multiple Currencies:  Allows operations that span the globe to convert currencies. This module also enables the creation of purchase orders in the user’s currency of choice. Managers can set default currencies for vendors to keep things organized. 
  • Part Tracking Capabilities: Alerts users to the location of their needed manufacturing parts and where they are coming from. Set alerts for part replacement and track ordered parts by location. Tracks parts and labor costs so users can keep track of preferred vendors. 
  • Manufacturing Tools: The manufacturing module contains industry favorite features, including advanced work orders, bills of materials, work order automation, lot tracking and more. 

Pricing

License/Subscription Cost
  • This cost is based on how many licenses are purchased as well as the support package. Licenses include updates, online training video access and unlimited phone support.
Maintenance Cost
  • One year of maintenance and support costs are included in the license cost.
Installation/Implementation Cost
  • Installation is included in the license fee.
Customization Cost
  • Customization cost is dependent on the modules that are selected and the level of customization needed.
Data Migration Cost/Change Management/Upfront Switching Cost
  • This cost depends on the amount and complexity of data being transferred. Gaps between the new and old systems are also considered.
Infor Supply Chain Management
Infor Supply Chain Management
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Infor Supply Chain Management

User reviews of Infor Supply Chain Management (SCM) reveal a mixed bag of experiences, highlighting both its strengths and weaknesses. Overall, users praise its improved visibility, enhanced collaboration, and increased efficiency. One user noted, "Infor SCM gives us real-time insights into our entire supply chain, which has helped us identify and address potential problems before they impact our customers." Another user appreciated the collaborative platform, stating, "Infor Nexus makes it easy to communicate and share information with our suppliers and partners, which has improved our overall supply chain performance." However, some users also point out challenges with the initial setup, cost, and limited reporting capabilities. One user commented, "Implementing Infor SCM was a complex and time-consuming process." Another user expressed concerns about the price, saying, "Infor SCM is a great product, but it can be expensive for small businesses." Additionally, some users noted that the reporting capabilities are not as robust as those offered by some competitors, such as SAP S/4HANA and Oracle NetSuite. Despite these weaknesses, many users believe that Infor SCM offers a powerful and comprehensive solution for managing their supply chains. They appreciate its scalability and flexibility, which allows them to adapt to changing business needs. One user remarked, "Infor SCM has helped us grow our business and expand into new markets." Another user highlighted the product's unique features, saying, "Infor SCM has features that I haven't seen in other products, such as the ability to manage multi-modal transportation." Ultimately, the decision of whether or not to use Infor SCM depends on the specific needs and requirements of your business. However, based on the user reviews, it is a powerful and comprehensive solution with the potential to significantly improve your supply chain efficiency and performance.

Pros & Cons

  • Improved Visibility: Gain real-time insights into inventory levels, order status, and logistics across the entire supply chain.
  • Enhanced Collaboration: Connect all supply chain partners through Infor Nexus for seamless information sharing and optimized execution.
  • Increased Efficiency: Automate workflows, streamline processes, and reduce manual tasks to optimize operations and boost productivity.
  • Reduced Costs: Minimize inventory levels, optimize transportation routes, and improve demand forecasting to significantly reduce supply chain costs.
  • Improved Customer Satisfaction: Deliver orders on time, reduce errors, and enhance responsiveness to customer inquiries.
  • Scalability and Flexibility: Adapt to changing market conditions, accommodate growth, and customize the solution to meet individual business requirements.
  • User-Friendly Interface: Navigate the software easily with an intuitive and user-friendly interface.
  • Complex Initial Setup: Requires significant time and resources for initial configuration and data migration, potentially impacting business operations.
  • Expensive for Small Businesses: Subscription fees and implementation costs can be prohibitive for smaller companies with limited budgets.
  • Limited Reporting Capabilities: Out-of-the-box reporting may not meet specific needs, requiring customization or third-party solutions.
  • Integration Challenges: Integrating Infor SCM with existing systems can be complex and require specialized expertise.
  • Steep Learning Curve: The user interface and features can be complex, requiring extensive training for users to become proficient.

Key Features

  • Integrated Business Planning: Streamline tradeoff analysis, improve decision making and market response with the use of a shared platform, common KPIs and planning data repositories. Provides visibility, core analytics, execution and collaboration capabilities to help organizations maintain control of costs and services. 
  • Demand Management: Predict and fulfill demand based on real-time market data using machine learning and AI. Provide retailers with an advanced approach to financial planning, demand forecasting, assortment planning, lifecycle pricing, replenishment optimization and more. 
  • Supply Planning: Simplify tactical, strategic and operational planning processes through configurable supply planning solutions. Organizations can meet business requirements like balancing product mix, multiple site planning, considering shelf-life constraints in build-ahead strategies or selecting the best formula according to the availability of demand and materials. 
  • Warehouse Management: Warehouse fulfillment is combined with 3D visual analysis and embedded labor management to support enhanced operational execution and reduce complexity. Offers advanced features, labor management, B2B and B2C fulfillment support to improve productivity, order accuracy and flexibility. 
  • Production Scheduling: Constraint-based production scheduling can optimize resources, minimize downtime and maximize capacity. Manufacturers can respond to multiple changes, maintain demand and supply with modeling capabilities and adjust schedules with automated optimization and graphical planning boards. 
  • Transportation Management: Orchestrate multi-leg, multi-mode transportation across various parties through Infor Nexus transportation management. Manage global complexity and increase service levels with end-to-end shipping control and freight spend visibility. It connects worldwide service providers, spanning business silos, geographies and modes for transportation activities to gain better reliability, control and customer delivery. 
  • Infor Nexus: Connect companies to suppliers, manufacturers, banks and 3PLs through Infor Nexus. This single-instance network can fuse financial and physical supply chain processes in a cloud-based platform. Businesses can sense and respond to numerous changes through applications that combine advanced planning, finance and execution abilities. 
Anvyl
Anvyl
Start Price
$1,999
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Key Features

  • Automated Milestone Tracking: Keep track of supplier deliverables through supplier check-ins across crucial milestones, from accepting orders to delivery. Access reports on quarterly orders, best-performing suppliers and more. 
  • Supplier Sourcing:  
    •  Access pre-vetted suppliers and audit them for quality, operations best practices, financial stability and sustainability before approving. 
    •  Get rich supplier profiles by analyzing their lead times, certifications, policies and MOQs. 
    •  Receive online quotes, centralize communication and share files by sending RFQs to suppliers. Convert sourcing projects into orders with a single click. 
  • Supplier Collaboration: Provides a centralized platform to manage purchase orders. 
    •  Easily onboard multiple suppliers for better collaboration and visibility during production. 
    •  Suppliers can handle communication using email without any login requirements. 
    •  Ensure data privacy through a SOC 2, Type 2 certified platform. 
  • Logistics Visibility:  
    • Incoming Shipments: Ensure warehouse space for arriving goods. Facilitates sales promotions for new inventory.
    • Manage Delays: Provides early indicators for the delay in transit of goods. Alert teams for cross-transfer of products to avoid stockouts. Keep goods in stock by changing shipment mode when required.
  • Advanced Tools:  
    • Financial: Keep books updated and accurate. Classify purchase order line items into the right expense and liability accounts. 
    • Freight Forwarders: Link shipments to their corresponding orders automatically. 
    • Inventory Management: Updates systems when goods get delivered to the warehouse, improving the accuracy of inventory levels. 
  • Intelligent Order Insights: Use machine learning algorithms to analyze documents, market trends and order-level relationships. Scan uploaded invoices to detect discrepancies between invoices and purchase orders to prevent overpaying. 
Odoo
Odoo
Start Price
$24.90
Per User, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Odoo

Odoo is an affordable, flexible and scalable platform that provides a wide range of integrated applications. Reviewers were predominantly happy with the system and its capabilities, but there were complaints relating to unresponsive and unhelpful customer support, lack of documentation for developers and subpar performance. Otherwise, the system was reviewed as easy to use and powerful.

Pros & Cons

  • Functionality: All reviewers that mentioned functionality in their review said that Odoo provides robust features to manage the entire business.
  • Navigation: With 91% of reviews mentioning navigation being positive, Odoo offers an intuitive, simple and modular user interface and experience.
  • Customization: Though some reviewers mentioned that web-development knowledge or Python-coders are needed to complete system customization, almost 90% of reviewers applauded the customization capabilities of Odoo ERP.
  • Cost: With a free version of Odoo available and a subscription-based per-user pricing system, 88% of reviewers said the solution is affordable and of good value.
  • Integration: The suite of integrated applications and opportunities for third-party integrations yielded 100% positive feedback.
  • Implementation: Amongst mixed reviews and some mentionings of difficult, lengthy implementations, 55% of reviewers said their implementation process was positive.
  • Support: Almost 90% of reviewers mentioning support cautioned long wait times and unsatisfactory responses from the Odoo customer support team.
  • Documentation: All reviews that mention documentation were complaints concerned with a lack of proper guidance to complete customizations.
  • Bugs and Performance: Slow performance and frequent bugs resulted in almost 90% of reviewers portraying the system in a negative light.

Key Features

  • Accounting: The accounting application includes bank synchronization features that automatically sync bank statements. The invoicing tool enables users to manage recurring billings and to track payments. About 95% of the reconciliation process can be automated through this feature. 
  • Project Management: Odoo lets users look at available labor resources when scheduling projects. It can also develop forecasts using historical data from relevant projects and estimate deadlines. Files and notes can be easily attached to tasks so that information is centralized and easily accessed. 
  • Human Resources: The HR function allows employers to receive alerts when leave requests, applications, appraisals and allocation requests are put into the system. Users can track employee hours and sort them by task, client or project. This tool also connects to accounting functionality so that reports can be posted automatically based on actual project duration. 
  • Inventory: Odoo enables users to automate RFQs and use order points to increase supply chain efficiency. The program includes drop-shipping, cross-docking and multi-warehouse functionality. Stock movements can be tracked and traced through lots and serials, both upstream and downstream. 
  • Purchase Management: Using stock levels, Odoo can automatically send RFQs to suppliers. Users can develop procurement rules that are triggered by factors such as sales orders, stock levels and logistic rules. The program maintains supplier price lists. It also assists in making better purchases through the use of data on current promotions and special contract conditions. 
  • Manufacturing: This feature contains the Workcenter Control Panel, which includes quality checks, in process alerts, worksheet display, time tracking and serial/lot number recording. Procurements can be automated by setting up make-to-order or minimum stock rules. The system also supports barcoding, whether a company uses lots or serial numbers. 
  • CRM: Odoo allows users to develop custom dashboards to glean actionable insights and relevant information such as how current performance stacks up to monthly targets. The program enables the scheduling of activities based on sales scripts. By clicking on an opportunity, information such as mail received and website pages viewed can be gathered and can assist in the tailoring of a sales strategy. 
Manhattan Supply Chain
Manhattan Supply Chain
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Manhattan Supply Chain

Manhattan Supply Chain has established itself as a reputable supply chain management software solution, known for its comprehensive features and user-friendly interface. The software provides a suite of tools designed to optimize warehouse operations, transportation management, and inventory control. Users consistently praise the platform's ease of use, highlighting its intuitive design and straightforward navigation, which allows for efficient onboarding and training of new personnel. Additionally, Manhattan Supply Chain's robust analytics and reporting capabilities empower businesses with valuable insights into their supply chain performance, enabling data-driven decision-making and process optimization.

However, some users have expressed concerns regarding the software's cost, which can be a significant investment, particularly for smaller businesses. Furthermore, while Manhattan Supply Chain offers a wide range of features, it may lack seamless integration with certain third-party systems, potentially requiring additional customization or workarounds. Despite these drawbacks, Manhattan Supply Chain remains a compelling choice for businesses seeking a comprehensive and user-friendly supply chain management solution. Its strengths in ease of use, analytics, and inventory optimization make it particularly well-suited for mid-sized to large enterprises with complex supply chain operations. The software's ability to streamline processes, improve visibility, and enhance decision-making can significantly benefit businesses looking to optimize their supply chain efficiency and gain a competitive edge.

Pros & Cons

  • Inventory Management: Manhattan Supply Chain offers robust tools to track inventory levels, manage stock movements, and optimize warehouse operations, leading to improved efficiency and reduced carrying costs.
  • Order Fulfillment: The system streamlines order processing, from receiving orders to picking, packing, and shipping, ensuring timely and accurate deliveries to customers.
  • Transportation Management: Manhattan Supply Chain helps plan and execute transportation routes, select carriers, and track shipments in real-time, optimizing transportation costs and improving delivery performance.
  • Demand Planning and Forecasting: The software provides advanced analytics and forecasting capabilities to predict future demand, enabling businesses to make informed decisions about inventory levels and production planning.
  • Limited Customization: Manhattan's software may not be the best fit for companies with unique or complex supply chain needs due to limited options for customization.
  • Implementation Challenges: The implementation process can be lengthy and complex, requiring significant time and resources, which may disrupt ongoing operations.
  • Cost: Manhattan's products can be expensive, especially for smaller businesses or those with limited budgets. This cost can include licensing fees, implementation costs, and ongoing maintenance fees.
  • User Interface: Some users find the software's interface to be outdated and not user-friendly, leading to a steeper learning curve and potential challenges for new users.

Key Features

  • Warehouse Management: This solution from Manhattan Software provides unique functions dedicated to optimizing warehousing tasks. Streamline inventory placement and increase accuracy throughout critical warehouse processes. 
  • Transportation Management: Cut costs related to shipping and transport with a suite of management tools focused on optimizing delivery processes. This platform provides features that work in the global transport market such as multiple language and currency support.;
  • Value-Added Services: Operations that provide kitting and other value-added services can access functions based on these processes and continue providing them to their clients. 
  • Inventory Management: Manhattan Associates Supply Chain also includes valuable inventory optimization tools. With these, clients can reduce inventory numbers while also discovering stagnant product taking up valuable space. 
  • Integrations: This platform contains numerous integrations that make the exchange of information between partners and clients easier. There are also inclusions that give 3PL providers everything they need to keep their operations running. 
Basware
Basware
Start Price
$15,000
Per Invoice Transaction, Annually
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked Basware

Basware is a solution for companies looking for source-to-pay tools, e-invoicing, analytics and value-added services. It is easy to learn, which is a prominent advantage of the suite. Reviews suggest that it is easy and affordable to install as well. However, the program lags sometimes when transfering a lot of invoices at the same time. Support resolution is also slow according to user reviews. Altogether, it’s a fine choice for B2B companies looking for a purchase-to-pay and e-invoicing solution with a user-friendly interface and affordable price.

Pros & Cons

  • Implementation: All reviews on the topic suggest that it’s extremely simple and affordable to implement.
  • User Interface: The software has a clean, interactive and user-friendly interface, according to 100% of reviews on this aspect.
  • Easy to Learn: Every reviewer mentioning this aspect agrees that it’s quite easy to learn and adapt to, without any technical training.
  • Program Lags: The software may lag or freeze sometimes while transferring multiple invoices at once, according to all reviews on this aspect.
  • Support Ticket: Ticket and issue management is slow sometimes, as all reviews on the quality of support suggest.

Key Features

  • Procure-to-Pay: Offers automation for several features including point of order, purchasing, receiving and payments, accounting and more. 
    • Analytics: Provides access to spend and helps identify opportunities, optimize cash flow and make strategic, data-driven decisions. 
    • AI and Machine Learning: Replaces manual tasks, captures invoices, performs data extractions, saves time and reduces the probability of errors. 
    • Support Services: A customer care team of dedicated support specialists assists with identifying and resolving issues, as well as modifying business processes. Other features include customer service management that enables continuous improvements in organizational processes and offers several supplier enablement tools. 
    • Source-to-Pay: Supports strategic contract lifecycle management and sourcing to strengthen vendor relationships along with negotiation stages. Also offers electronic purchase requisition procurements, validation of invoice receipts and discount management on early payment. 
  • AP Automation:  
    • Discount Management: Several tools support supplier activation, automation, analytics and dynamic discounting to carry out discount management with ease. 
  • Network:  
    • E-Invoicing for Buyers: Connects users with suppliers to let them share invoices electronically. Receive invoices in any format such as XML, EDI, PDF or paper, which the solution converts to deliver as an electronic invoice. 
    • E-Invoicing for Suppliers: Receive POs and share invoices with buyers electronically. Ensures compliance and global operations. Improves transaction status visibility and timely payment performance. 
    • Network Interoperability: Provides open network interoperability with 220+ e-invoicing network partners globally. Includes country-specific networks as well. 
  • E-Procurement:  
    • Marketplace: Connect with suppliers through punchouts and catalogs to facilitate guided purchasing, e-procurement, price negotiations, supplier collaborations and more. 
    • Strategic Sourcing: Helps conduct and manage electronic auctions, collect, store and evaluate supplier information, manage projects and contracts, and onboard suppliers easily and quickly. 
  • Supplier Management: Enables centralized visibility over supplier information, with automated updating in real time. Includes end-to-end visibility for each supplier’s performance and facilitates timely receipt of payments. 
  • Working Capital: Leverage automated and integrated visibility into spending, a variety of discount programs for receipt of early payments, dynamic discounting and more. 
  • Travel and Expense Management: Submit travel plans for approval before reservations and capture, claim and take actions on submitted expenses and reports at any time via the mobile app. 

COMPARE THE BEST SRM Software

Select up to 2 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of SRM 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
Ariba
$50
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Ariba
Coupa
$499
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Coupa
NetSuite
$999
Per User, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
NetSuite
Oracle SCM Cloud
$350
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Oracle SCM Cloud
Fishbowl Inventory
$329
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Fishbowl Inventory
Infor Supply Chain Management
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Infor Supply Chain Management
Anvyl
$1,999
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Anvyl
Odoo
$24.90
Per User, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Odoo
Manhattan Supply Chain
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Manhattan Supply Chain
Basware
$15,000
Per Invoice Transaction, Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Basware

All SRM Software (89 found)

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NetSuite WMS

by NetSuite, Inc.
NetSuite WMS
NetSuite WMS is a hybrid-deployment solution that helps businesses streamline operations using industry-wide best practices to minimize handling costs. Its multi-location management facility includes scope for inventory management, shipping management and returns management from a centralized platform. Integrated with the native NetSuite ecosystem, it optimizes unique workflows to drive efficient processes, eliminate paper-pushing and utilize stock, space and resources in the warehouse.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$10 - $100
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Kuebix

by Kuebix
Kuebix
Kuebix is a cloud-based product focused on optimizing supply chain and distribution efficiency by increasing visibility and employing analytics. Its modular platform can meet the requirements of simple or complex supply chains and scale with a business as it grows. Its multi-modal carrier network gives users numerous options to get their shipments to their destinations with trusted carriers. Users can cut costs and boost savings with easily requestable spot quotes and rate comparisons. It allows users to compare shipping options in one easy place without searching website by website. It also saves time on manual processes via automated audits and carrier matches.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
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Elementum

by Elementum
Elementum
Elementum is a Sales and Operations Execution (S OE) based solution with a focus on protecting customers from unplanned exceptions with powerful incident management tools. Identifying and mitigating issues before they become full-blown problems strengthens customer satisfaction and saves resources meant for damage control.Its cloud-based and on-premise deployment strategies can benefit enterprises of all sizes, and it can automate numerous daily tasks. Customizable portals boost collaboration across the entire supply chain, further speeding up unplanned exception resolution.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
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Magaya

by Magaya
Magaya
Magaya is an on-premise or cloud-based solution that delivers robust functionality for managing accounting, operations, connectivity, tracking and compliance with a single, unified system. It offers a collection of extensions and modules designed specifically for the logistics industry. It supports end-to-end functions that give users innovative inclusions and a comprehensive array of related professional services. It helps businesses to streamline complex and redundant processes, optimize productivity, reduce costs and grow revenue.
Cost Breakdown
$100 - $500
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Shipwire

by Shipwire
Shipwire
Shipwire is a cloud-based platform that helps manage multiple sales channels, connect demand to supply and sync inventory with the distribution. It offers an extensive network of fulfillment centers and automation modules to increase operational efficiency and streamline data management. Integrate with business technologies through APIs for quick market expansion and global shipping.
User Sentiment User satisfaction level icon: poor
Cost Breakdown
$10 - $100
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CargoWise

by WiseTech Global
CargoWise
CargoWise is a single-platform software solution that centralizes logistics operations on a global database for business continuity, security and scalability. It enables organizations to optimize their processes across all freight modes, borders and regulatory boundaries. Its robust integration interfaces help streamline processes and simplify global connections. It allows flexible integrations with government and third-party providers, customers, partners and more to boost efficiency and productivity. Companies can optimize quote-to-booking procedures, monitor job shipments and make informed decisions with real-time data visibility.
Cost Breakdown
$100 - $500
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Shipwell

by Shipwell
Shipwell
Shipwell is a cloud-based freight trucking company that combines transportation management, real-time visibility and an integrated partner network to streamline daily operations. It provides multiple capabilities, including load planning, systems integrations, workflow automation, shipment tracking, communication and performance management.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
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RizePoint

by RizePoint
RizePoint
Rizepoint is a quality management software solution that can enhance safety, quality and supplier programs. It helps users gather and analyze important data to identify trends and improve results. Consistency of quality can be increased across various products and services by simplifying compliance and quality programs. Users can make informed decisions and manage internal, supplier and customer quality through advanced tools and inclusions. It helps companies meet industry standards and customer expectations with consistent, safe services.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
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Bamboo Rose

by Bamboo Rose
Bamboo Rose
Bamboo Rose is a B2B platform that helps enterprises introduce products to market at higher margins and streamline delivery. It leverages AI to offer trade functionalities, including product lifecycle management, global sourcing, order and trade management, migration services, and supplier financing. Businesses can determine rates using market performance indicators, automate sales orders and integrate new technologies.
Cost Breakdown
$10 or less
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One Network Enterprises

by One Network Enterprises
One Network Enterprises
One Network Enterprises is a SaaS and aPaaS platform that helps businesses streamline their daily operations and grow with a scalable cloud infrastructure. It leverages AI and machine learning to boost efficiency, optimize costs, enhance services and drive sustainability. Includes multiple capabilities like control towers, digital transformation, intelligent demand and supply, integrated business planning, master data management and more.
Cost Breakdown
$100 - $500
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Odyssey Logistics

by Odyssey Logistics & Technology
Odyssey Logistics
Odyssey Logistics is a web-based transportation and logistics company that offers safe and cost-effective solutions for bulk transportation. It leverages predictive technology and logistics engineering expertise to ensure quality, security and sustainability. Use various services to manage everyday transactional processes in all transportation modes, including intermodal, trucking, consulting, transportation management, domestic freight forwarding, warehousing and web integrated networks. It automates tasks to reduce competency gaps and streamline daily operations. Businesses can use smart technology to make informed decisions, liquidate costly incidents and connect clients to a global logistics network.
Cost Breakdown
$100 - $500
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xTuple

by xTuple – Open Source ERP+CRM+Web Portal
xTuple
xTuple is an operations management solution for small and mid-sized businesses. It gives managers visibility into processes and inventory. It drives sustainable profitability by driving efficiency across all operational tiers. Users can eliminate redundant tasks, data and human error. It also automates accounts receivables and payables, analyzes costs and manages inventory. Its solutions are suitable for businesses in the biomed and pharmaceutical, electronics manufacturing, food processing, machinery and equipment and metal fabrication industries. It works with distributors and manufacturers in multiple industries and tiers of operational complexity.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Platform
Mac Windows Linux Chromebook Android
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Korber

by Korber
Korber
Korber provides end-to-end solutions to meet consumer demands and enable industries to conquer logistics challenges. Powered by the cloud, it uses unique modules like voice, vision, mobility and robotics to redefine supply chains worldwide. It offers a broad range of warehousing needs and customized requirements to address small and medium-sized enterprises. Its integrated resource with ERP, yard and transportation management optimizes end-to-end processes.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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SAP SRM

by SAP, Inc.
SAP SRM
SAP SRM is a web-based supplier relationship management module of SAP that helps take care of both source-to-pay and purchase-to-pay solutions. It automates operations, manages supplier relationships and effectively optimizes processes. It also helps in creating and processing bid requests to enable role-based security access and monitoring tasks in real time.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
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Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Supplyframe

by Supplyframe
Supplyframe
SupplyFrame is a cloud-based tool that offers purpose-built apps to companies across the globe. Its AI-based inclusions help optimize and streamline end-to-end, design-to-source lifecycle processes. It promotes digital transformations through industry intelligence, increased online customer engagement and strategic sourcing of resources. It is available in the form of custom data integrations and API’s.
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
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Platform
Mac Windows Linux Chromebook Android
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VeraCore

by VeraCore
VeraCore
VeraCore is a web-based warehouse management and order fulfillment software designed for printers, fulfillment companies, marketing service providers and e-retailers. It enables users in end-to-end management of fulfillment processes starting from order capture to pick, pack and ship. It is designed for environments configured for disaster recovery and high availability. It integrates seamlessly with marketplace integrations like Amazon, Shopify, Ultracart, Volusion, Big Commerce, Magneto and Woocommerce, and integrators like Order Desk, DropStream, Cart Rover and SLS Commerce. It also integrates with carrier shipping system like UPS, FedEx, DHL, Endicia, Purolator and multi-carrier shipping systems like Pitney Bowes, Proship, Blu Jay, Malvern, Desktop Shipper, Shipstore, Logistyx Freight POP, ConnectShip. Other integrations include web to print Page DNA, Pageflex, XM Pie, Marcom Central and accounting modules like QuickBooks.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
Company Size
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Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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ImplantBase

by ImplantBase
ImplantBase
ImplantBase is a cloud-based platform for orthopedic medical device businesses, allowing them to embrace digitization to streamline their sales operations and control inventory. It helps eliminate performance gaps with features like centralized sales operations, field inventory optimization, custom configurations, and ERP integration into various departments and consulting services
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
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Platform
Mac Windows Linux Chromebook Android
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RateLinx

by RateLinx
RateLinx
Ratelinx is a logistics data and technology provider that helps its users manage operations, drive better results and reduce costs. Organizations can utilize intelligent transportation management, real-time visibility, freight audit and advanced analytics to strengthen data insights across logistics, planning, execution, tracking and payment procedures. It offers robust modules to obtain inbound transparency, track shipments globally and boost shipment efficiency. Businesses can extend better multimodal services, control and planning resources through accurate predictability.
Cost Breakdown
$1,000 or more
Company Size
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Deployment
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Inspur

by INSPUR Co., Ltd.
Inspur
Inspur System is a cloud-based solution that offers businesses a comprehensive approach to complex planning and fulfillment requirements. With modules for manufacturing and retail planning, it empowers predictive planning and execution and data-based business decisions. Suitable to all industries and business sizes, it provides global reach to its users through robust vendor relationships and fulfillment facilities in the major North American, EMEA and APAC regions.
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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AIMMS

by AIMMS B.V
AIMMS
AIMMS is a software platform provider that lets users improve operations, strategy and planning or transform the entire supply chain. It democratizes the use of prescriptive analytics to help organizations with their decision-making processes. It is designed for global and regional businesses, academic organizations and government agencies. It enables organizations to solve complex problems and uncover new opportunities through modeling, optimization and data visualization capabilities.
Cost Breakdown
$100 - $500
Company Size
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Deployment
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Mac Windows Linux Chromebook Android
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Buyer's Guide

SRM Software Is All About Streamlining Supplier-related Processes 

By Sylvia Marak, Technical Writer at SelectHub

SRM Software BG Intro

Supplier relationship management (SRM) software evaluates, examines and finalizes products, materials and services to improve performance and optimize cost. SRM helps maintain buyer-supplier relationships by providing a centralized access point for all supplier data and avoiding supply chain management system disruptions.

Constant evaluation allows supply chain professionals to identify areas of improvement and generate quick solutions during supplier engagement. It streamlines processes and develops a mutually beneficial relationship between suppliers and businesses.

Executive Summary

  • SRM software manages supplier bases to upgrade management and establish resupply strategies.
  • It provides complete visibility between suppliers and buyers to enhance sourcing quality.
  • The perks of owning this solution include effective strategy planning, reduced costs, increased supplier responsiveness and visibility into future prices.
  • Being aware of price volatility allows businesses to take advantage of supplier capabilities.
  • Consider preparing a list of questions to ask vendors and narrow down your options.
What This Guide Covers:

What Is SRM Software?

SRM software is a suite of supply chain solutions that streamlines supplier-related processes such as selection, onboarding, performance and assessment, supplier document management, etc.

Supply chain professionals use SRM for project management, operations and procurement.

It helps businesses make purchasing decisions through end-to-end supplier visibility. It also optimizes the value chain by boosting project collaboration and streamlining selection and onboarding processes.

Key Processes

SRM strategic sourcing may vary based on the type of industry and businesses. However, the basic SRM software process remains the same. These steps are as follows:

SRM Key Processes

1. Supplier Segmentation

Organizations gather detailed information regarding suppliers. They then further categorize items, pricing, quantity and location based on their business needs. Segmentation identifies which suppliers are the most strategic and critical to success.

2. Strategy Building

SRM Software Categories

After identifying credible suppliers, develop a tactical strategy that mutually benefits the organization and supplier. The organization should first identify suppliers that best align with its business objectives. However, this doesn’t mean organizations should ignore other suppliers.

Strategy building involves four components:

  • Objectives
  • Governance
  • Performance
  • Relationship Management

3. Strategy Execution

SRM software help execute supplier strategy to enhance and monitor real-time performance. Organizations must also identify KPIs and metrics to set a benchmark to include in their SRM strategy and execute accordingly.

It provides a centralized platform for collaboration, communication and documentation.

Primary Benefits

The top advantages of implementing SRM software in your system are listed below.

SRM Software Benefits

Increases Efficiency

Provides tools to enhance communication and maximize operational efficiency between suppliers and organizations. It automates tasks, streamlines supplier management and optimizes the entire supply chain. It enhances internal team management by providing a single point of access to all supplier data.

Minimizes Costs

Eliminates potential risks and reveals opportunities by analyzing data from different suppliers. It identifies areas that need improvement and reduces the total cost of ownership to gain a competitive advantage. Increases the chances of lowering total costs and improves overall performance between buyers and suppliers.

Improves Operation

Develops an ongoing process and simplified strategy to enhance operational efficiency. Improves productivity by standardizing operational methods and automating tedious tasks. It sends users a follow-up message or reminder regarding missed events using automated alerts.

Optimizes Procurement Processes

Increases collaboration by identifying and assessing the right suppliers. Maintains good buyer relationships to improve market response. It shortens order fulfillment lead times by choosing reliable suppliers.

Enhances Time Management

Automates and maintains supplier information such as contracts, price lists, contact details and more under a centralized portal. The supplier database provides complete purchasing information in real time. It includes delivery timeframes, overall costs, purchase quantities and more.

Key Features & Functionality

Below are the most preferred SRM software features organizations must implement to enhance their supplier management operation.

SRM Analytics

Analyzes and monitors supplier performance using qualitative and quantitative metrics. Use supplier performance dashboards to gain in-depth insights into trends and updates.

It filters different variables according to categories, regions and active contracts to track real-time performance.
Reverse Auctions

Invite suppliers to bid on tenders by making the best offers based on product pricing, efficiency and quality. It provides suppliers with options to set high or low bids for specific products.
Artificial Intelligence (AI) Recommendations

Receive notifications and recommendations about transparency, supply risk, low ROI and engagement rate by integrating AI.

SRM software systems provide comprehensive technical insights into your current operations and workflow.
Multi-app Integration

Access supplier data from a centralized platform via seamless integration with multiple systems, including customer relationship management (CRM), warehousing (WMS), transportation (TMS), enterprise resource planning (ERP) and billing.

These sourcing tools help create and update supplier data and transactions.
Supplier Portal

Enables vendor feedback and communication on product pricing and relevant payment details. Vendors can view status and history details while submitting invoices via web-based portal.
Connected Customer Portal

Directly connects customers to resolve queries or business-related questions. It provides a self-service portal for a quick resolution.
Contact Management

Maintain, organize and store supplier contact information such as phone numbers, email addresses, contact names, physical addresses, etc.
Supplier Risk Management

Automatically alerts users regarding operational risk exposure. It assesses and monitors financial and operational risks from private or public data sources. Calculate risk exposure by applying compliance filters.

Software Comparison Strategy

Choosing the best-fit solution may seem daunting initially, but it doesn’t have to be. It all begins with evaluating your current process and system. An overview of your current system allows you to identify areas for improvement. It helps cover certain gaps while improving your processes.

Once you complete your evaluation, you should shortlist your requirements and compare them with other software vendors. You can begin your comparison journey using our in-depth comparison guide against top vendors in your industry.

Cost & Pricing Considerations

The final cost and pricing of SRM software depend on the type of buyer, their business requirements and company size. The larger the number of users accessing the software, the higher the price.

It’s worth noting that advanced features, complex requirements, add-ons, training, customizations, integrations, deployment etc., will only escalate the software costs.

Below are specific factors worth watching for when evaluating the cost of SRM software:

  • The volume of data transferred from existing software and spreadsheets.
  • Software’s performance, availability, security requirements and scalability.
  • Type of application and platforms the software supports, i.e., mobile, web and desktop.
  • Number of integrations with WMS, inventory management software and ERP.
  • Type of data storage, i.e., private blockchain or centralized database.

The Most Popular SRM Software

Top SRM systems provide niche requirements and common needs for businesses of all sizes. You can purchase them as standalone products or as components of supply chain management suites. Here are some of the most popular SRM software vendors.

Oracle SCM Cloud

Oracle SCM offers cloud-based solutions for businesses to evaluate and manage suppliers across the trading lifecycle. It provides tools to track supplier performance, monitor supplier compliance and reduce data management costs. Eliminates supplier risks via compliance standards.

Oracle SCM Cloud

Initiate and investigate audits to improve the production process.

Magaya

Magaya is an all-in-one solution that simplifies tedious and repetitive shipping and logistics-related processes. It automatically creates bookings, shipments, warehouse receipts and pickup orders to avoid double data entry. It helps reduce costs and generate revenue by automating and streamlining purchase order processes.

Magaya

Dashboard view demonstrating transaction, shipment and warehouse receipt details.

Ariba

Ariba is a software that provides supplier and spend management, procurement, financial supply chain and sourcing solutions for businesses of all sizes. It mitigates supplier risks and improves vendor management. It minimizes costs and provides complete supplier visibility via spend management.

Ariba

Provide digital procurement solutions.

 

 

Questions to Ask

With so many market options, narrowing your list of SRM software is challenging. Choosing the wrong software leads to a loss of revenue, time and effort. Set a strong foundation by asking appropriate questions to yourself and vendors before selecting software.

SRM Software Key Questions to Ask

Ask yourself these questions as a starting point for internal conversation:

  • What does my current system lack? Will the software grow my business?
  • Do I have the necessary tools to integrate the software?
  • Is this the right time to invest in another software?
  • How much should I spend? What’s the budget?
  • Should I purchase it as a standalone product or as a component of supply chain management suites?

Have questions to ask vendors about how the software will benefit your business. You can ask vendors these questions before deciding:

  • What specific metrics will this software improve?
  • Does the software integrate with systems like ERP, WMS and TMS?
  • How many years of experience do you have in this industry?
  • What other industries do you serve?
  • How often do you update the platform?

In Conclusion

Selecting the right SRM solution for your enterprise needs serious consideration. This guide acts as a standard framework for your software selection process.

About The Contributors

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

Urnesha
By Urnesha Bhattacharjee
Technical Content Writer
Urnesha is a Technical Content Writer at SelectHub, covering supply chain management, TMS, and compensation management. She has worked in content writing, editorship, and translation for the last 7 years. Her dream is to be a lifelong learner and venture out of her comfort zone as she does so. She's passionate about access to quality education, animal rights, and sustainability, among other things. She holds a Master's degree in English literature from the University of Hyderabad. Outside of work, you can find her listening to The Beatles, making memes, or volunteering at an animal NGO.
See Full Bio
Shantashree
Technical Research By Shantashree Das
Senior Analyst
Hailing from the Northeastern state of Assam, India, Shantashree Das completed her Bachelor of Engineering (B.E) in Computer Science and Engineering at the Royal School of Engineering and Technology (now Royal Global University) in Guwahati. She then pursued her Master of Business Administration (MBA) in Operations Management and Marketing at Assam University, India, where she developed a strong interest in ERP. Over the course of her career at SelectHub, Shantashree has gained specialties in various ERP and construction software categories, such as Manufacturing Software, CMMS Software, Construction ERP Software, Warehouse Management Software, Supply Chain Management Software, Distribution Software, Field Service Software, Takeoff Software, Construction Bidding Software, Construction Estimating Software, Construction Management Software, Construction Scheduling Software, and Property Management Software.
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Kankana
Technical Review By Kankana Kalita
Principal Analyst
A seasoned business and research analyst, Kankana Kalita specializes in ERP, CMMS, manufacturing, construction, supply chain, HRMS and CRM. Prior to joining SelectHub, she earned a Bachelor's degree in Computer Science and Engineering, an MBA in Operations and Marketing, and worked in email marketing and logistics.
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Hunter
Edited By Hunter Lowe
Content Editor
Hunter Lowe is a Content Editor, Writer and Market Analyst at SelectHub. His team covers categories that range from ERP and business intelligence to transportation and supply chain management. Hunter is an avid reader and Dungeons and Dragons addict who studied English and Creative Writing through college. In his free time, you'll likely find him devising new dungeons for his players to explore, checking out the latest video games, writing his next horror story or running around with his daughter.
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