The best procurement software is Tradegecko because of its full suite of features for inventory management. It is also the top pick among many large enterprises with a large volume of warehouse operations. It has specialized tools for comprehensive inventory control, payment processing, integration and eCommerce, supplier management, relationship management and more. The vendor also offers flexible pricing plans that caters to small and large businesses.
If you’re looking for ways to lend efficiency to your procurement process, you’ve come to the right place. We know that the procurement process is no walk in the park. It requires you to find reliable suppliers, select the right products, assess purchase orders, and facilitate payments for your supplies. If that’s not challenging enough, the fast pace of the modern business landscape also requires you to accomplish these tasks as quickly as possible if you want to remain competitive in your industry.
Luckily, there’s a large selection of procurement software providers out there that can give you the functionalities you require to optimize your operations. The only question now is which one is the most suitable for you?
To help you out, we have narrowed down the 20 best procurement software on the market by assessing their usability, comprehensive of functionalities, and scalability. We have also noted down how much you should expect to spend per product so that it is easier for you to pinpoint whether or not the solution falls within your budget.
Procurement is one of the most tedious aspects of managing a business. So much so that 51% of procurement leaders believe that they are not equipped to deliver on their current strategies—a problem that could lead to excessive expenditures and failed business partnerships. This is where procurement software solutions come in.
Procurement platforms provide businesses with ways to find reputable vendors that can give them the supplies they need. These are also equipped to automate processes when it comes to ordering new stocks as well as approving payments. This way, they can accelerate the procurement process without compromising the accuracy and efficiency of their workflow. Furthermore, these tools can also be used to reduce processing costs (78%), boost the development of new products (58%), and manage risks (54%).
But, of course, with the demands of the modern business landscape, simply automating your procurement tasks, cutting down costs, and remaining compliant is not enough to stay competitive. It is also important for you to maximize your procurement software by using them alongside informative, well-organized, and comprehensive data. In fact. a Forrester study showed leveraging big data and analytics is a priority among many midmarket and enterprise organizations.
On a similar note, businesses should also make the most out of emerging technologies in order to reinforce their operations. Among those noted by the Paramount Workplace are blockchain, cryptocurrency, artificial intelligence (AI), internet of things (IoT), and robotic process automation (RPA) as innovations that will become more prevalent in the coming years.
Fortunately, as you tread through our guide, you will see that there are plenty of procurement software solutions out there that can help you leverage analytics to aid in your company’s supplier sourcing and purchasing processes. Just make sure to check whether or not it can accommodate the specific needs of your operations. After all, choosing the right software provider is just as crucial as finding the best suppliers.
TradeGecko is primarily an inventory management software created for small and medium-sized businesses. However, it also comes with procurement software features and supply chain management tools that will allow you to keep your processes in order. With this, you can track inventory and sales performance, forecast demand, maximize resources, as well as improve relationships with suppliers. What’s more is that it can consolidate data from multiple sources, making it ideal for multiregional distributors. Mobile teams can even access the entire system on your iOS or Android device using their native application.
If you want to know more about the features, you can easily sign up for TradeGecko free trial here.
Price Range: TradeGecko is available in different types of SMB and enterprise pricing packages depending on the number of users and eCommerce channels you have. Rates range from $39/month to $999/month and they also offer custom plans available by quote.
At the very top of our list is Tradogram, one of the best eProcurement software solution on the market. It is used by hundreds of businesses because of its easily navigable interface and powerful set of tools. With this at your disposal, you can enjoy a streamlined approach to procurement as it gives buyers and decision makers full control of the entire process–from managing suppliers to controlling costs to maximizing expenses. It also comes with tailor-made purchasing management that can support multiple locations and groups, making it great for companies with multiple offices.
What really sets it apart from its competitors, however, is its best-in-class spend management functionalities. This includes tools for expenditure analysis, cost issue forecasting, and supplier management. With this, it is easier for you to understand your procurement process and all the expenditures related to them.
In addition to that, Tradogram allows users to create a suppliers database where they can manage their approved vendors, check out information on trading partners, as well as review transactions with particular suppliers. With this, you get easier access to critical supplier information and allow your employees to know which companies to tap in case they need to make new purchase orders.
If you would like to learn more about what this platform can do, you can sign up for Tradogram free trial here. This way, you can get a better idea of how it can help you with your procurement processes.
Price Range: Tradogram offers a free plan for small businesses that only handle 10 purchase orders per month. If you have more advanced requirements, they also offer paid plans: the Premium plan at $15/user/month and the Enterprise plan that is available by quote.
Procurify is a cloud-based procurement solution purpose-built for creative teams. Focusing greatly on spend management and workflow optimization, this software allows users to centralize their processes and maximize their resources. What’s more, it comes with real-time analytical reporting on procurement processes so that you can turn data into actionable intelligence and cut down the time it takes to decide on critical matters.
This platform also has the capacity to support location-based projects which is great for businesses with multiple branches. With this, you can automatically route approval processes to the right people as well as organize all of your procurement documents accordingly. To top it all off, it has an open API function so that you can combine the platform with your existing systems. This way, you can easily streamline your operations.
Do you think this platform fits the bill for your operations? Be sure to sign up for Procurify free trial here first so that you can better understand whether or not this product meets your procurement requirements.
Price Range: Procurify only offers pricing plans on a by-quote basis. If you would like to learn more about their subscription rates, be sure to get in touch with the vendor.
Orderhive may be an all-in-one inventory management tool for eCommerce businesses but it offers a robust purchase management module, making it a great addition to our list. With this, you can track supplier lead times, control costs, and monitor the PO life-cycle as efficiently as possible. This platform serves as a communication hub for you and your supplier for more seamless coordination on delivery times and quantities.
Another great thing about Orderhive is that it is not limited to procurement management and inventory tracking. The software solution offers all the tools you need for workflow automation, invoicing, and shipping. It even comes with a built-in multi-channel sales system and analytics features to help you completely streamline your operations. In case there are additional applications that you require, it also works with nearly 200 third-party integrations for your convenience.
For more information about the different features of this procurement platform, sign up for Orderhive free trial here. With this, you can test out its features first-hand.
Price Range: Orderhive offers straightforward procurement software pricing plans that are dependent on the number of users you have and the number of warehouses you are managing. Rates may cost anywhere between $99/month to $299/month and they also offer a quote-based plan for enterprises.
Bellwether is a complete purchasing suite designed to cater to the needs of businesses both big and small. As one of the best free procurement software, it offers a smart and straightforward interface that is easy enough for novice users and powerful enough for seasoned professionals. You can perform inventory management, invoicing, advanced budgeting, as well as purchasing requisitions as effortlessly as possible. It also comes with approval automation tools and an advanced invoice matching feature to protect you from fraud.
This platform also offers a service-oriented architecture and modular system design which is great for companies looking for scalability. Lastly, the platform can seamlessly run on both desktop and mobile devices when deployed on the cloud, making it a good option for teams who are always on the go.
Should you feel like this platform will do wonders for your procurement process, you can sign up for Bellwether free trial here. This way, you can see it in action before you commit to a subscription plan.
Price Range: Bellwether offers its PMX platform completely for free. However, if you want more advanced tools for the other aspects of your procurement process, the vendor also offers a BPM Basic plan and an ePMX Enterprise plan which cost $11/user/month and $18/user/month respectively.
AvidXchange is an accounts payable software equipped with a top-of-the-line procurement management system. Catering to businesses in the US, this solution aims to eliminate paperwork, reduce processing times, as well as control purchasing costs by providing comprehensive tools for its users. These include modules for accounts payable, purchase ordering, payment processing, and workflow automation.
In addition to the above mentioned, this platform also lets you zero in on your spending patterns by monitoring frequently purchased products as well as the whos, whats, whens, and whys of each transaction. This is even monitored in line with your vendor management efforts so that you will be able to tell when it’s time to find new suppliers for your operations.
If you would like to get a closer look at how this platform works, you can easily sign up for AvidXchange free demo here.
Price Range: AvidXChange offers plans that are transaction-dependent and quote-based. For more information, be sure to get in touch with their representatives.
SAP SRM is an on-premise supplier relationship management tool trusted by hundreds of large enterprises and medium-sized companies worldwide. Coming from an industry leader, this software solution offers nothing short of best-in-class functionalities that will improve the procure-to-pay process. From catalog management and centralized contract management to compliance management and supplier management, this can provide you with everything you need. One downside to this platform, however, is that because it is not cloud-hosted, you won’t be able to access it on your mobile devices.
Price Range: SAP SRM is only available on a by-quote basis. If you are interested in investing in this platform, don’t hesitate to get in touch with the vendor’s representatives for more information.
SellerCloud is a sales management software designed for small to mid-market online retailers. While primarily created to synchronize multi-channel selling operations, this platform also comes with a full purchase order management functionality. With it, you can monitor inventory levels, automatically reorder stocks, as well as perform predictive purchasing based on previous sales records. Furthermore, SellerCloud lets you see across your active sales channels and marketplaces so that you can manage orders and inventories from a single interface.
Price Range: SellerCloud has a monthly minimum cost of $500 until the per order charges exceed $500 and has an implementation fee of $2000 for training. Standard order processing range from $0.05/order to $0.25/order while Fulfilled by Amazon order processing may cost anywhere between $0.02/order to $0.10/order. Do note that the lower rates apply for businesses that need to handle more orders on a monthly basis.
Another product from SAP that managed to land on our list is SAP Ariba. This online procurement platform is touted as one of the world’s leading business commerce networks. Built for both buyers and suppliers, this software solution comes with a wide variety of tools that will help you track supply availability, monitor costs, manage compliance, and assess expenditures. The software even comes with its own network of suppliers which is great if your company is looking to source new vendors for your procurement process. It also integrates with your existing back-office system so you don’t have to worry about finding new platforms that are compatible with this software.
Price Range: SAP Ariba offers custom pricing plans for their clients. To get a quote, be sure to get in touch with the vendor.
Oracle Procurement Cloud is a software solution that brings together workflow automation and social collaboration to accelerate procurement processes. It serves as an all-in-one platform where users can tackle vendor sourcing, assessment, negotiation, and management with ease. With this, it is easier to zero in on which suppliers will provide you with the best deals and which ones will help you achieve your objectives. Furthermore, it comes with transactional business intelligence tools that will aid you in making smarter business decisions down the road.
Price Range: Oracle Procurement Cloud offers various plans depending on the modules you’ll be needing for your procurement process. Prices range from $650/user/month to $575/user/month.
Next on our list is Oracle Fusion Procurement. Similar to the previous product we discussed, this platform is designed to help companies spend smarter and find the best possible deals from suppliers. However, this platform offers a modular suite of procurement applications that focus on eSourcing and universal contract management. Moreover, it is equipped to help you identify your sourcing priorities so that you can find your ideal vendors in the most efficient manner possible.
Price Range: Oracle Fusion Procurement is only available on a by-quote basis so be sure to get in touch with the vendor for more information.
IBM Emptoris is a contract lifecycle management tool created for large enterprises and medium-sized businesses. However, we decided to add this to our list of best procurement software because it aims to help users foster stronger relationships with suppliers while maximizing their budget on purchase orders. Using this, they can simplify the creation of agreements with vendors, monitor the efficiency of their purchasing processes, as well as reduce operational risks.
Price Range: IBM Emptoris only provides their pricing plans upon request so be sure to contact the vendor to ask for a quote.
eBuy by Berkeley Laboratory is aimed primarily at companies, businesses, academic institutions, and research departments that desire easy access to an assortment of common office materials, lab equipment, and computer equipment. This online ordering solution is accessible round-the-clock, which means you can check for available items and place your orders wherever and whenever you want. With eBuy, you won’t be burdened by complicated paperwork for procuring essential supplies, and orders typically get delivered within a few day’s time. More importantly, all suppliers are contracted by Berkeley Laboratory, which means they have undergone strict screenings for quality assurance.
Price Range: eBuy does not offer their pricing information publicly. If you are interested in investing in this program, be sure to get in touch with the vendor.
ISN is a cloud-hosted procurement hub purpose-built for large and medium-sized companies. This platform offers users with a comprehensive search tool that will help them find and assess the suppliers and contractors they need as effortlessly as possible. With this, they get transparent profiles on their prospective partners so they can rest assured knowing they are being connected with professionals who have been thoroughly screened according to a wide variety of industry-specific criteria. It also comes with its own digital bulletin boards and built-in messaging system so that collaboration between companies and suppliers is enhanced.
Price Range: ISN is only available by quote. If you would like to learn more about their pricing plans, kindly contact the vendor’s representatives.
Moglix Vendor Portal digitizes end-to-end procurement for seamless business-supplier communications, automated processes, transparent visibility on procurement stages, clear digital trail and documentation, and improved operational efficiency overall. This company, which is known for its large catalog of industrial supplies, arms both businesses and suppliers with collaborative tools for frictionless communications across multiple suppliers. Furthermore, by integrating with ERP systems, you can even set your supplier-communication procedures on autopilot.
Price Range: Moglix Vendor Portal only offers their pricing plans by quote so be sure to get in touch with the vendor.
SAP Fieldglass is a cloud-based external workforce management tool built for businesses in the utilities, construction, aerospace, banking, and professional services sectors. With it, users can optimize operations, control expenditures, and accelerate processes while forging great relationships with their vendors. In addition to those, it also has risk mitigation features and compliance management features to help you keep your processes in line with industry regulations
Price Range: SAP Fieldglass is only available by quote so be sure to get in touch with the vendor to get the specifics of their pricing details.
Intoweb is a procurement management system created to help companies that need to constantly restock their stocks. Be it office stationery, restaurant inventory, or other easily depleted supplies, this tool will allow them to control resource usage, foresee the need for materials, as well as coordinate purchases across departments. It also provides users with a robust audit trail feature, risk management system, and contract management tool to further streamline your procurement processes. To top it all off, this platform is available for deployment via cloud or on-premise.
Price Range: Intoweb offers quote-based plans. This way, you can be sure that you are only paying for functionalities that you require. For more details, get in touch with the
Wroffy is a procurement software designed specifically for IT departments. Whether you are looking to procure new hardware, software licensing, online marketing services, or IT infrastructure solutions, this platform offers reliable options for you. While it may not automate your procurement processes, this software greatly simplifies vendor sourcing as it automatically compares prices from different vendors. It also keeps all your IT purchases and negotiations in one place so that it is easier to review later on. If that’s not enough, the vendor also provides big discounts for bulk orders, which is great for large companies.
Price Range: Wroffy is available on a by-quote basis. Should you be interested in their pricing plans, get in touch with the vendor’s representatives.
Digital Purchase Order is a cloud-based purchase order solution purpose-built for SMBs. While it may offer an easy-to-navigate interface with simple-to-use tools, don’t let that fool you into thinking that this platform is too basic for your needs. With this, you can automate purchasing workflows, create specific approval prompts for transactions, as well as send your payments with ease. What’s more, it seamlessly integrates with the software provider’s accounting system so that you don’t need to rely on a separate software solution. It is also completely mobile-ready, making it a good option for agile teams.
Price Range: Digital Purchase Order is available in plans that are priced depending on the number of POS and users you have. These may range from $19/month to $79/month and can be paid on a monthly, annual, or biannual basis. A quote-based plan is also available for larger businesses.
Last but not least is Provade, a vendor management system that is powered by Oracle’s enterprise technology. This tool is built to reinforce contingent workforce management as well as procurement processing for large enterprises and medium-sized businesses. With this, you can reduce expenses, ensure that you are applying industry best practices, as well as remain compliant with your contract terms. To top it all off, this software solution gives users a wide variety of custom permissions so that managers and administrators have complete control of their data.
Price Range: Provade offers quote-based pricing plans for its users, so be sure to contact the vendor’s representatives for more details.
To sum it up, there are plenty of options to choose from if you want to have a good procurement software solution for your company. It all boils down to assessing which ones meet your specific requirements and fall within your budget.
If you have yet to decide which of the products on this list of 20 best procurement software is the most suitable for you, we suggest you give Tradegeckoa try. While there are surely some pros and cons to TradeGecko, you’ll see that its positive aspects greatly outweigh the negative.
For one, it offers a comprehensive suite of tools for seamless inventory management, flexible payment processing, and powerful integrations. Equally important, it comes at flexible pricing plans for small and large businesses. Be sure to sign up for TradeGecko free trial here to see how it can be of help to your operations.
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