Those seemingly trivial budget leaks bleed you money over time, and often, you’ll spot them when it’s too late. Your bottom line has taken the damage. Good thing, technology can preempt this classic problem and tip the scale to sound spend management.
Having the right spend management software in place prevents unnecessary costs and cushions your business against diminishing margins. What is business spend management software for but to arrest, not just misallocated funds, but the little everyday runaway costs that add up at the end of the fiscal year. The software also protects your hard-earned revenues, ensuring they are plowed back to finances for better use.
Luckily for you, there are a plethora of spend management tools out there, and you will possibly be spoilt for choice when buying one. The diversity of these products and competition amongst vendors means it easy to find a good product; the challenge is pinpointing a solution that is tailored to your business’ needs.
In this article, we’ve compiled the best business spend management software. We’ve dissected these solutions to reveal their strongest features such as procurement, purchase-to-pay, and spend management capabilities as well as the price to help you determine how effective they can be to your business. This way, you gain insights to better assess the products and pick the most appropriate software for your business.
Spend management is an all-encompassing business process that deals with how, when, and why financial resources are spent throughout the procurement and purchase-to-pay cycles. It’s the process of collecting, maintaining, collating, grouping, and analyzing spend data, to mine facts and insights that help gain the best possible value for purchased goods and services, while regulating compliance, improving efficiency, and monitoring workflows.
While the process is long and tedious, you would be mistaken to overlook the importance of spend management systems to a business. The systems automate all spend-related activities, bringing addressable spend under complete control to instigate a phenomenal impact on the organization’s competitive position and bottom-line. Apparently, a small reduction in spending can tremendously improve the profitability of your business with a degree only attainable through astronomical sales. However, you still have numerous factors to consider before getting an invoicing software or spend analysis solution for your business.
At one level, spend management sounds easy and obvious, but owing to the variety of interrelated activities it encompasses like procurement and the redundant procure-to-pay functions, achieving sound spend management can be a huge undertaking, especially if your business is spread across multiple organizational units or locations. Besides, the evolving supply base and the changing business strategy are piling pressure on procurement, further highlighting the need for reliable procurement software, particularly those with a business spend management software analysis feature.
Even with procurement departments under intense pressure to achieve cost savings, proper spend management has remained elusive because of the inability of organizations to collect and analyze spend data accurately. This has been so mainly because a whopping 78% of organizations have not implemented fully automated spend management systems. Consequently, many businesses are still grappling with problems such as manual invoice intervention, maverick spending, and the use of multiple disparate spend management systems that inhibit effective inventory management strategies and proper access to data.
Even worse, for businesses with operations spread across multiple business units and geographically dispersed locations, instituting processes, systems, and policies to bring business spend under control has been a major pain point. While these businesses know for a fact that having a consolidated spend management system can bring unprecedented benefits, pinpointing the right blend of virtual, decentralized, and centralized functions has been a hard nut to crack.
The good news is, even as the problems get more complex by the day, there is a proliferation of comprehensive spend management solutions designed to sufficiently address the current spend management hurdles as well as the evolving priorities. As you may notice, the products in our list have the capacity to function more specifically as different types of inventory systems, strategic sourcing, contract management, efficient invoicing, and spend visibility solutions.
Getting a reliable solution that can meet all your unique requirements starts with understanding your position and the intricacy of your problem, and then examining the 12 solutions to find one with the right functionality. Some of these products have free trials, so if you are not sure, you can test their features out before forking the money out.
Tradogram is a powerful, cloud-based business spend management solution designed to help businesses of all sizes implement effective spend control strategies. It is a comprehensive solution that blends six powerful modules: contract management, supplier management, strategic sourcing, order management, spend control, and purchase-to-pay. The solution is designed for business leaders that want to remain in complete control of their procurement process and discover the future of spend management.
What makes Tradogram stand out as a spend management software is its impressive suite of spend control solution. The suite includes a budget planner that enables businesses to control their finances and perform cost forecasting to discover potential savings opportunities. Besides, with Tradogram, it’s a breeze to create dynamic approval workflow systems that improve the company’s spending. Even better, the solution has reliable spend analysis tools that make it easy to perform cost tracking in real-time.
Tradogram offers a free plan that you can use right away. If you just want to see how it work for a time without fully committing, you can easily sign up for Tradogram free trial here.
If your goal is to streamline purchase orders, requisitions, contracts, RFQs/RFPs, invoice matching, or delivery tracking, Tradogram has got you covered. The platform puts sourcing events, purchasing process, and supply chain management in sync, enabling companies to improve spend visibility and ultimately, their bottom line. Also, with its versatile procurement features, ease of use, and flexibility, Tradogram is an ideal solution for businesses looking to create custom-made procurement workflows.
Tradogram also makes use of the latest cloud technology to empower purchasing decision makers as well as buyers to control costs, manage suppliers, and save money. Another great thing about Tradogram is that the platform offers a real-time messaging system to help users request relevant information and mitigate the risk of broken communication with suppliers.
Price Range: Tradogram is a low-priced solution that offers sensible subscription-based pricing with straightforward plans. Its free forever basic plan is best for startups and its Premium plan only costs $10/user/month, which makes it perfect for small businesses.
TradeGecko is a powerful, cloud-based supply chain and order management software designed with high-growth e-commerce brands, distributors, wholesaler, and manufacturers in mind. The solution provides an all-inclusive suite of features including CRM, order& fulfillment, inventory management, and intelligence, wrapped together in a single platform to help businesses take complete control of every operation.
With TradeGecko, orders, products, customers, and insights are combined in one place for complete visibility and control over inventory. Keeping a single source of truth on inventory ensures that you have real-time information to easily determine where to get stock without wasting resources. This way, you are always on toes and ready to capitalize on any emerging sales opportunity. Also, unlike other products, TradeGecko has a proprietary payment solution designed to facilitate seamless payment experience.
You can try out all TradeGecko features for free for a period of time to if they suit your needs. Simply sign up for TradeGecko free trial here.
What’s more is that the solution integrates all locations, sales channels, and currencies, allowing users to manage all orders, products, and customers from a single console. What sets it apart from others, however, is its ability to receive invoices, orders, and the effectiveness with which it maintains perpetual inventory. In addition, its report and insights module provides detailed customer insights that enable businesses to build strong relationships with suppliers, distributors, and customers.
Even better, If you are an online store owner, TradeGecko’s interface will win you over with its clean design, modern feel, and straightforward functions. The interface epitomizes TradeGecko ease of use for it allows users at all levels to use the solution smoothly and more efficiently.
Price Range: TradeGecko offers a full-featured free trial that allows you to test the waters before picking a plan. Its paid plans range between $39/month to $599/month, but there are additional plans for high-growth companies including a Premium plan – $799/month and a quote-based Pro plan.
Procurify is a cloud-based spend management solution designed to help medium to large organizations get the most out of their spending. The solution provides tools that help businesses achieve greater visibility into their spend, monitor purchases, and report on the financial data with pinpoint accuracy.
Procurify is billed as an accessible and convenient solution, and its availability on both desktop and mobile devices justifies this claim. Its mobile interface is particularly helpful for users that want to track approval and manage business spending even when on the go. The best part is that whether you are completing a task on your desktop or mobile device, Procurify offers the same flawless experience.
If you want to investigate Procurify features closely, you can easily do so when you sign up for Procurify free trial here.
No more email or spreadsheet to manage your approvals, with Procurify, its a breeze to create customizable approval flows that suite your requirements. Also, the ability to view the real-time budget impact and notifications means you can approve requests more confidently and in a timely fashion.
Besides, the real-time budget tracking feature, allows you to keep your spending in check and make accurate decisions based on your company’s goals. More importantly, Procurify’s expense management enables you to put maverick spend under complete control.
What’s more intriguing is the spend analytics and reporting module. The module provides simple reporting graphics revealing trends of how money flows out of your business. With the graphics, it’s easy to pinpoint what is purchased and who is spending, ultimately curtailing maverick spending.
Price Range: Procurify offers detailed pricing with three quote-based plans. Contact the vendor for a detailed price quote.
Orderhive is a cloud-based, multichannel order, inventory, and shipping management software designed for forward-thinking retailers, distributors, and wholesalers. Equipped with tools such as order management, inventory management, shipping management, purchase management, returns management, and warehouse management, the solution has everything a business needs to streamline and automate operations, manage spending, and make customers happy.
In particular, the purchase management offers a suite of tools including automated PO creation, barcode systems, multi-currency transactions, and more. These tools work in unison to streamline the end-to-end procure-to-pay process for seamless supplier coordination, on time purchasing, and effective spend management.
If these features seem interesting, you can investigate them further when you signup for Orderhive free trial here.
Better still, with Orderhive, it’s easy to manage every facet of your order process from warehouse to customer, while streamlining other functions such as backorders, multicurrency transactions, and team collaboration. Another thing about Orderhive is that it integrates with multiple channels like eBay, Amazon, Shopify, WooCommerce, BigCommerce, etc, which makes it a breeze to automate inventory updates across these platforms.
Price Range: Oderhive provides a simple pricing structure with plans that range from $49.99/month to 149.99/month. They also offer an Enterprise plan with prices that are available upon request.
Bellwether is an easy to use purchasing software designed to help small, mid-sized businesses, and large enterprises gain control over spending, reduce operational costs, and improve regulatory compliance. The solution offers a purchasing manager that features components for procurement management, inventory management, vendor performance optimization, and invoice management.
The best thing about Bellwether is that it’s available for both cloud-based and on-premise deployment, which makes it fit for both online stores and brick-and-mortar enterprises. Its web-based version is particularly effective as it provides the customization and flexibility required to manage business spending. What makes Bellwether unique, though, is that it is available to an unlimited number of users and its world-class customer support is available on the phone, live chat, and email.
You can see for yourself how this solution could improve your spend management once you sign up for Bellwether free trial here.
Another plus for Bellwether is that it instills greater transparency into business spending allowing businesses to gain control of spending and remove maverick purchasing. Also, its purchasing module works in tandem with the requisition module, allowing you to establish a budget threshold and spend tolerances.
Price Range: Bellwether offers straightforward pricing with three plans: PXM is free, BPM prices start at $30/user/month, and EPMX prices start at $40/user/month.
AvidXchange is an all-inclusive account payable and automated bill payment designed for mid-sized businesses spanning numerous verticals such as financial services, real estate, energy, construction, and nonprofit. The solution automates invoicing and payment processing while accelerating approvals to minimize processing costs. Its aim is to empower businesses to automate the AP process to eliminate manual processes and achieve more transparency and control.
AvidXchange focuses on helping organizations streamlining the entire Purchase-to-Pay (P2P) process from purchasing to payment with tools such as bill services, invoice application, purchase order application, and pay application. This way, the solution ensures organizations achieve optimal spending, enhanced reporting, and better budgeting across all departments.
should you want to investigate the platform firsthand, you can easily do so when you sign up for AvidXchange free trial here.
Price Range: AvidXchange pricing is available upon request. Contact the vendor for detailed price information.
SAP Supplier Relation Management (SRM) is a web-based procurement software designed to accelerate the Procure-to-Pay process. SAP SRM enables businesses of all sizes to procure different types of goods including direct & indirect materials as well as services. With the solution, businesses get the tools they need to streamline and automate purchasing with a goal to lower supply costs and maintain high-quality output.
SAP SRM coordinates diverse business processes including supplier management, purchasing, sourcing, spend analysis, and operational procurement. When the loop, from source to pay, is closed and operational processes are automated, it becomes easy for businesses to increase efficiency and cut unnecessary spending.
In addition, by systematizing the acquisition of goods and services, SAP SRM accelerates procurement cycle times and enables business managers to gain greater visibility into the performance and relationships of their suppliers. The best part about SAP SRM is that it offers consumer-grade shopping interfaces that make it easy to drive user adoption.
Price Range: SAP SRM offers quote-based pricing. Contact the vendor to get a custom quote based on the functionality and number of users you need.
SAP Ariba is a comprehensive suite of cloud-based supply chain and e-procurement solution designed to help mid-sized and large businesses drive their sourcing strategy and achieve fast time to value. The software automates every facet of the procurement process fro source to pay, making it easy to consolidate and control spending. Some of its salient supplier management, strategic sourcing, direct spend solutions, procurement, and supply chain management.
SAP Ariba optimizes sourcing on a single, integrated platform allowing users to have one source of truth in the cloud. With information at the fingertips, business leaders can make better sourcing decisions and negotiate best value agreements, while minimizing the risk associated with both direct and indirect operations.
What makes SAP Ariba’s stands from other platforms, however, is its wide range of procurement solution capabilities which not only streamlines procurement but also enables businesses to adhere to compliance standards while cutting associated risks and costs. It’s guided buying experience makes it a breeze to connect with reliable suppliers and work with them confidently.
Even better, businesses can digitize invoice workflows, capture, and approval, while instilling supplier visibility into all payments. This way, the cash flow is improved, liquidity risk is eliminated, supply chain costs are cut, and the organization’s bottom-line is improved.
Price Range: SAP Ariba offers quote-based pricing to ensure you only pay for the features you need. Contact the vendor for more information.
Oracle Procurement Cloud is yet another reliable procurement software designed to streamline and standardize the source-to-pay process. Combining social collaboration and automation, this solution enables businesses to implement a more influential, effective, and efficient procurement strategy to achieve higher margins and control costs.
Oracle Procurement Cloud boasts a wide selection of tools like procurement contracts, sourcing, and supplier qualification management that make it easy to select reliable suppliers, manage supplier risks, and enforce policies. What sets this solution apart from other vendors, however, is its powerful sourcing module. The sourcing module makes it easy to issue and track POs and requisitions for both direct and indirect operations from a centralized interface.
It’s also worth mentioning that Oracle Procurement Cloud provides a library of contract templates and clauses. This, coupled with its guided contract creation improves contracting speed, visibility, and compliance. Better still, the solution is considered the best for enforcing negotiated pricing and simplifying the consumer buying experience, thanks to its simplified procure-to-pay procedures.
Price Range: Oracle Procurement Cloud offers multiple pricing structures including:
This yet another software from Oracle. Oracle Fusion Procurement is a revolutionary procurement software that takes a unique approach to business intelligence to streamline procurement. It is a comprehensive suite of procurement solutions that can work as standalone modules or combined to create a complete procurement system.
What makes this platform standout is its ability to provide intelligence that enables professionals to unearth savings opportunities. Oracle Fusion Cloud leverages a state-of-the-art analytics engine that makes it easy to identify top opportunities, provide precise performance metrics and monitor trends across diverse systems.
Even better, the solution doesn’t solely use analytics to drive savings; it also provides role-based dashboards that focus on procurement actions. Also, Oracle Fusion Cloud optimizes end-user self-service to boost satisfaction and simplify supplier enablement. What’s more intriguing is the fact that Oracle Fusion Procurement is an open, standards-based application, designed to easily integrate into any service-oriented structure.
Price Range: Oracle Fusion Procurement doesn’t reveal its pricing to the public. Contact the vendor for a custom price quote.
SellerCloud is a robust sales management software built to help mid-sized and large multi-channel merchants sell everywhere. Boasting seamless integrations with more sales channels than other providers, the solution enables merchants to establish a foothold in virtually all leading marketplaces.
In addition, it provides a single-source platform where every facet of merchandise flow, from purchasing to the delivery, is managed with ease. This way, every aspect of your business operation, from pricing to order processing to warehousing and shipping, is expediently and conveniently done to the advantage of the business and the customer as well. The integration of all interrelated activities brings an optimum level of control to the company’s spending and boosts the bottom line.
What makes SellerCloud a force to reckon with is its diversity of advanced functions. For example, the solution provides a multi-warehouse feature built primarily for businesses operating multiple warehouses. This feature aggregates all inventory, allowing merchants to track inventory across the company’s warehouse from a single platform and in real-time. Even better if any SellerCloud feature comes off as basic, you can leverage the web service API to create your own app to expand or boost the functionality of this software.
Price Range: SellerCloud pricing is available only upon request. Feel free to contact the vendor for detailed pricing information.
IBM Emptoris is a comprehensive suite of solutions that offers analytics solution for supply chain and procurement with contracts, suppliers, and spend management. Equipped with five robust products: contract management, program management, sourcing, supplier lifecycle management, and spend analysis, the platform enables businesses to optimize commercial risk and maximize financial performance.
What makes IBM Emptoris stand out is its contract management module. The module enables global brands to manage every aspect of their contract lifecycle to achieve compliance. Whether its sales contract, procurement, or enterprise contract, the solution streamlines every procedure, allowing you to make better contracts and foster stronger business relationships.
Even better, IBM Emptoris offers a reliable spend analysis module that enables businesses to view, gather, organize, and group spend data for proper analysis. The module allows you to mine helpful insights that lead to proper spend management, ultimately empowering you to eliminate unnecessary spending to grow your bottom-line.
Price Range: IBM Emptoris doesn’t reveal its pricing to the public. Contact the vendor for a complete price description.
There you have it: our analysis for 12 best spend management solutions. We’ve given you the price range of each product to help you zero in on a software that is within your budget. Hopefully, after analyzing your needs and reading our guide you now have an idea of your ideal spend management solution in mind.
If you still can’t make the final decision, relax, we’ve got you covered. Our experts put all these products to test, and Tradogram came out on top in terms of spend management capabilities. We highly recommend Tradogram because it provides a comprehensive suite of spend control solutions including budget planner tools, custom spend analysis tools and approval workflow systems.
Overall, Tradogram will help you structure your company’s spending, perform cost forecasting, and generate comprehensive spend reports. What’s more, the solution provides a wide range of other procurement tools that enable you to align your spend control procedures with the company’s procurement requirements. You can give the platform a try at no cost when you sign up for Tradogram free trial here.
FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.