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Procurement Software


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Fishbowl Inventory logo
 
It’s hard to make accurate procurement decisions without a firm grasp of your inventory levels. We believe Fishbowl Inventory is great for small businesses that already use QuickBooks, but need better inventory management.
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It’s hard to make accurate procurement decisions without a firm grasp of your inventory levels. We believe Fishbowl Inventory is great for small businesses that already use QuickBooks, but need better inventory management.
 
Rubberstamp logo
 
Rubberstamp is a standalone, web-based Procurement system. It aims to help automate the entire procurement process for businesses in many different verticals, from pharmaceuticals to electronics to office supplies. It is compatible... Read More
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Rubberstamp is a standalone, web-based Procurement system. It aims to help automate the entire procurement process for businesses in many different verticals, from pharmaceuticals to electronics to office supplies. It is compatible... Read More
 
Procurify logo
 
This Web-based procurement software solution was clearly developed with a keen eye on the user experience. The system is highly-intuitive, while offering a range of features for increasing procurement process efficiency.
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This Web-based procurement software solution was clearly developed with a keen eye on the user experience. The system is highly-intuitive, while offering a range of features for increasing procurement process efficiency.
 
3PL Warehouse Manager by 3PL Central logo
 
3PL Central offers purchasing functionality with its 3PL Warehouse Manager application. In addition to purchasing features, this solution includes supplier management, vendor-managed inventory support, and order fulfillment.
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3PL Central offers purchasing functionality with its 3PL Warehouse Manager application. In addition to purchasing features, this solution includes supplier management, vendor-managed inventory support, and order fulfillment.
 
Conga Novatus Contract Management logo
 
Novatus' features include payment forecasting, document management, integrated messaging functionality and advanced contract status analytics. A great fit for companies of all sizes looking for a browser-based application.
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Novatus' features include payment forecasting, document management, integrated messaging functionality and advanced contract status analytics. A great fit for companies of all sizes looking for a browser-based application.

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Lead Commerce logo
 
Lead Commerce is a full-featured, flexible, and customizable order management solution that offers a powerful suite of applications like Inventory Management, Merchandise Planning, and Customer Relationship Management. The solution... Read More
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Lead Commerce is a full-featured, flexible, and customizable order management solution that offers a powerful suite of applications like Inventory Management, Merchandise Planning, and Customer Relationship Management. The solution... Read More
 
TPSynergy logo
 
TPSynergy is a Web-based supply chain management (SCM) solution that offers users a suite of applications to that can help companies of many sizes and types manage their supply chain from beginning to end. Integrated supply chain planning,... Read More
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TPSynergy is a Web-based supply chain management (SCM) solution that offers users a suite of applications to that can help companies of many sizes and types manage their supply chain from beginning to end. Integrated supply chain planning,... Read More
 
Apprise logo
 
Apprise offers organizations an enterprise resource management (ERP) and supply chain management solution developed for consumer goods manufacturers, importers and distributors. It is suitable for companies operating internationally... Read More
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Apprise offers organizations an enterprise resource management (ERP) and supply chain management solution developed for consumer goods manufacturers, importers and distributors. It is suitable for companies operating internationally... Read More
 
Transwide TMS logo
 
Transwide is a modular and carrier neutral Transportation Management Solution that is delivered in a Software as a Service format. The suite of integrated modules provides the tools for carriers to source, plan, execute, settle, and... Read More
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Transwide is a modular and carrier neutral Transportation Management Solution that is delivered in a Software as a Service format. The suite of integrated modules provides the tools for carriers to source, plan, execute, settle, and... Read More
 
Infor Supply Chain Management logo
 
Infor Supply Chain Management is a powerful tool designed to help organizations optimize their supply chain from end-to-end. With analytics at its core, Infor SCM helps you gain greater visibility into every facet of your supply... Read More
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Infor Supply Chain Management is a powerful tool designed to help organizations optimize their supply chain from end-to-end. With analytics at its core, Infor SCM helps you gain greater visibility into every facet of your supply... Read More

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POOL4TOOL logo
 
POOL4TOOL is a Web-based procurement solution that suits midsize and large companies looking to grow. The software boasts international capabilities, a simple installation process and a fully customizable interface.
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POOL4TOOL is a Web-based procurement solution that suits midsize and large companies looking to grow. The software boasts international capabilities, a simple installation process and a fully customizable interface.
 
S2K Warehouse Management Software logo
 
By analyzing both historical and recent inventory trends as well as automating purchases and orders, S2K can help users make informed, accurate procurement decisions. Includes foreign currency support for international purchases.
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By analyzing both historical and recent inventory trends as well as automating purchases and orders, S2K can help users make informed, accurate procurement decisions. Includes foreign currency support for international purchases.
 
Verian by Basware Procurement logo
 
Verian offers a best-of-breed procurement application that we recommend to buyers in a number of industries, including consumer packaged goods, pharmaceuticals and raw materials. System can be accessed from any Web browser.
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Verian offers a best-of-breed procurement application that we recommend to buyers in a number of industries, including consumer packaged goods, pharmaceuticals and raw materials. System can be accessed from any Web browser.
 
Total Contract Manager logo
 
Contract Director is a Forrester Research-recognized Contract Management solution by SciQuest. Designed to support any type of contract, this web-based, Mac-compatible system is suitable for mid-sized companies in any industry.
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Contract Director is a Forrester Research-recognized Contract Management solution by SciQuest. Designed to support any type of contract, this web-based, Mac-compatible system is suitable for mid-sized companies in any industry.
 
Oracle SCM Cloud logo
 
Oracle SCM Cloud offers a full suite of applications for companies to manage their supply chain, distribution, manufacturing, inventory management, and fleet.  Using product development, users can create a detailed bill of material... Read More
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Oracle SCM Cloud offers a full suite of applications for companies to manage their supply chain, distribution, manufacturing, inventory management, and fleet.  Using product development, users can create a detailed bill of material... Read More

Call us for a free FastStart Consultation: +1 888 918 2748


 
BravoAdvantage logo
 
One of the leaders in procure-to-pay software, Puridiom offers both subscription and licensing deployment. Puridiom supports multiple currencies and languages, making it a good fit for complex, international operations.
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One of the leaders in procure-to-pay software, Puridiom offers both subscription and licensing deployment. Puridiom supports multiple currencies and languages, making it a good fit for complex, international operations.
 
Slingshot Enterprise Business Suite logo
 
Slingshot’s Enterprise Business Suite is a great option for those looking for an ERP system that can handle procurement and strategic sourcing. Available as either a hosted or on-premise solution. Also supports order fulfillmen
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Slingshot’s Enterprise Business Suite is a great option for those looking for an ERP system that can handle procurement and strategic sourcing. Available as either a hosted or on-premise solution. Also supports order fulfillmen
 
BluJay Solutions Procurement logo
 
BluJay Solutions’ Transportation Management offers cloud-based procurement, supply chain planning, execution and settlement transportation. Users also have access to BluJay’s Global Trade Network with various connected partners.... Read More
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BluJay Solutions’ Transportation Management offers cloud-based procurement, supply chain planning, execution and settlement transportation. Users also have access to BluJay’s Global Trade Network with various connected partners.... Read More
 
Kenandy Cloud ERP logo
 
Kenandy is a comprehensive cloud-based ERP solution created for companies that design, manufacture, or distribute products. It helps businesses manage core processes including order-to-cash, planning and production, procurement, TPM,... Read More
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Kenandy is a comprehensive cloud-based ERP solution created for companies that design, manufacture, or distribute products. It helps businesses manage core processes including order-to-cash, planning and production, procurement, TPM,... Read More
 
WISE logo
 
WISE offers a warehouse management system with advanced purchasing functionality. Procurement professionals will appreciate the visibility into inventory trends, as well features for improving inventory accuracy and turnover.
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WISE offers a warehouse management system with advanced purchasing functionality. Procurement professionals will appreciate the visibility into inventory trends, as well features for improving inventory accuracy and turnover.
 

Buyer's Guide

by Daniel Harris,
Market Research Associate
Last Updated: April 18, 2017


Procurement software solutions vary in terms of functionality, pricing and core technology. The ideal solution enables organizations to control budgets, cut costs and enhance transparency in the approvals and spending process.

The primary objective of procurement solutions is to manage and ease all interactions between the stakeholders, such as originator, buyer, category manager, approver, vendor and receiver, at every transactional step. The solution also executes critical tasks such as request initiation, purchase order placement, bid analysis, invoice approval and final payment.

This guide will assist potential buyers in determining which procurement software best fits their needs.

Here's what we'll cover:

What Is Procurement Software?
Common Features of Procurement Software
Evaluating Procurement Systems
Market Trends to Understand

What Is Procurement Software?

Procurement software (labeled as RFQ software or purchasing management software by some vendors) manages the purchasing processes within a supply chain. After using sourcing software to analyze current spending and potential vendor performance, these applications take over to finalize deals and initiate monetary transactions. As an important element of supply chain management systems, these systems help organizations efficiently manage their purchasing cycle times and maximize profit on every purchase order (PO).

Common Features of Procurement Software

Procurement management software solutions can convert a well-researched sourcing process into successful purchase orders through user-friendly processes. This helps control non-payroll expenditures and thus support positive asset management over the long run. After reverse auctions, which can take place through public bids or multi-round private offers, the requisitioning phase begins. At this point, the supplies are bought via the system’s electronic purchasing capabilities. Once the order has been completed, the application analyzes receipts for invoice approval and reconciliation.

Screenshot of Fishbowl user dashboard

Screenshot of Fishbowl user dashboard

One of the obvious benefits of these applications and supplier relationship management systems in general is its ability to effectively manage the mass amounts of data that accumulate after an organization’s many purchases. Once purchasing terms have been agreed, e-procurement software submits the information to all necessary parties for immediate approval, ensuring that the procured products can be delivered as soon as possible. For future reference, the program also stores these approval documents as well as the expense figures for each purchase, which will be used in the next sourcing cycle when the organization once again looks to cut costs.

Specific features of an electronic procurement system include:

Selection & ordering Purchasing solutions organize product information in a format that makes it easy to compare products to make the best selection. Although this makes all purchasing decisions easier, where it really adds value is in the selection of commodities, where there are no variations in product features or quality.
Purchase order approval & delivery Organizing the data in one place makes it easy to identify product and purchase order approvals, ensuring that nothing is ordered without the right people knowing about it. They then deliver the POs to the vendors through their preferred delivery method.
Billing As part of the billing functionality in these systems, it should match invoices to orders, and handle electronic bill paying as desired.
Spend data analysis The business intelligence side of these applications analyzes purchasing trends and evaluates vendors to identify potential areas to improve on economies of scale and otherwise improve negotiating position.

Evaluating Procurement Systems

When evaluating purchasing software, it’s a good idea not to get caught up in the individual features of each product. Rather, look for something that matches your current and past use, that will simply expedite decisions you’ve already made.

One of the main decisions you’ll make in purchasing this program is to go with a traditional installation-based system or a software-as-a-service “e-Procurement” system. Procurement applications must handle compliance issues, including the Sarbanes-Oxley Act of 2002 which placed harsher regulations on accounting practices. That means you also need to ensure your application is SOX compliant—maintaining full and reliable disclosure in financial reporting.

Ask the following questions when evaluating solutions for purchasing:

  • Does your department primarily manage direct procurement or indirect procurement? Does this system match those use cases?
  • Is the application SOX compliant?
  • How will this program support you in your commodity purchasing?
  • What’s the PO approval and delivery process?

Market Trends to Understand

As you evaluate a new procurement software solution, it’s important to keep the following industry trends in mind. How your selected vendor fits within these trends could have a significant impact on their viability.

The rise of the cloud. Procurement teams across the world are investing in technology in one way or the other; however, they are yet to maximize the use of the cloud across their organizations. The procurement process can leverage cloud technology in various ways, such as supplier collaboration. The cloud has a lot to offer procurement departments, such as streamlining orders, enhanced visibility across supply chains and smoother execution of various changes, even during the transportation of goods.

For example, Del Monte integrated its supply chain data with the cloud, which enables it to collaborate with its business partners, place supplier contracts, create orders and access global data in real time.

Enhancements in e-procurement. Organizations will have to be more careful while selecting their e-procurement systems and expense management parameters. The ideal e-procurement technology will help them speed up their buying activities, decrease policy breaches and remove existing roadblocks in procurement.

The new generation has unique requirements. These days people have high expectations about how procurement should be done and the technology that must be employed. Hence, organizations must be aware and up to date regarding the latest technology in order to retain the current generation and manage the millennials involved in the overall supply chain.

Growing emphasis on data security. Due to the increasing number of data breaches, organizations must store their data securely at various steps of their supply chain. They should also make people within the supply relationships accountable for any data breaches. Growth in analytics. The complex tasks of data representation, insights and analysis are challenging but critical these days. This trend is growing significantly among procurement teams. Analyzing the spending allows procurement departments to have complete visibility of all indirect and direct spending. It also helps them reduce costs wherever possible and identify all the consolidation opportunities.

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