Top 15 best software tools for Procurement Management
When performed correctly, the procurement process helps businesses boost their bottom line. However, even though procurement is a crucial and strategic business function, it can also be a complex and time-consuming process.The rise of procurement software tools has made it easier than ever for leaders to manage processes efficiently and effectively. And, with the increase in the number of procurement management systems in the market, businesses are tasked with choosing the right solution from a large pool of contenders.To help you decide on the best procurement software solution for your business, here we provide an overview of the 15 top procurement software tools—including noteworthy features, pricing, and customer ratings—what procurement management software does, how it helps you in your day-to-day, and the features to look out for.Precoro noteworthy features
- Automated purchase order creation
- Customizable approval workflows
- Supplier, contract, and spend management functionality
- Visual, standard, and custom reporting options
How customers rate Precoro
- G2 rating: 4.7/5 (as of April 2023)
- Capterra rating: 4.8/5 (as of April 2023)
Procurify noteworthy features
- Purchase order management
- Centralized requests, approvals, and real-time budgets
- Customizable approval workflows
- Automated accounts payable processes
How customers rate Procurify
- G2 rating: 4.6/5 (as of April 2023)
- Capterra rating: 4.5/5 (as of April 2023)
TravelPerk noteworthy features
- An intuitive, user-friendly online booking platform that stores all traveler data, preferences, and loyalty points to use whenever needed
- Integrated travel policy and approval flows to streamline booking processes
- A simplified travel expense process with real-time expense reports
- TravelPerk’s FlexiPerk add-on allows users to cancel their travel plans up to two hours before departure with a guaranteed refund of 80%
How customers rate TravelPerk
- G2 rating: 4.6/5 (as of April 2023)
- Capterra rating: 4.8/5 (as of April 2023)
Coupa noteworthy features
- Purchase order management
- Touchless accounts payable process with automatic two-way and three-way matching
- AI-powered fraud controls
- AI-optimized sourcing decisions
SAP Ariba noteworthy features
- Global network of suppliers from over 190 countries
- Automated purchasing lifecycle
- Combined sourcing, contracting, and supplier lifecycle management
- Advanced analytics and reporting capabilities
How customers rate SAP Ariba
- G2 rating: 4/5 (as of April 2023)
- Capterra rating: 3.9/5 (as of April 2023)
GEP Smart noteworthy features
- Robotic process automation performs repetitive, time-consuming tasks
- Big data analytics
- Supplier onboarding and performance monitoring
- Supplier portal for centralized relationship management
How customers rate GEP Smart
- G2 rating: 4.4/5 (as of April 2023)
- Capterra rating: 4.6/5 (as of April 2023)
7. Oracle Procurement Cloud
Oracle Procurement Cloud is a fully integrated, cloud-based procurement suite that supports direct and indirect sourcing, automates purchase order creation from approved requisitions, and provides a consumer-like, guided shopping experience.The platform provides multiple dashboards across multiple procurement functions, including invoicing, requisitions, and supplier management that generate reports with dynamic graphs. Oracle Procurement Cloud also offers advanced analytics and reporting capabilities for optimized and real-time visibility into procurement operations.Oracle Procurement Cloud noteworthy features
- Purchasing module that manages the process from requisition to receipt
- Supplier portal for centralized relationship management
- Automated purchase order creation from approved requisitions
- Advanced analytics and reporting
How customers rate Oracle Procurement Cloud
- G2 rating: 4.1/5 (as of April 2023)
- Capterra rating: 4.2/5 (as of April 2023)
Oracle Procurement Cloud pricing
Oracle does not provide public pricing information. To obtain a quote, contact Oracle directly.NetSuite Procurement noteworthy features
- Advanced purchasing capabilities
- Real-time procurement analytics
- Vendor management functionality
- Compliance monitoring
How customers rate NetSuite Procurement
- G2 rating: 4/5 (as of April 2023)
- Capterra rating: 4.1/5 (as of April 2023)
NetSuite Procurement pricing
NetSuite does not provide public pricing information. To obtain a quote, contact NetSuite directly.RFP360 noteworthy features
- Advanced RFP creation functionality
- Bid tracking
- RFP analytics and reporting
- Workflow automation
How customers rate RFP360
- G2 rating: 4.4/5 (as of April 2023)
- Capterra rating: 4.5/5 (as of April 2023)
10. ProcurementExpress.com
ProcurementExpress.com is a purchasing software tool that enables businesses to manage their procurement activities from a single dashboard.Users can turn their online shopping carts into draft purchase orders, rate supplier quality, deploy a branded e-procurement supplier portal, and customize budgets.The platform also enables users to create categorized expense flows for company reporting, provides an offline mobile app, and helps businesses manage and plan annual spend that hasn’t been paid for yet.ProcurementExpress.com noteworthy features
- Purchase order approval with multi-level approval routing
- Defined rules and workflows
- Customizable purchase order forms
- Advanced reporting
How customers rate ProcurementExpress.com
- G2 rating: 4.7/5 (as of April 2023)
- Capterra rating: 4.7/5 (as of April 2023)
ProcurementExpress.com pricing
ProcurementExpress.com offers four pricing tiers but does not advertise specific pricing information publicly. All pricing tiers offer a free trial.- Basic: suitable for teams managing up to $10,000/month
- Small business: suitable for teams managing up to $1 million/month
- Standard: suitable for teams managing up to $10 million/month
- Enterprise: suitable for teams managing up to $50 million/month
11. Bellwether Purchasing Software
The Bellwether Purchasing Software platform is a procurement tool that streamlines purchasing and inventory management activities.The platform provides features to help procurement teams speed up processes, including automated requisitions and purchase orders, auto three-way matching, inventory management, pre-purchase approvals, and spend analytics and reporting.Bellwether Purchasing Software noteworthy features
- Automated and customizable approval workflows
- Customized reporting
- Pre-purchase approvals
- Approvals can be made from any device
How customers rate Bellwether Purchasing Software
G2 rating: 4.6/5 (as of April 2023)Capterra rating: 4.8/5 (as of April 2023)Bellwether Purchasing Software pricing
Bellwether Purchasing Software does not provide public pricing information. To obtain a quote, contact Bellwether Purchasing Software directly.PRM360 noteworthy features
- Online bidding process
- Automatic invoice reminders
- Quotation comparison reporting
- Vendor portal
How customers rate PRM360
- G2 rating: 4.8/5 (as of April 2023)
- Capterra rating: 5/5 (From one user review, as of April 2023)
Varis noteworthy features
- Pre-purchase approvals
- Large supplier marketplace
- Pre-negotiated contracts
Tradeshift Pay noteworthy features
- E-invoicing
- Source-to-contract support
- Pay-to-purchase support
How customers rate Tradeshift Pay
- G2 rating: 3.8/5 (as of April 2023)
- Capterra rating: 4/5 (From two user reviews, as of April 2023)
Jaggaer noteworthy features
- Optimized contract compliance
- Guided shopping tools
- Self-service support
How customers rate Jaggaer
- G2 rating: 4.4/5 (as of April 2023)
- Capterra rating: 4.5/5 (From one user review, as of April 2023)
What is procurement software?
Procurement software is a type of business software designed to streamline and automate many of the manual processes involved in the overall procurement process. It helps organizations purchase goods and services in a more efficient, cost-effective, and transparent way.Procurement software tools help businesses manage the entire source-to-pay cycle, including purchasing goods and materials, managing inventory, generating purchase orders and invoices, managing suppliers, and analyzing spend.How can procurement management software help me in my day to day?
The benefits of procurement systems have a direct impact on a business’s profitability. Here are just a few benefits of using procurement management tools to manage business processes:- Automated procurement processes: businesses can optimize procurement processes through the automation of tasks, which in turn speeds up the entire procurement life cycle, and reduces workloads
- Enhanced spend visibility: procurement software tools provide real-time visibility into spending by tracking purchases and expenses across departments, locations, and projects. This helps businesses quickly identify cost savings opportunities and make more informed procurement decisions.
- Improved relationships with suppliers: procurement software tools also help organizations improve their relationships with suppliers and vendors by facilitating enhanced communication and collaboration between them, making it easier to negotiate contracts and pricing, track shipments, and manage disputes
- Better compliance and risk management: businesses can better enforce policies and procedures by using procurement software, in turn ensuring compliance, minimizing and mitigating risks, and preventing supply chain disruptions
- Mobile functionality: many procurement software systems also have native mobile apps, enabling businesses to manage procurement activities while on the go
What features should I look for in procurement management software?
When evaluating procurement management software tools, there are several key features you need to consider:- Purchase order management: the top procurement management tools help you automate the creation, approval, and tracking of purchase orders
- Inventory management: to help you manage your inventory levels and monitor stock, look for a tool that offers inventory tracking, reorder management, and real-time visibility into inventory levels
- Invoice management: look for tools that offer automated invoice processing and matching, and the ability to create and manage payment schedules
- Supplier management: the best tools enable you to create and maintain a supplier database, track supplier performance, communicate with suppliers, and manage and negotiate contracts
- Reporting and analytics: tools that provide dashboards, customizable reports, and analytics tools will help you identify trends, monitor spending, and optimize procurement activities
- Third-party integrations: the best procurement management software enables integrations with your existing tech stack, particularly with accounting solutions, ERP systems, and e-commerce platforms
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