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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.Show more 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.Show less

How was this ranking made?

To come up with this list of best Procurement Software we have evaluated 194 trending systems currently available on the market, studying their features, ease of implementation, customer support, offered integrations with other systems and mobile device support with our unique SmartScoreTM rating system. This ranking has been developed by Nestor Gilbert, our B2B expert responsible for the Procurement Software category.

List of Top 12 Procurement Software

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1. Tradogram

Our score: 9.1 User satisfaction: 100%

This easy-to-use procurement software with comprehensive features to manage processes like sourcing, purchasing, spend control, and suppliers. It ensures you get goods and services at the best prices without sacrificing quality. The platform also includes modules for inventory tracking and reports.

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2. GEP SMART

Our score: 8.5 User satisfaction: N/A

Utilize a powerful suite of procurement tools for streamlining your workflows and processes. GEP SMART is a unified, cloud-native solution that helps enterprises and multinationals make fast and more informed purchasing decisions. Apart from procurement tools, it also features smart sourcing that guides users in the entire source-to-pay lifecycle.

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3. Bellwether

Our score: 8.8 User satisfaction: N/A

A full-suite online and on-premise free purchasing, payables, and inventory platform that provides complete functionalities suitable for all business sizes. It uses a modular system design where functionalities are clustered per process and users can choose which modules to use according to business requirements.

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4. Procurify

Our score: 8.9 User satisfaction: 100%

Procurify is a cloud-based procurement solution that helps creative and enthusiastic teams manage their entire procurement cycle from order to payment with ease. This solution is known for its user-friendliness. No training is needed to learn how to use the platform.

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5. Precoro

Our score: 8.7 User satisfaction: N/A

A reliable procurement software that lets you stay in control of your procurement processes in a single, user-friendly interface. Designed for small and medium-sized businesses, Precoro is packed with tools that let its users stay on top of their orders.

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6. 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. It is loaded with powerful features such as centralized contract management, catalog management, operational reporting, and more. The solution takes care of the entire procurement cycle.

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7. TradeGecko

Our score: 9.0 User satisfaction: 96%

An inventory management system that automates inventory management processes, letting you focus on the things that matter. It is cloud-based, comes with a clean user-interface, and allows you to manage your sales, supply chains, customer relationships, and inventory from one platform.

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8. 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. It includes a robust contract management module that makes it easy to manage procurements, sales, internal agreements, and IPs. It streamlines the entire lifecycle from initiation to renewal.

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9. Coupa

Our score: 8.8 User satisfaction: 98%

Coupa is a spend management platform that provides a suite of cloud applications for finance, including procurement, expense management, and accounts payable. It incorporates various functionalities such as spend analysis, contract management, supplier management, strategic sourcing, invoicing, procurement, and much more.

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10. AvidXchange

Our score: 8.5 User satisfaction: 100%

Avid XChange automates invoice and payment processes and is designed for the use of midmarket companies regardless of industry. It automates key processes like managing accounts payable, billing services, and bank reconciliation. With this, you can save time and money as well as increase financial management accuracy.

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11. Synertrade Accelerate

Our score: 8.0 User satisfaction: N/A

Covers the entire purchase process and addresses the specific challenges and needs of any organization or business in this aspect.

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12. Mercado Electronico

Our score: 7.7 User satisfaction: 100%

Mercado Electronico provides software solutions for the supply chain and purchasing sectors, helping businesses in these sectors reduce costs and improve their performance.

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Procurement Software Guide

Table of contents

Procurement tools are used by companies to automate procurement tasks and to get the best rates from vendors for their tender. Thus, they have become essential 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 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

  • Tradogram: Tradogram is a cloud-hosted e-procurement platform designed to automate and streamline purchasing through powerful yet easy to use tools. It is intended to give full control to buyers and decision makers when it comes to their procurement processes.
  • 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
  • Purchase order management

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.
  • Reduce operational and logistics costs.

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.

Procurement Software for Enterprises

Every business does some form of purchasing. It could be as simple as for common office supplies or for more complex products. One of the ways to handle the procurement process is by using spreadsheets. Manual procurement operations do work but they are usually filled with expensive processing costs, slow approval cycles, lost or misplaced important documents, uncontrolled costs, and missed discounts. Aside from that, your business’ relationship with suppliers may suffer because of poor vendor management and late payments. What’s more, paper-based processes are most likely prone to error.

The way you handle your procurement processes may make or break your businesses. These days, if you want to remain competitive in your respective industries, it is essential to place more emphasis on the strategic value of your procurement procedures. Innovation through automation is vital to boost its importance and value.

By automating your purchasing operations with the use of procurement software solutions, you can avoid the problems mentioned above. Your business will also reap a number of benefits such as improved operational performance, increased data accuracy, and more. The solution can also help your business become more agile by giving you complete control over your global spending and the entire procurement process. Generally, the use of procurement software can help you spend your resources the right way and grow your business.

What to Consider when Choosing a Procurement Software

Procurement is such an important process for many businesses as it serves as the link between the production process and the market. That’s why investing in a good procurement software is oftentimes a worthwhile consideration. However, there are some essential factors to ponder upon when choosing which solution to commit to.

  • Customizability. It’s important to have room for adjustment when it comes to procurement software because while purchasing is by itself a common theme, the process itself can vary from one business to another.
  • Your business requirements. Unfortunately, it’s hard to come by a one-size-fits-all procurement tool. In fact, there’s probably none. That’s why it’s important to first evaluate your business needs and align your selection process with them.
  • Look beyond the features. Aside from the software itself, the vendors are also worth checking out. Explore all their offerings such as technical support, training, the scope of implementation, and others.
  • Reports and Analysis. The procurement software of your choice must provide a reporting function that lets you accurately analyze every aspect of your business that is related to the procurement process.`

List of Procurement Software Companies

Order by:

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  • Newest
  • Score
  • User Score
Product name:
Category:
Smart Score:
Price:
User Satisf.
User reviews:
Kissflow Procurement Cloud reviews

Kissflow Procurement Cloud

Procurement Software
8.7
$690
100%
SoftCo reviews

SoftCo

Procurement Software
8.0
By quote
97%
e-Procure reviews

e-Procure

Procurement Software
8.0
Free
93%
BuyerQuest reviews

BuyerQuest

Procurement Software
8.0
By quote
100%
CostTracker reviews

CostTracker

Procurement Software
8.0
$139
100%
Oboloo reviews

Oboloo

Procurement Software
8.0
By quote
92%
TradeGecko reviews

TradeGecko

Procurement Software
9.0
$39
96%
Bigblue reviews

Bigblue

Procurement Software
8.0
€2.25
100%
Sourcing Force reviews

Sourcing Force

Procurement Software
8.0
$7
-
EazyStock reviews

EazyStock

Procurement Software
8.0
$750
-
Manugics reviews

Manugics

Procurement Software
8.0
By quote
-
GEP SMART reviews

GEP SMART

Procurement Software
8.5
By quote
-
VARStreet XC reviews

VARStreet XC

Procurement Software
8.0
By quote
-
SAP Fieldglass reviews

SAP Fieldglass

Procurement Software
8.0
By quote
-
Intoweb reviews

Intoweb

Procurement Software
8.0
By quote
-

Things to consider when you invest in a SaaS

To select a suitable SaaS vendor you need to consider vital criteria such as privacy and security, support and service, and transparency.

Find out if the vendor can be trusted with data security and privacy. Do they have processes in place to protect your confidential information and data? Find about the security procedures they use. This is an important aspect of a SaaS application that cannot be over-emphasized.

It is crucial that the provider offers dependable support to resolve any issues quickly. Ask your potential vendors the following queries: Do they offer consulting and training services to assist your employees to use the software effectively? Do they have an online support center that has useful articles and training resources? What channels of support do they provide? Do they monitor issues till they are resolved? Is customer satisfaction measured?

Does the SaaS provider conduct their business in a transparent and open manner? You can find out by requesting them for references you can contact. Talk to existing customers of the system to find out about the quality of service provided. Does the provider make public the algorithms they employ in the platform? Ask these questions to find a SaaS provider whom you can trust with your sensitive customer and business data.

Frequently asked questions about Procurement Software

What is the best procurement software?

The best procurement software is Tradogram, a cloud-based solution that aims to streamline the purchasing process through automation features and other tools. It’s designed to provide decision-makers and buyers complete control over their procurement processes. The system assists your business in terms of controlling costs, minimizing expenses, and managing suppliers. It also lets you easily connect with all your suppliers to get the services, goods, or materials you need while reducing the cost to do so.

With the procurement process being present in pretty much all types of businesses, Tradogram is a universally beneficial solution. It can be used by those in the healthcare, construction, retail, production, manufacturing, and other fields. The platform also supports requisition from either external sources such as websites or internal data such as the items in your database. Furthermore, Tradogram provides useful information about the vendors you’re dealing with so you can identify which among them are your best partners and which ones you should try to avoid.

What are the benefits of procurement software?

Procurement software makes the typically time-consuming and tedious procurement processes simpler and more efficient. You’ll also reap the following benefits:

  • Global procurement. The procurement solution allows you to access multiple suppliers and currencies around the world.
  • Improved efficiency. A unified procurement solution makes all procurement processes such as proposals, negotiations, bids, purchases, payments, and delivers transparent and faster.
  • Minimize errors. Procurement software works in either an automated or semi-automated way, hence minimizing human error.
  • Easy data access. All information you need such as supplier performance, material costs, transactions, delivery times, and more are at your fingertips.
  • Cost savings. Procurement software can help businesses determine ways to save costs and find the suppliers with the best deals.
  • Mobility. Some solutions can be accessed on mobile devices, allowing you to monitor procurement processes on the go.
What are the features of procurement software?

Procurement software usually comes with the following features:

  • Supplier Management. You can use it in managing the purchases and suppliers needed in the daily operation of your business.
  • Selection and ordering. This feature allows you to compare various products with so much ease.
  • Purchase order approval and delivery. This helps you ensure that your orders are approved by authorized individuals and will be delivered to the vendors through their chosen delivery method.
  • Inventory tracking. It enables users to stay on top of their inventory levels.
  • Billing. With this functionality, you can easily know how much you need to pay and make payments.
  • Spend data analysis. It helps you analyze the latest purchasing trends, assess vendors, and determine areas in the procurement process that can be improved.
What is the easiest procurement software to use?

The procurement process can already be complex as it is so the last thing you’ll need is a tool that throws more confusion into the mix. Fortunately, many procurement solutions simplify the purchase operation. Here’s some of them:

  • GEP SMART. It’s a comprehensive cloud-based solution that helps ease the procurement process through features such as smart sourcing, intuitive dashboards, supplier management, and more.
  • Precoro. A procurement solution for SMEs, it helps you stay on top of all your orders through its centralized dashboard where you can track POs, invoices, and orders.
  • TradeGecko. It has a lot of features that help simplify the procurement process including automatic reorder reminders, clean UI, automated delivery, and asset management. It also natively integrates with different business apps for customer relations, inventory, supply chain management, and more.
What is a good free procurement software?

For those with a lower volume of customers to serve, free procurement software will suffice. You can also use them to check out the product before fully investing in it. Some of the free procurement tools on the market include:

  • Tradogram. If you only need one user for the software and you don’t have to do 10 purchases per month, then its free plan is a good enough deal. There’s no cap on the items, suppliers, and categories you can deal with. Plus, there are also useful features like contract management, inventory control, and delivery tracking system.
  • Bellwether. It has a free package that provides all the basic features such as inventory, receiving, budget management, purchasing, requisitions, and others.
Nestor Gilbert

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

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Why is FinancesOnline free? Why is FinancesOnline free?

FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.

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