Procurement Software

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Showing 1 - 20 of 162 products
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Showing 1 - 20 of 162 products

SAP Ariba

Focused on streamlining source-to-pay operational processes, SAP Ariba provides e-procurement and supply chain management solutions that enable growing, medium-sized, and large companies to achieve end-to-end digital transformatio...Read more

3.74 (31 reviews)

48 recommendations

PriceDemo

Team Procure

Team Procure is a procurement and auction solution, which enables businesses to manage orders, electronic auctions, bids, and more. Administrators can gain insights into purchased items based on project, department and category us...Read more

5.00 (1 reviews)

21 recommendations

Order

FrontRunners 2022

Order (formerly Negotiatus) is a guided B2B marketplace with a mission to simplify buying for businesses. Order makes it easy for businesses to place and track purchases across all their vendors, control spend, and make payments i...Read more

4.40 (55 reviews)

13 recommendations

PriceDemo

Spendwise

Spendwise is a cloud-based system that helps businesses and other organizations track, manage and control spending. Users can create purchase orders, submit them for approval, approve or reject them, and email them directly to ven...Read more

4.51 (204 reviews)

10 recommendations

PriceDemo

TealBook

Whether you’re looking to maximize diversity spend, optimize supplier diversification, or identify emergency sourcing options, the best available supplier data makes all the difference. Using a 5-step proprietary process, Tealbook...Read more

5.00 (2 reviews)

8 recommendations

PriceDemo

NetSuite

FrontRunners 2022

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more

4.10 (816 reviews)

5 recommendations

Gatekeeper

Gatekeeper is a cloud-based vendor and contact management solution. Key features include automated alerts, customization and collaboration tools and integrations with other software. Users can manage contracts and vendor in...Read more

4.76 (46 reviews)

1 recommendations

Fraxion

Fraxion provides complete spend management solutions for purchase requisition-to-PO, expense and approval management, AP workflow management and spend analysis. The solution enables mobile purchase requisition-to-purchase order f...Read more

4.24 (45 reviews)

1 recommendations

SourceDay

FrontRunners 2022

Our research shows that 52% of POs change after being issued. Our system automates PO line changes and enables supplier collaboration. Why this matters: · No more email, spreadsheets, ...Read more

4.73 (26 reviews)

1 recommendations

PriceDemo

Aestiva Purchase Order

Aestiva places paperwork on-line like nobody else. Whether you need a state-of-the-art purchase order system, invoice processing, procure-to-pay, inventory, asset management, contract management, or expense report management, you...Read more

4.82 (11 reviews)

1 recommendations

PriceDemo

Software pricing tips

Read our Procurement Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

DocuVantage OnDemand

DocuVantage OnDemand Contracts is a cloud-based contract management solution offering a complete portfolio of features to manage the contract development and review process from beginning to end for businesses of any size and indu...Read more

4.50 (10 reviews)

1 recommendations

PriceDemo

Oracle Cloud SCM

Oracle SCM Cloud is a cloud-based supply chain management solution that offers distribution, manufacturing, inventory management and fleet management within a suite. The product features product development, which allows user...Read more

3.89 (9 reviews)

1 recommendations

PriceDemo

SoftCo Procure-to-Pay

SoftCo is a cloud-based and on-premise software that provides solutions in financial process automation. It is designed for midsize to large companies across all industry sectors. SoftCo Procure-to-Pay facilitates the creation o...Read more

No reviews yet

1 recommendations

PriceDemo

Dynamics 365

Microsoft Dynamics 365 is a cloud-based CRM ecosystem for small, medium and enterprise organizations, with a focus on Sales, Field Service, Customer Service complete with strong integrations with Microsoft’s other Office 365 offer...Read more

ShippingEasy

ShippingEasy is a cloud-based shipping and inventory management solution suitable for small to midsize e-commerce businesses. Key features include order management, label customization, integration with multiple seller channels, r...Read more

PriceDemo

Odoo

FrontRunners 2022

Odoo Point of Sale (POS) is part of Odoo’s integrated suite of business applications. The module is available both on and offline and provides unified data across stores and has an integrated inventory management function. Od...Read more

PriceDemo

QuickBooks Commerce

FrontRunners 2022

QuickBooks Commerce is a powerful cloud-based inventory and order management software for modern online businesses. Seamless integration across all major e-commerce platforms ensures that product listings, orders, and data stay up...Read more

PriceDemo

Pipefy

FrontRunners 2022

Pipefy is an onboarding software that helps HR teams reduce the need for data entry and manual processes. This solution helps teams automate activities such as collecting new employee information, sending welcome emails, updating ...Read more

PriceDemo

Quartzy

Quartzy is a cloud-based lab management solution for research and development businesses to automate laboratory processes including communications between vendors and lab managers, ordering supplies, and purchasing and delivery of...Read more

PriceDemo

DiCentral

DiCentral is a cloud-based solution designed to help businesses manage the entire supply chain lifecycle through electronic data interchange, accounting, warehouse management, dropshipping, and more. It is suitable for businesses ...Read more

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Popular Procurement Software Comparisons

Buyers Guide

Last Updated: May 16, 2022

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.