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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
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
Oxalys
Oxalys
Oxalys assists businesses in streamlining procurement processes. Oxalys is the preferred partner of mid-sized organizations from various industries in more than 25 countries across the world as a software vendor focused solely on ...Read more about Oxalys
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
Kissflow Procurement Cloud
Kissflow Procurement Cloud
Kissflow Procurement Cloud is ideal for companies that are either transitioning from manual procurement management tools, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, businesse...Read more about Kissflow Procurement Cloud
WebReq
WebReq
WebReq is a procurement management software designed to help businesses manage invoicing, expenses, claims, budgets, credit card allocations and purchasing processes. The platform enables administrators to capture, approve, track ...Read more about WebReq
nTirePMS
nTirePMS
nTirePMS is a cloud-based tire inventory and procurement management system designed to help tire dealers, distributors, and commercial fleets optimize purchasing and inventory management processes. nTirePMS provides features for...Read more about nTirePMS
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
Basware
Basware
Basware Procurement Software is a cloud-based system that helps companies buy and pay for goods and services in a paperless way. The solution allows companies to see everything that is being ordered, purchased, and received. It au...Read more about Basware
Claritum
Claritum
Claritum is a cloud-based spend management solution designed to streamline source-to-settle processes for midsize and enterprise-level organizations. From source to settle, organizations have an automated process to capture o...Read more about Claritum
Bellwether Purchasing Software
Bellwether Purchasing Software
FrontRunners 2024
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 ...Read more about Bellwether Purchasing Software
SutiProcure
SutiProcure
SutiProcure is a supply chain management solution that helps businesses automate the entire procure-to-pay cycle. With applications for procurement, strategic sourcing, WMS, supplier management and more, it assists companies to ma...Read more about SutiProcure
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
ESM Purchase
ESM Purchase
EasyPurchase by ESM Solutions is a cloud-based procurement management solution for higher education institutions, K-12 school districts, state and local governments and mid-size commercial businesses. The solution allows users to ...Read more about ESM Purchase
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
E2open
E2open
E2open is the connected supply chain software platform that enables the world’s largest companies to transform the way they make, move, and sell goods and services. With the broadest cloud-native global platform purpose-built for ...Read more about E2open
Logility Platform
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
ProcurementExpress.com
ProcurementExpress.com
FrontRunners 2024
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. Procure...Read more about ProcurementExpress.com
ProcurePort
ProcurePort
ProcurePort offers a cloud-based e-procurement suite to assist companies with their sourcing, procurement and auction needs. It is suitable for small to midsize pharmaceutical companies, government agencies and more. ProcureP...Read more about ProcurePort
iBuyer
iBuyer
SicommNet’s iBuyer is a cloud-based solution that includes procurement processes for both buyers and sellers. iBuyer provides organized tools to track targeted requests for bids and proposals from buyers, and keeps those in a cent...Read more about iBuyer
Popular Comparisons
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.