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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 managers can monitor purchases ...Read more about Tradogram
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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, billing, real-time budgeting, re...Read more about Precoro
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Agiloft is the trusted global leader in Data-First Contract Lifecycle Management (CLM) software, connecting contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, cust...Read more about Agiloft
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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 vendors. Users can also keep ...Read more about Spendwise
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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 capture reliable spend data tha...Read more about Procurify
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Tipalti is the world's leading finance automation solution for managing accounts payable, procurement, expenses, card, and global payments. Eliminating 80% of manual work and accelerating financial close by 25%. Tipalti allows you to easily onboard global...Read more about Tipalti
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Pipefy is the AI-enhanced process automation platform that conserves IT resources and empowers business teams to build and deploy up to 85% of workflows — no coding knowledge or third-party specialized services firms required. Standardize, streamline, and...Read more about Pipefy
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Ariba spend management is a cloud-based solution for small to large businesses that helps automate all spend related activities, plan purchases, manage suppliers and receive payments as per the contracts. Designed to integrate and automate expenses fr...Read more about Intelligent Spend Management
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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 automating core processes a...Read more about NetSuite
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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, heavy equipment, industrial ...Read more about Tecsys Elite
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Fraxion provides a complete procure-to-pay solution for purchasing, expense, and AP automation. The all-in-one procure-to-pay suite includes: -Purchase requisitions & custom approvals -Budget & policy control -Purchase order automation -Receiving, invoic...Read more about Fraxion
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Graphite Connect is a powerful supplier management platform that streamlines the procurement process, from onboarding to risk management. It offers a secure central hub for data management, task coordination, and team collaboration. It provides users acc...Read more about Graphite Connect
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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 purchase, approve, track and p...Read more about Order.co
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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, rate comparison and returns...Read more about ShippingEasy
eBuyerAssist by Eyvo is a cloud-based procurement solution that caters to businesses across various industry verticals, which helps them manage their purchasing routines, from requisition to fulfillment. eBuyerAssist features an integrated, modular procur...Read more about eBuyerAssist Platform
We bring your entire purchasing process together in a single cloud based app that magically automates away your most boring, time-consuming purchasing tasks. Easy to use Purchase Approval System for Small Business CFOs. ProcurementExpress is simple to u...Read more about ProcurementExpress.com
PayEm’s platform automates finance processes from request to reconciliation, giving individuals and teams within global organizations the ability to manage non-payroll spend. PayEm is one platform for vendor payments, corporate credit cards, employee expen...Read more about PayEm
Our software gives organizations full control over their spending. Most companies struggle with being able to give employees an easy way to make purchases while also having a strong process that ensures control, compliance, and accurate booking. That’s tr...Read more about Airbase
Looking for an inventory and order management system for your small or medium-sized business? inFlow is used in over 90 countries around the world for manufacturing, wholesale, distribution, ecommerce, and more. It's also simple to set up thanks to its clo...Read more about inFlow Inventory
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 users to run RFX weighted ev...Read more about Market Dojo
Promena e-Sourcing is a cloud-based auction management, sourcing and procurement platform. It supports strategic solutions, such as request for information (RFI), request for proposal (RFP), request for quotation (RFQ) and e-auction services. Promena ...Read more about Promena
Your Guiding Light in Healthcare Procurement - Hybrent Embark on a journey of streamlined healthcare procurement with Hybrent - your personal companion for operational success. Powered by Procurement Partners, we introduce an intuitive procure-to-pay pl...Read more about Hybrent
Bellwether Purchasing Software is an easy-to-use, cloud-based purchasing and inventory management solution ideal for SMB customers in all industries who create 50-1000 POs a month. Primary features include requisitions, approval routing, purchase order ma...Read more about Bellwether Purchasing Software
ProcureDesk is a cloud-based purchasing solution designed to assist small and midsize businesses to generate and manage their purchasing processes and cash flows. The solution offers purchasing and invoicing modules that help users to generate purchase ord...Read more about ProcureDesk
Zip is the first and only unified intake-to-pay solution and provides one place for any employee at an organization to initiate a purchase or vendor request. Each request is correctly routed for approval across procurement, finance, IT, data security, lega...Read more about Zip
Popular Comparisons
Your Guide to Top Procurement, January 2024
Software Advice uses reviews from real software users to highlight the top-rated Procurement products in North America.
Learn how products are chosenExplore FrontRunners
“Usability” includes user ratings for Functionality and Ease of Use.
“Customer Satisfaction” includes user ratings for Customer Support, Likelihood to Recommend and Value for Money.
Reviews analysis period: The reviews analysis period spans two years and ends the 15th of the month prior to publication.
Buyers Guide
This detailed guide will help you find and buy the right procurement software for you and your business.
Last Updated on March 16, 2023Procurement 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:
Common Features of Procurement Software
Evaluating Procurement Systems
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
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.