What is Procurement Software?

Procurement software is a set of solutions that help to automate the purchasing work of companies. You can utilize it to raise and approve purchase orders, pick and order the product or service, receive and match the invoice and order, and pay the bill online. Your company’s procurement unit can make sure nothing can be ordered without proper approvals. Plus, they can get good value by combining multiple orders for the same types of goods and by getting discounted offers from suppliers for the contract. Start by checking our leader SAP SRM, and other recommended solutions in this category.

Large companies and multinational enterprises usually use a shared procurement system to gain from economies of scale and to reduce the purchase costs. Nowadays, eProcurement software applications are also designed for small and medium-sized companies.

Top 10 Most Popular Procurement Software

Precoro reviews
1.
Precoro

Our Score 8.4

User Satisfaction 100%

Precoro is a spend management system designed to simplify procurement processes and greatly improve the visibility of your spend. Read Reviews

ProcurEngine reviews
2.
ProcurEngine

Our Score 8.0

User Satisfaction 100%

ProcurEngine is a transparent negotiation tool for procurement activities such as e-auction, RFI's and others, and to fulfill all related procurement queries at an affordable pricing. Read Reviews

SAP SRM reviews
3.
SAP SRM

Our Score 9.5

User Satisfaction 100%

SAP SRM provides you with innovative methods to coordinate your business processes with your key suppliers and make them more effective. Read Reviews

TradeGecko reviews
4.
TradeGecko

Our Score 9.3

User Satisfaction 96%

TradeGecko is a software tool that automates time-consuming business processes and lets companies focus on the things that actually matter. Read Reviews

SellerCloud reviews
5.
SellerCloud

Our Score 9.0

User Satisfaction 75%

SellerCloud is an e-commerce software that is dedicated to simplifying and automating the functionalities that help retailers in their business. Read Reviews

SAP Ariba reviews
6.
SAP Ariba

Our Score 9.0

User Satisfaction 100%

SAP Ariba is a cloud-based procurement platform that enables businesses to connect to their trading partners anywhere, at any time from any application or device. Read Reviews

Oracle Procurement Cloud reviews
7.
Oracle Procurement Cloud

Our Score 9.0

User Satisfaction 100%

Oracle Procurement Cloud is a source-to-settle solution for businesses that combines automation and social collaboration to speed up your source-to-pay process. Read Reviews

Oracle Fusion Procurement reviews
8.
Oracle Fusion Procurement

Our Score 9.0

User Satisfaction 99%

Oracle Fusion Procurement enables procurement services companies to spend smarter, thanks to its modular suite of procurement applications. Read Reviews

Procurify reviews
9.
Procurify

Our Score 8.9

User Satisfaction 100%

Procurify is a cloud-based procurement solution that helps you manage the entire procurement cycle from order to payment. Read Reviews

IBM Emptoris reviews
10.
IBM Emptoris

Our Score 8.9

User Satisfaction 100%

Emptoris covers all stages of the contract lifecycle from creation, execution and discovery through renewals, renegotiation, and performance monitoring. Read Reviews

How To Choose The Best Procurement Software

Procurement software is used by companies to automate procurement tasks and to get the best rates from vendors for their tender. Thus, it has become an essential tool for companies that need to procure large amounts of goods. But it is a difficult task to select the best procurement software for your needs given the scores of quality programs available. We have prepared this buyer’s guide to give you a good grounding on the list of things to consider in your search for the best procurement software for small business or large organizations.

Get to know each product with free trial

The ideal way to start your search is by checking out the features and benefits of top procurement platforms. You can do this by signing up for the free trials or demo offered by leading procurement software providers. This will help you to learn each system’s strengths and weaknesses and understand if it is a good fit for your needs. Start by finding out whether the following leading procurement software tools offer a free trial: Promena, Deltek Costpoint and Precoro. These apps have received high rankings in our procurement software reviews that provide you a good comparison of their features. 

Targeted Businesses

  • Small private firms and medium-sized companies can use dedicated procurement software for small business solutions.
  • This type of software can also be used by big enterprises and multinational corporations.
  • Governments, NGOs, and large public companies are also known users of procurement software.

Examples of Procurement Software

  • Promena: Promena e-Sourcing is a cloud-based sourcing and procurement system. It supports strategic solutions such as request for information (RFI), request for proposal (RFP), and request for quotation (RFQ) as well as e-auction services.
  • Officewise: A web-based solution that allows you to easily manage purchase orders, invoices, inventory, expenses, and bills. No install required.
  • Deltek Costpoint: Deltek’s Costpoint offers project accounting, project manufacturing, human resources, corporate financials, and reporting and compliance features. It provides visibility and financial control to help you better manage project costs.
  • Precoro: A cloud-based spend management software solution designed to help companies control spending and achieve goals. Precoro is a customizable and simple spend and supplier relationship management software which provides purchase-to-pay and spend analytics for SMBs.
  • Panacea: Panacea offers flexible and smart solutions to streamline your account management, project management, procurement, and reporting.  It enhances customer service delivery and eliminates time- consuming tasks so you can focus on important work.

Types of Procurement Software

The following types of procurement software are popularly used:

  • Spend analysis
  • Supplier discovery
  • Supplier information management
  • eSourcing
  • Contract management
  • eProcurement
  • eInvoicing
  • Supplier management
  • Combination solutions
  • Complete suites

Key Features of Procurement Software

Shortlist apps that offer the following important procurement features:

Selection and ordering – Procurement software use a simple format to organize and display product information which makes it simple to compare various products. This is especially useful for selecting commodities as they do not have any variations in quality or features.

Purchase order approval and delivery – The software organizes data in one place which makes it simple to track purchase order approvals. This ensures that goods are ordered only with the knowledge and approval of the concerned managers. The system then delivers the purchase orders to vendors using their preferred method of delivery.

Billing – Billing functionality matches invoices to orders, and enables easy electronic bill payments. This is especially useful in procurement software for small business.

Spend data analysis – Procurement software also offer business intelligence tools to help you analyze purchasing trends and evaluate vendors. You can identify areas that can be improved to benefit from economies of scale and to enhance your negotiation position with vendors.

Benefits of Procurement Software

Our detailed comparisons show that the main benefits of using this system are:

  • You can collaborate and share internally
  • Collaborate and share with suppliers on a single platform
  • You can standardize procurement processes within your organization
  • Track events and get alerts – this feature is useful for risk management
  • Analyze the business intelligence data to gain insight into the procurement process so that you can forecast and plan accordingly.

Latest Trends

Cloud is improving procurement

Cloud software is helping procurement in multiple ways including helping companies to collaborate with suppliers. Cloud software enables users to streamline orders, improves visibility across the supply chain, and helps them to make changes easily even when products are being transported. With cloud procurement software, you can access insightful data, collaborate with partners, create orders, and place contracts with vendors, all in real time.

Enhanced eProcurement is needed

Experts indicate that eProcurement and spend management systems need improvement. These solutions can use better technology that makes purchasing faster and provides an individual online shopping experience. Vendors are focusing on improvements in technology and software that help you to get the job done easily and reduce policy breaches and maverick spending.

Millennials need to be pampered

Companies need to understand that millennials have great expectations when it comes to using technology for procurement and supply chain tasks. Firms need to meet these high expectations and provide the connectivity and technology millennials require to do their job effectively and with satisfaction. If you don’t cater to their wishes, they will go to a company that provides the latest software they are happy with.

Potential Issues

Beware of the following challenges faced in procurement that can impact your use of the software:

Wrong orders

If you order the wrong item or quantity, you should immediately contact the supplier and get it rectified. The main question, however, is how to prevent wrong ordering. You can do this by establishing proper checks and balances in your supply chain. Make sure orders need approval from more than one manager to prevent accidental orders and other mistakes.

Inflexible suppliers

Most vendors will accommodate your requests to gain your business. You can thus bargain with the vendors to get the best rates and terms of service. However, some vendors may insist that surcharges be included in the cost and they may not be willing to offer discounts. To tackle a rigid supplier, ask questions such as whether they will pay for shipping costs, whether they will provide discounts for large bulk orders, etc. Use your bargaining skills to find the best value proposition even from inflexible vendors.

Exceeding budget

You may be exceeding your budget because of needs and not due to extravagant spending. Over-spending may also occur if there are communication and coordination gaps in your company’s procurement process. To resolve this issue, you should provide regular budgetary updates to inform all users about the latest financial status so that spending is kept in control and within allotted limits.

List of Procurement Software Companies

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Our Score Read More

FinancesOnline makes use of our unique SmartScore™ approach to examine all the services in the Procurement Software category to help you decide on the best possible software. It includes the following metrics: cruscial components, collaboration tools, customization, integrations with other services, how easy a software is to use and learn, help & support, how secure a software is, mobile support, ratings in media. Currently, SAP SRM is the leader in this category and our experts are really satisfied with it. Following thorough evaluation it got the best results among its competitors and our experts strongly suggest that you include it as one of the choices for your company.

User Satisfaction Read More

A summary of general user satisfaction with the solutions in our Procurement Software category evaluated with our unique algorythm that finds user reviews, comments and opinions across a wide set of social media platforms to help you make an informed buying decision.

100%

96%

75%

100%

100%

99%

100%

100%

97%

94%

Pricing Read More

Every vendor in the Procurement Software category will offer a different set of pricing packages for its app and each package will include a different set of tools. Below we list the general pricing for the most affordable plan provided for each product. Please note that advanced features may have an extra cost.

by quote

$79

fee-based

by quote

$400

by quote

by quote

by quote

by quote

by quote

Devices Supported Read More

An analysis of what kind of devices and operating systems are supported by the listed B2B tools in the Procurement Software category, including mobile platforms and web-based solutions.

Windows

Android

iPhone/iPad

Mac

Web-based

Laguages Supported Read More

Learn which languages and geographies are served by the best B2B apps in the Procurement Software category, including services aimed at international markets and prepared for multi-cultural teams of employees.

Pricing Model Read More

Learn what pricing plans are supported by the vendors in the Procurement Software category to see which one matches your business preferences and budget best. Note that specific services can provide free or freemium accounts for you to test first.

Free

Monthly payment

One-time payment

Annual Subscription

Quote-based

Customer Types Read More

A brief look at what groups of clients a given B2B solution in the Procurement Software category is designed for, from small businesses and non-profits to big enterprises.

Small Business

Large Enterprises

Medium Business

Freelancers

Deployment Read More

An overview of what kinds of product deployement are offered by every B2B vendor in the Procurement Software category. Even though most of modern SaaS solutions are cloud-hosted certain services may offer an on-site deployment model as well.

Cloud Hosted

On Premise

Open API