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Tecsys Elite
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
NetSuite
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
Order.co
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
Tradogram
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
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Gatekeeper
Gatekeeper
Gatekeeper is the Vendor & Contract Lifecycle Management Platform trusted by Flo Health, Sumup, Starling Bank, and Karyopharm. Gatekeeper helps customers regain control of everything from contract approval to vendor onboarding & s...Read more about Gatekeeper
Team Procure
Team Procure
Team Procure is a cloud-based procurement suite that empowers businesses to manage their purchasing approvals, purchase orders, strategic sourcing, suppliers, and inventory. Conduct RFQ and E-Auction negotiations to secure the be...Read more about Team Procure
SAP S/4HANA Cloud
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
Precoro
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
Procurify
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
Oracle Fusion Cloud SCM
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
Uber Freight
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
Pipefy
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
Spendwise
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
Coupa
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
Market Dojo
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
Graphite Connect
Graphite Connect
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 collaboratio...Read more about Graphite Connect
Fraxion
Fraxion
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 aut...Read more about Fraxion
QSTRAT Sourcing
QSTRAT Sourcing
QLM Sourcing & Supplier Management by QSTRAT is a Strategic Sourcing solution that caters to businesses in industries such as automotive, medical devices, aerospace and more. Key features include supplier eRFQ life-cycle managemen...Read more about QSTRAT Sourcing
Dynamics 365
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 about Dynamics 365
Workday HCM
Workday HCM
Workday HCM assists global businesses of all sizes in a variety of industry verticals with workforce planning, analysis, and execution. Workday delivers user and administrative tools such as financial management, HR planning, tale...Read more about Workday HCM
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Buyers Guide
Last Updated: 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.