Tradeshift vs Procol

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Our analysts compared Tradeshift vs Procol based on data from our 400+ point analysis of Procurement Software, user reviews and our own crowdsourced data from our free software selection platform.

Tradeshift Software Tool
Procol Software Tool

Product Basics

Tradeshift is a web-based platform focused on boosting collaboration with suppliers and streamlining the invoicing process. Users can speed up payment approvals and report deliveries to boost the efficiency of their teams while cutting out tedious manual data entry.

Users can leverage customizable rule-sets to ensure accurate invoicing practices before seeking approvals. It helps companies adapt to the unique and ever-fluctuating needs of sellers and small businesses while tailoring successful strategies through procure-to-pay inclusions.
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Procol is a sophisticated software solution designed to streamline procurement processes, making it ideal for businesses seeking efficiency in managing their supply chain. It offers a comprehensive suite of tools that facilitate tasks such as vendor management, purchase order creation, and contract management. Procol is particularly well-suited for mid to large-sized enterprises that require robust procurement capabilities to handle complex purchasing needs.

The software's key benefits include enhanced transparency, cost savings through better supplier negotiations, and improved compliance with procurement policies. Popular features encompass real-time analytics, automated workflows, and seamless integration with existing ERP systems. Users appreciate Procol for its intuitive interface and the significant reduction in manual tasks, which leads to increased productivity.

Compared to similar products, Procol stands out for its user-friendly design and comprehensive feature set. Pricing details are typically customized based on the specific requirements of the business, so it is recommended to contact SelectHub for a tailored quote.

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$3,600 Annually, Freemium
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Product Assistance

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Product Insights

  • Better Supplier Connections: Tradeshift connects suppliers and businesses to streamline invoicing, product collaboration and transaction speeds. Both parties can access a unified location to communicate and comply with contract terms. Speed up onboarding and give suppliers an intuitive place to do business. 
  • End-to-End Supply Chain Payment Support: This system gives users the ability to digitally control their invoices, payment programs and more. Connect, digitize, manage and customize accounting practices for more accuracy and less time spent on daily procurement and payment tasks. 
  • Small Business Aid: Tradeshift provides free invoicing services for small businesses, consultants and freelancers. 
  • 100% Accounts Payable Automation: Tradeshift Pay eliminates manual tasks and opens up time and resources normally spent correcting manual entry errors. Take all documents and processes digital while accessing them from anywhere in the world. 
  • Keep Your Favorite Apps: The included Tradeshift App module lets users extend the power of Tradeshift Pay with hundreds of available integrations. Integrate with legacy systems or modern services like Amazon, Paypal, Intuit Payments, Digital Signing and more. Users can also build and use new apps that meet their unique business requirements. 
  • Cloud-Based Benefits: Tradeshift is a cloud-based solution that eliminates the need for lengthy on-premise setups. The cloud offers document security, additional storage, real-time updates and usually an accessible cost of entry for smaller businesses. 
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  • Cost Savings: Procol streamlines procurement processes, reducing manual errors and saving on operational costs.
  • Time Efficiency: Automated workflows speed up approval processes, allowing teams to focus on strategic tasks rather than administrative duties.
  • Improved Compliance: Ensures adherence to procurement policies and regulations, minimizing the risk of non-compliance penalties.
  • Enhanced Transparency: Provides real-time visibility into procurement activities, fostering accountability and informed decision-making.
  • Supplier Management: Centralizes supplier information, making it easier to evaluate performance and maintain strong vendor relationships.
  • Data-Driven Insights: Generates comprehensive reports and analytics, helping businesses identify trends and optimize procurement strategies.
  • Risk Mitigation: Identifies potential risks in the supply chain early, allowing for proactive measures to mitigate disruptions.
  • Scalability: Adapts to the growing needs of your business, ensuring the procurement process remains efficient as the company expands.
  • Collaboration: Facilitates better communication and collaboration among team members and stakeholders through integrated platforms.
  • Customizability: Offers customizable workflows and templates to fit the unique needs of different industries and organizations.
  • Inventory Management: Helps maintain optimal inventory levels, reducing excess stock and preventing shortages.
  • Contract Management: Simplifies contract creation, tracking, and renewal processes, ensuring all agreements are up-to-date and compliant.
  • Audit Readiness: Maintains detailed records of all procurement activities, making audits more straightforward and less time-consuming.
  • Environmental Impact: Supports sustainable procurement practices by tracking and promoting eco-friendly supplier options.
  • User-Friendly Interface: Intuitive design reduces the learning curve, enabling quick adoption and efficient use by all team members.
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  • Supplier Onboarding: Tradeshift provides strong onboarding to a digital environment that they guarantee with a Service Level Agreement. Easy and intuitive invoicing interfaces along with a powerful seller experience makes onboarding easy. A dedicated team of onboarding experts can help get things running for a quick ROI. 
  • Financial Management: Control financial tasks with dynamic discounting, flexible financing and virtual credit cards. Users can switch between bank and user-funded solutions, leverage early payment programs with supplier segmentation, and connect multiple bank accounts to a single system for easy access. 
  • No Integration Needed: Adopt a modern and manageable buying experience into your e-procurement tools. There is no lengthy delay required to get up and running with this software. 
  • Marketplace Manager: Create a marketplace that lets employees shop while also accessing all supplier content and punchouts. It also allows for the creation of a public spot market to better collaborate while discovering new suppliers. 
  • Mobile Apps: Stay on the move with access to integrations and important documentation through internet-enabled devices. Don’t stay chained to a desk with Tradeshift Buy and Pay. 
  • AP Automation: Complete 100% of your invoice volume through digital transactions instead of relying on old analog scanning methods. Free up valuable employee time by cutting out tedious data entry tasks. 
  • Procurement: Tradeshift focuses on connecting suppliers with clients while providing searchable catalogs for use within supply chains. 
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  • Automated Purchase Orders: Streamlines the creation and approval of purchase orders, reducing manual entry and errors.
  • Supplier Management: Centralizes supplier information, including contact details, performance metrics, and compliance documentation.
  • Spend Analysis: Provides detailed reports and dashboards to track spending patterns and identify cost-saving opportunities.
  • Contract Management: Facilitates the creation, storage, and monitoring of contracts, ensuring compliance and timely renewals.
  • eSourcing: Enables electronic tendering, auctions, and bid management to streamline the sourcing process.
  • Approval Workflows: Customizable workflows for purchase requisitions and orders, ensuring proper authorization and accountability.
  • Budget Tracking: Monitors expenditures against budgets in real-time, helping to prevent overspending.
  • Invoice Matching: Automates the matching of invoices to purchase orders and receipts, reducing discrepancies and speeding up payments.
  • Catalog Management: Maintains an up-to-date catalog of products and services, simplifying the procurement process for users.
  • Integration Capabilities: Seamlessly integrates with ERP systems, accounting software, and other enterprise applications.
  • Audit Trails: Keeps detailed logs of all procurement activities, enhancing transparency and accountability.
  • Mobile Access: Provides a mobile-friendly interface, allowing users to manage procurement tasks on the go.
  • Compliance Monitoring: Ensures adherence to internal policies and external regulations through automated checks and alerts.
  • Supplier Performance Evaluation: Tracks and evaluates supplier performance based on predefined criteria, aiding in decision-making.
  • Custom Reporting: Offers customizable reporting tools to generate insights tailored to specific business needs.
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Product Ranking

#3

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Procurement Software

#40

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Procurement Software

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User Sentiment Summary

Good User Sentiment 234 reviews
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78%
of users recommend this product

Tradeshift has a 'good' User Satisfaction Rating of 78% when considering 234 user reviews from 4 recognized software review sites.

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5.0 (18)
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3.8 (212)
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4.0 (2)
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5.0 (2)
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Synopsis of User Ratings and Reviews

Easy to Use: Tradeshift receives consistent praise for its user-friendly interface and intuitive design, making it easy for both buyers and suppliers to navigate and utilize its features effectively.
Automation Capabilities: The platform's automation features, such as automated invoice processing and purchase order creation, streamline procurement processes, saving time and reducing manual effort for users.
Collaboration Tools: Tradeshift facilitates seamless collaboration between buyers and suppliers through features like shared workspaces, document sharing, and real-time communication, fostering stronger relationships and improving efficiency.
Global Reach: With its extensive network and support for multiple languages and currencies, Tradeshift enables businesses to connect and transact with suppliers and buyers worldwide, expanding their procurement opportunities.
Scalability: Tradeshift's cloud-based platform offers scalability to accommodate the evolving needs of businesses as they grow, ensuring that the solution can adapt to changing requirements and transaction volumes.
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User-Friendliness: Procol is known for its intuitive interface that's easy to navigate, making it simple for users to perform tasks without requiring extensive training.
Automation: Procol automates repetitive procurement tasks, such as those involved in sourcing, contract management, and invoice processing, which frees up time for more strategic activities.
Customer Support: Procol is highly regarded for its responsive and helpful customer support team, ensuring users receive timely assistance when needed.
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Limited Functionality for Procurement Teams: Tradeshift primarily focuses on accounts payable automation and e-invoicing, which may not fully address the broader needs of procurement departments, such as spend analytics, contract management, and supplier relationship management.
User Interface Complexity: Some users find the platform's interface to be complex and challenging to navigate, particularly for those new to e-procurement systems. The learning curve can be steep, requiring additional training and support.
Integration Challenges: Integrating Tradeshift with existing ERP or procurement systems can be a complex process, potentially requiring significant IT resources and customization. This can lead to implementation delays and additional costs.
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Analytics and Reporting: While Procol offers spend analysis, some users desire more advanced analytics features and customizable reporting options for deeper insights into procurement data.
Integration Capabilities: Procol's integration capabilities with other enterprise systems have room for improvement, which can be a drawback for businesses with complex IT ecosystems.
Supplier Onboarding and Training: Some users have expressed a need for better supplier onboarding and training resources to facilitate smoother vendor collaboration and adoption of the platform.
User Interface: Although generally considered user-friendly, some users suggest minor UI improvements, such as better dashboards and color schemes, to enhance the user experience.
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Tradeshift is a cloud-based platform that helps businesses manage their spending and supplier relationships. Users appreciate its user-friendly interface and comprehensive features, which include supplier management, order management, invoice management, and payment management. The platform's ability to automate tasks and streamline processes saves businesses time and money, while its real-time data and analytics provide valuable insights into spending patterns and supplier performance. However, some users have noted that Tradeshift can be pricey, especially for smaller businesses, and that it may not integrate seamlessly with all existing systems. What sets Tradeshift apart is its focus on collaboration and supplier engagement. The platform makes it easy for businesses to connect and communicate with their suppliers, which can lead to stronger relationships and improved supply chain efficiency. Additionally, Tradeshift offers a range of financial solutions, such as dynamic discounting and supply chain financing, which can help businesses optimize their working capital. Overall, Tradeshift is a good fit for businesses of all sizes that are looking to improve their procurement processes and build stronger relationships with their suppliers. Its ease of use, comprehensive features, and focus on collaboration make it a valuable tool for any organization looking to take its procurement to the next level. Keep in mind that the software landscape is constantly evolving, so it's always a good idea to check for the latest information and updates before making any decisions.

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Is Procol a procurement pro or does it need to go back to procurement school? User reviews from the last year are largely positive, praising Procol for its user-friendly interface, robust automation capabilities, and stellar customer support. Many users rave about Procol's ability to streamline procurement processes, particularly highlighting its intuitive design that even non-tech-savvy individuals find easy to navigate. For instance, one user mentioned that Procol's readily available templates simplified order creation, while another lauded the platform's ability to transform their archaic, phone-call-reliant procurement process into a transparent, digitized system. However, like any good student, there's always room for improvement. Some users pointed out areas where Procol could level up, such as incorporating more advanced analytics and customizable reporting features. A few users also wished for smoother integration capabilities with other enterprise systems and more comprehensive supplier onboarding and training resources. For example, one user suggested enhancing the platform's visual appeal and dashboard design, while another expressed a need for multi-language support. Overall, Procol seems to be a Dean's List procurement software solution, best suited for businesses looking to ditch manual processes and embrace automation. Its intuitive interface makes it a great fit for teams of all technical abilities, while its robust features can handle even complex procurement needs. However, companies requiring advanced analytics or seamless integration with a diverse range of enterprise systems might need to consider if Procol has reached its full potential.

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