Thank you for visiting our site
12+ Best Email Finder Tools to Maximize Your Outreach Efforts
Don’t miss the new articles!
Choosing the best procurement software among the numerous available solutions can be difficult. Weighing the pros and cons and comparing features can be time-consuming. This guide will assist in your research and help you select the best software for your organization.
Our ranks | Our top pick | Best for | Free trial period | Pricing |
---|---|---|---|---|
Kissflow | Purchase requisition, vendor management and analytics on procurement data | Available on sign-up | $2000/month | |
Coupa | Spend management software for procurement, supply chain and finance | Contact sales | Contact sales | |
Procurify | Tracking, controlling, and analyzing all business spending | Contact sales | $2000/month | |
Precoro | Purchase order, approval workflow, budget and supplier management | 14 days | $35/month | |
SAP Ariba | Contract management, financial supply chain management, vendor management and more | Contact sales | Contact sales |
Everyone knows procurement software is a crucial component that can automate most of your procurement functions, regardless of the size or nature of the organization.
An organization's procurement function consists of a sequence of processes to acquire the goods or services needed to accomplish its goals and objectives. The procurement function aims to locate the finest suppliers and collaborate to obtain high-quality products or services at competitive pricing.
The results of the procurement function directly affect the organization's cost-cutting plans. The procurement function prioritizes contract utilization, supplier performance improvement, sourcing cycle time reduction, risk and compliance management, and cost-saving goals.
COVID-19 unprecedently affected supply chains, causing problems for businesses worldwide. As a result, risk management and resilience will be crucial in the coming year. In a post-pandemic world, eProcurement is a dime that lets you enter the tough competition.
Read below to learn more about digitizing your procurement function using procurement software.
Here are the top twelve best procurement software that you can opt for to automate your procurement process:
Kissflow Procurement Cloud is a simple and customizable Source-to-pay solution that aids businesses of all sizes to streamline their procurement processes. With Kissflow Procurement Cloud, companies can optimize their procurement strategy and boost process productivity.
This Procurement software combines eProcurement, Purchase Catalogs, AP Automation, Supplier Portal and Management, Inventory Management, Custom Integrations, and many other features into a single platform.
Among many unique features, some of the top best features of Kissflow Procurement Cloud are:
Any plan from the following can be chosen:
Small Business: $750/month, billed annually
Corporate: $2000/month, billed annually
Coupa is another great procurement software that enables organizations worldwide to get visibility into their organizational spending and control it to improve operational efficiency, lower budgetary and third-party risk, and increase profitability. It assists businesses in maximizing value through analyzing spending, optimizing strategic procurement, inventory control, and finance management.
You need to contact them for a customized quotation for detailed pricing information.
Coupa enhanced its supplier profile by improving the supplier registration/login process/ Additionally, the Catalogs loader now has availability fields, and the request connection link is added to the customer setup page. The Namibia language is now also added to the support.
Procurify is targeted at mid-sized businesses. Businesses can consolidate their purchasing data with Procurify, allowing them to develop, monitor, and report requisitions, purchase orders, and expenses. In addition, companies can track purchases in real-time using their analytical reports, which can then be used to generate data-driven decisions.
Procurify has simple all-in-one pricing of $2,000/month (Price may vary according to customer requirements)
Procurify Mobile App now makes it simple to access purchase orders in the field or away from your computer. In addition, Procurify users accessing the Manage Spend Categories module can export their spend categories.
With Procurify's low balance alert, you can be informed when the spending card funds for your company are getting low. Procurement teams can now see when a PunchOut supplier has put one or more of their items on backorder.
Precoro is a cloud-based procurement platform for SMEs that streamlines the procurement process. Key capabilities include catalog management, blanket POs, real-time budgeting, billing, visual analytics on spending at the departmental level and purchase order preparation and dissemination.
It consolidates all data centrally, enabling users to track orders, budgets, and approvals in a single location. Users can also specify their preferred deadlines for requests.
Procurify has three offerings for different segments. The basic is Pioneer, a purchasing solution for explorers or small businesses; the next is Voyager, a financing solution for adventurers or medium-sized companies and larger companies; it offers Enterprise, which includes complete purchasing and financing solutions.
It has enhanced the Revision History function on the User Management page. When importing the charts of accounts from Netsuite and QuickBooks into Precoro, you will now see their field names and codes.
Improved the mapping process for the NetSuite Individual supplier type to enhance data accuracy and consistency.
A single platform connects suppliers and buyers through the cloud-based supply chain management, expenditure tracking, and procurement technology known as SAP Ariba. It offers a comprehensive, integrated platform for managing everything from payments to sourcing. With SAP Ariba, your contract management, sourcing, and supply chain activities can be digitized.
SAP Ariba has different pricing schedules depending on the region. It also has a fee calculator which calculates pricing estimates by calculating the number of purchase orders and Non-PO and PO invoices issued.
No recent product updates have been released.
Fraxion's cloud-based procurement software and user-friendly solutions are used by mid-size businesses to automate purchase requisition, purchase order, cost management, and approval procedures, expedite AP operations, and enable expenditure analysis. It streamlines the procure-to-pay cycle while providing total transparency, budget insight, and policy compliance.
Fraxion has divided its solution into two offerings. One is an on-premises or hosted spend management software; the other is cloud-based. For more pricing information, you will need to send in a request.
No recent product updates have been released.
Team Procure is a cloud-based procurement software created to assist companies in managing operations like electronic auctions, bid gathering, request approvals, and order tracking from a single platform. Supervisors can manage internal purchase requests, assess monthly progress across all procurement operations, and compare vendors on an item-by-item basis.
There are two plans:
1. Starter: $25 user/month - For users that need access to create purchase requests and approvals.
2. Business: $35 user/month - Includes requester teams and the ability to merge or split a request.
No recent product updates have been released
An AI-based procurement software called AppZen makes finances simpler by automating tasks requiring human expertise. For example, maximizing business finance automates manual processes, audits finances, and strengthens employee decision-making.
Free 90-day Expense Audit. Contact App Zen directly for further pricing options.
With the help of AppZen Connector for UiPath and UiPath software robots, manually received supplier invoices may now be accurately processed, audited, accepted, and created in the target ERP systems for payment.
To create the most powerful procure-to-pay platform for mid-market and large enterprises, PairSoft combines three products: PaperSave, DocuPeak, and WorkPlace. PairSoft helps organizations utilize internal and PunchOut catalogs to conveniently manage business vendor relationships and purchases. PairSoft even makes it possible to find what you need in only a few clicks by combining all relevant documents.
Contact Pairsoft directly for pricing options
Launch of Status Page: When an outage occurs, notification emails keep you informed from investigating through resolved or when scheduled maintenance starts and completes. You can also opt for SMS alerts to get notified of the issue.
OpenGov Budgeting & Planning is the first modern, full-featured cloud procurement software explicitly created for the planning and analysis needs of the public sector. Budgeting & Planning is the industry's most collaborative solution for budget process automation, human cost forecasting, managerial reporting, and general openness. As a result, it is trusted by hundreds of forward-thinking governments.
Contact Team Procure directly for pricing options
No recent product updates have been released.
Tradogram is a cloud-based procurement management application. Supplier management, purchase-to-pay, contract management, strategic sourcing, and order management are just a few of the connected modules that users can select from.
Managers of teams may keep an eye on purchases and access procurement data from any place or device. Additionally, the system has modules for tracking projects and budgeting that enable users to predict budgets for various project lines.
Tradogram offers a free trial and plan for single users, whereas enterprise plans start from $15 per user per month.
No recent product updates have been released.
Ivalua is a cloud-based procurement tool that aids companies in managing services linked to stock and bid management. It includes a user-friendly interface with capabilities for requisition management, risk management, budget management, and invoice automation that assure proper documentation.
Contact Ivalua directly for pricing options
In its recent event, Ivalua Now released new features for its software, such as:
GEP SMART, previously known as SMART by GEP, is an advanced supply chain solution hosted on the Microsoft Azure cloud platform. Designed for large corporations, this system harnesses the power of AI, big data, blockchain, and the Internet of Things (IoT) to inform and enable strategic decision-making. Actively used in retail, manufacturing, technology, FMCG, energy and utility industries.
Contact GEP SMART directly for pricing options
GEP has integrated Microsoft Azure OpenAI Service into its flagship software that enables clients to identify potential risks and optimize procurement and supply chain operations on a global scale.
SourceDay, is a cloud-based SaaS solution that streamlines supplier collaboration and enhances business processes. It seamlessly integrates with ERP systems, providing real-time access to precise supplier information regarding lead times, pricing, and delivery dates. Notable features include purchase order management, AP automation, and RFQ collaboration.
Contact SourceDay directly for pricing options.
Fairmarkit, is a cloud-based procurement software that serves as an intelligent sourcing platform. With features such as automation and data optimization, it enhances supply processes. This platform also offers comprehensive functionalities, including detailed report analysis, request management, vendor recommendations, and more, all within a unified interface.
Contact Fairmarkit directly for pricing options.
Although procurement software can automate most of your procurement functions, you must understand why your business needs one.
You might have heard about different software that can automate business functions and make lives easier. Similarly, procurement software is a computer program or application that allows businesses to automate purchasing processes, order management, inventory management, supplier management, contract lifecycle management, and invoicing administration.
Your enterprise resource planning (ERP) and accounting software can be integrated with your procurement software; These integrations are essential to ensure a seamless data transfer and maintain information in a centralized hub.
Additionally, robust procurement management software can perform the following essential procurement functions smoothly:
The manual purchasing process takes longer and has more room for error as human intervention is involved. To realize the need for procurement software, consider the traditional procurement process:
Someone identifies a need and submits a purchase requisition form to the relevant department head for approval. If a vendor has been used previously, the process usually goes smoothly. Once the requisition is approved, the buyer completes a purchase order form and sends it to the supplier, either by fax, email or occasionally by postal service.
Company policy regarding bids must be adhered to if the product or service has never been acquired before or if a supplier is employed for the first time, mainly if it is a costly item.
In this scenario, the buyer must submit numerous requests for quotes (RFQs) to vendors, wait for the responses, decide, and then submit a purchase request for approval with the quotes stapled to it.
Following approval, the item is then ordered. Next, vendors and the business may enter into a contract, wherein the terms must be negotiated, and contract management must be put in place to guarantee compliance.
The order is examined for accuracy after it has arrived. Orders and invoices may be delivered together or separately. However, before it can be processed for payment, the accounting department must receive both the invoice and the delivery confirmation.
In a conventional system, this procedure is carried out by hand and takes days to complete on a cycle. Many human-prone mistakes are often involved, resulting in costly resolution costs. You might miss the deadline to submit payment to the supplier, which can cost you penalties.
Moreover, communicating with the internal team or suppliers through calls, messages, and emails creates confusion and obscurity. In addition, when the procurement process is executed manually, it is challenging to manage the performance of your suppliers and keep track of it.
Contrarily, procurement software enables a large portion of the process to be automated, and the entire process is electronic. So let's explore some of the fantastic benefits of procurement software.
Businesses that use e-Procurement solutions gain various advantages. These include but are not limited to the following:
Every organization wants to lower its costs and increase its savings. However, if you are looking for immediate cost savings, then procurement software can help you. The University of Jakarta conducted a thorough study on procurement software implementations and found astonishing findings.
By implementing procurement software, organizations can gain the following:
Another research found that a typical paper invoice costs $10.08 to generate and takes 8.3 days to complete, but an automated invoice only costs $2.18 and requires 2.9 days. Besides the paper costs, manual procurement processes involve storage costs to store all the essential documentation.
Additionally, there are indirect advantages like incorporating best practices into the procurement procedure, institutionalizing the processes, lowering reliance on people, enhancing supplier engagement, increasing transparency, auditing, and so forth.
Your purchasing system can become more transparent thanks to procurement software. In addition, the purchasing dashboard becomes more uniform due to the centralization of supplier data, purchase data, and integration with ERP, which also raises visibility to organizational leadership.
With the help of procurement software, you can verify and track the following essential tasks in real-time:
With such fine-grained visibility, transactional problems impeding managers' ability to meet organizational objectives come to light, and the pattern over time becomes apparent. The path to confronting the difficulties head-on is paved by insights and objective data, and little incremental actions progressively result in a more significant shift.
By adding more and more categories, creating catalogs, and establishing rate contracts, you can bring all of your purchasing activities under the procurement team's management and shorten the procurement cycle time.
As per APQC, Organizations with automated ordering processes performed better in procurement than those without. In addition, organizations that employ a system to complete the process instead of simply using a manual or spreadsheet-based method have significantly shorter PO cycle times.
Compared to businesses that use a manual/spreadsheet approach, which takes 35 hours on average, organizations that have automated this procedure have a shorter cycle time, i.e., 24 hours to place a purchase order. However, this 46 percent increase is not negligible; it equates to 11 hours for each PO that could be used for more beneficial endeavors.
Procurement software makes managing compliance, audits, and legal challenges easier while standardizing your procurement and approval workflow for every transaction. You can easily track the performance of your suppliers because your contract with them is centrally located. As your organization expands, controlling variation and scaling the standardized process becomes simple.
In addition, with procurement software, the supplier-buyer relationship achieves a new high due to enhanced openness, agility, and long-term visibility; the procurement department can concentrate on strategic categories and deliver value where it counts.
Procurement software offers an efficient collaboration gateway, which enhances internal and external communication. In addition, it has centralized storage for all communications and documentation. As a result, team members who work in procurement have a real-time perspective of all process phases and are aware of crucial turning points.
Users can receive automated reminders and updates, so they know their requests' status. In addition, suppliers can access information about their contracts with your company and connect with your procurement team using the program.
Before selecting a procurement software, you must identify its primary use, how it will fit into your overall procurement strategy, and who will use it. Here's a step-by-step guide to help you choose the best procurement software for your organization:
The first step is to identify the end users leveraging the procurement software. The need for specific features may vary from one user to another, mainly depending on their position or role. Explore what features they expect to see and what features could be helpful in their role.
For example, if this software will be used by accounts payable or finance teams, then it must have options for seamless integrations with other accounting software such as Quickbooks. Similarly, if the executive team will also use it, it should have robust reporting features backed up by real-time data that can help the team make informed decisions.
Processes help determine how to get things done and also have a significant impact on the outcomes. If your current processes are inefficient, then it is most likely that deploying software will only bring chaos to an already tangled state.
You must conduct an audit to understand the workflows and how things usually get done at your organization. This audit will also help you determine what features might be helpful to overcome the identified problems in the current process.
After following the first two steps, you can determine what you need in a procurement process. Through these steps, you should have a set of identified problems that your organization is facing.
List every possible one of them. Now arrange them in the order of priority. Next, look for software with features that can solve your top-priority problems.
By defining your usage scope, you can be confident that you're only looking at Procurement Software choices that can handle the added demand.
To make sure the software in question is a net improvement to the business, it's also crucial to decide how much you're ready to spend and what kind of quantifiable return on investment it must offer.
Many transformation projects take a lot of time to complete, eventually making them obsolete. Therefore, you must set a timeline that clarifies the internal team and external stakeholders.
Your timeline can also consist of specific deliverables to be achieved within the deadline. For example, the software will be deployed throughout the organization in June, and the next two weeks will be spent on training.
Once you have clearly outlined your expectations, The final step is to compare your desired procurement software to the possibilities on the market.
Before making a purchase, conduct extensive research, look for customer testimonials and avail trials to explore the software's features, interface, ease of use, customer service and onboarding process to get a complete picture.
The procure-to-pay cycle includes all communications between you and potential suppliers until products are delivered to your company and money is received by the supplier. A software program created to manage the procure-to-pay cycle will meet your procurement needs if you're looking for a comprehensive solution that elegantly packages your purchases.
Whatever procurement software you choose should have a manageable learning curve so that you can swiftly onboard your team and your existing procurement data to minimize disruptions to your procurement activities in the interim, additionally while choosing procurement software, keep your long-term organizational goals in mind to expand swiftly along with your procurement software.
Note : We’re reader-supported. When you buy through links on our site, we may earn an affiliate commission; for details, please check the terms and disclaimer.
Don’t miss the new articles!
Latest product updates
A new edition of Kissflow's flagship solution, Kissflow Workflow, has been released. With the support of a single no-code platform, the upgrade adds new case management features to assist businesses in automating and tracking procedures and managing unstructured workflows for hybrid teams.