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Tecsys Elite

Tecsys’ Elite™ provides a series of cloud-based supply chain management solutions suitable for midsize to large distribution companies. The company currently services a wide range of verticals such as healthcare, service parts, he...Read more about Tecsys Elite

3.8 (10 reviews)

10 recommendations

NetSuite

FrontRunners 2024

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 about NetSuite

4.1 (1451 reviews)

5 recommendations

Procurify

Procurify’s easy-to-use Intelligent Spend Management platform provides hundreds of organizations worldwide with real-time visibility and control over all business spend. By bringing more spend under management, our customers captu...Read more about Procurify

4.5 (145 reviews)

5 recommendations

Precoro

FrontRunners 2024

Precoro is a cloud-based purchasing software that streamlines procurement processes for SMBs and Enterprises. Key features include purchase order creation and delivery, blanket PO, visual analytics on spends by departments, billin...Read more about Precoro

4.8 (209 reviews)

4 recommendations

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Coupa

FrontRunners 2024

Point solutions are pointless: spend smarter with the leading spend management platform built for companies like you. The Coupa platform allows you to take control of your spend and position your business for resilience and growth...Read more about Coupa

4.1 (88 reviews)

3 recommendations

Uber Freight

Our managed transportation services are enabled by best-in-class technology to ensure your business can keep pace with the rate of change. Get peace of mind that you’re getting the most our of your TMS while we manage and optimiz...Read more about Uber Freight

3.7 (21 reviews)

3 recommendations

Oracle Fusion Cloud SCM

Oracle Supply Chain Management (SCM) With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand, supply, and market conditions. Seamlessly connect your supply chain to create a...Read more about Oracle Fusion Cloud SCM

3.9 (9 reviews)

3 recommendations

Team Procure

Team Procure is a cloud-based procurement platform that streamlines the management of all your purchasing processes and inventory through a unified application. We cater to both SMB and Enterprise customers across a broad spectrum...Read more about Team Procure

4.7 (3 reviews)

3 recommendations

Pipefy

Pipefy is the low-code process automation platform that increases team productivity, centralizes data, and optimizes processes for teams in Procurement, Finance, HR, IT, and more. Pipefy is designed to make security, integration...Read more about Pipefy

4.6 (305 reviews)

2 recommendations

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 about Spendwise

4.5 (229 reviews)

2 recommendations

Tradogram

FrontRunners 2024

Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team manag...Read more about Tradogram

4.5 (64 reviews)

2 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 about Fraxion

4.4 (59 reviews)

2 recommendations

SAP S/4HANA Cloud

SAP S/4HANA Cloud is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research an...Read more about SAP S/4HANA Cloud

4.4 (329 reviews)

1 recommendations

Order.co

FrontRunners 2024

Order.co is the first and only Spend Efficiency Platform that helps businesses save time, save money, and gain clarity into their spend. Order.co eliminates manual purchasing and payment tasks and gives your team one place to purc...Read more about Order.co

4.3 (102 reviews)

1 recommendations

Market Dojo

Market Dojo delivers strategic sourcing and supply chain performance solutions. Key features include event management, auction planning, supplier and user management, smart reporting and white labeling. RFX functionality helps us...Read more about Market Dojo

4.7 (89 reviews)

1 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 about Gatekeeper

4.7 (65 reviews)

1 recommendations

Logility Platform

Accelerating the digital supply chain from product concept to customer availability, Logility helps companies seize new opportunities, sense and respond to changing market dynamics and more profitably manage their complex global b...Read more about Logility Platform

4.5 (53 reviews)

1 recommendations

BlueCart

BlueCart offers a cloud-based wholesale procurement solution for buyers in the hospitality industry. The solution is suitable for restaurants, food chains, cafes and hotels of all sizes. It enables restaurant owners to send orders...Read more about BlueCart

4.2 (30 reviews)

1 recommendations

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 about DocuVantage OnDemand

4.5 (10 reviews)

1 recommendations

Planergy

Planergy (previously PurchaseControl) is a cloud-based solution that helps businesses streamline the entire procurement lifecycle, from managing purchasing to receiving. It enables users to generate order requests via forms with p...Read more about Planergy

4.6 (10 reviews)

1 recommendations

Buyers Guide

Last Updated: March 16, 2023

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.