20 Best Procurement Systems in 2024

Businesses of all sizes depend on their procurement departments to keep costs in check and build productive partnerships with their suppliers. However, your company is losing money and value by not using procurement software and instead depending on traditional processes and paper-based procurement procedures.

If you use procurement software systems, you can simplify, automate, and optimize your whole procurement procedure, as well as track expenses and calculate returns. These solutions also allow you to lay the groundwork for digital transformation throughout your business operations. While there are numerous applications in the market, we have curated the best procurement systems below so you can choose the best system for your organization.

The severity of the interruption to supply networks persists as COVID-19 remains a real danger, keeping certain areas and sectors in lockdown while others emerge into a completely different world. As economies begin to recover, secure and timely delivery of products and services will be essential. Leaders in the business world need to be nimble thinkers and doers to keep their companies running smoothly, retain clients, and safeguard their employees. While 75% of companies report that their organizations are still recovering from supply chain disruptions, business leaders are optimistic and have already begun to implement solutions to mitigate its impact.

As a result, there has been a careful examination of business processes to optimize workflows. This leads to an increasing demand for business process automation, from procurement to inventory management. And with 55% of businesses experiencing faster recovery after implementing solutions that automate their processes, companies are on the lookout for the right solutions that they can launch right away.

Unsurprisingly, platforms like procurement systems are increasingly in-demand due to companies looking to minimize expenses and losses in their key procurement processes. In fact, experts say that the global procurement system market is set to grow to $5.4 billion by 2025.

If you are one of those companies looking to scale up by optimizing your processes, check out the best procurement solutions below.

Best Procurement Systems

1. Procurify

Although Procurify has only been around for a short time, it is already widely used by businesses, thanks to its many advantages and cutting-edge capabilities for improving their expenditure management culture. In addition to resolving challenges with making purchases, the system harnesses the collective intelligence of a business to develop innovative approaches that save money and increase profits. Procurify provides you with a novel reporting agenda that monitors every useful activity, a hands-free installation that requires no training, and a small budget-control package to plan and manage your costs. In addition, you won’t need to worry about doing any kind of routine maintenance or perform any sort of upgrades inside a cloud-hosted and automatically updated software.

The inclusion of Procurify in your toolset will make it simple for you to establish teams, departments, and even geographical locations-wide approval process controls and criteria. Spending is monitored in a systematic, goal-oriented manner as opposed to being left to chance, thanks to the several levels of permission based on the company’s structure. Users can generate and send out purchase orders in a matter of minutes. Procurify maintains a database of all purchase orders in one convenient area, making it easy to access and verify information at any time.

2. Kissflow Procurement Cloud

Get your procurement procedures under control and strengthen your connections with suppliers by using Kissflow Procurement Cloud, an intuitive and adaptable web-based procurement management platform. Purchase requests, orders, and invoicing, as well as vendor onboarding, performance monitoring, and data reporting, can all be handled in a centralized location with the help of this procurement application.

The program also makes managing your company’s interactions with its vendors and other suppliers easier. Data such as suppliers’ payment status, credit ratings, and overall performance may all be seen in one convenient location. You may get useful insights from your procurement data with the aid of the analytics and reporting tools provided by Kissflow Procurement Cloud. You can see where your company is overspending, how your suppliers are doing, and where there are holes in your supply chain management.

3. GEP NEXXE

GEP NEXXE is an enterprise-level software for managing supply chains, helping improve a company’s transparency, responsiveness, intelligence, and resilience. The software is state-of-the-art and gives organizations command over their supply chains. Everything related to supply chain management is covered, from initial conceptualization through collaboration and the actual carrying out of daily operations. GEP NEXXE provides unprecedented degrees of control and real-time data to supply chain organizations, giving them an advantage.

The platform utilizes best-in-class solutions for supply chain planning, allowing you to increase both customer happiness and profits. This suite of AI-powered SCM planning tools improves prediction accuracy and gets fine-grained visibility. By integrating with both new and old ERP systems, GEP NEXXE gives you complete command over your supply chain from a central location. It is also compatible with GEP Smart, GEP’s cloud-native procurement platform. Combining the two products into one streamlined system streamlines the whole procurement and payment process, as well as the entire supply chain.

4. AvidXchange

More than 6,000 businesses in the United States rely on AvidXchange, a comprehensive suite for managing invoices and automating payments. AvidXchange is a fantastic option to consider if you own a small or mid-market company and are interested in making the switch from manual, paper-based bill paying to an electronic, automated process. Its state-of-the-art automation capabilities mean that invoices are no longer needed, payment procedures are streamlined, and processing costs are lowered significantly.

Four separate modules inside the platform handle the various aspects of managing accounts payable and processing payments. These include automated invoicing, automated bill payments, automated purchase orders, and automated utility bill management. Electronic invoicing, electronic payments, and intelligent approvals are just ways by which customers can streamline the purchase-to-pay process with the help of the features offered by these four modules. Thanks to these automated procedures, there are fewer expenses, more output, and a clearer oversight of the whole accounts payable procedure.

5. GEP SMART

To help successful businesses and international corporations make faster, more informed buying choices, GEP SMART provides them with a convenient, simple, all-around source-to-pay platform. It is a single, cloud-based solution that helps customers through the whole sourcing and payment process. In order to facilitate a full cycle of purchasing, it is built with capabilities that are compatible with both cloud-based and on-premise Enterprise Resource Planning (ERP) systems.

GEP SMART

Try out GEP SMART with their free trial

With GEP SMART, you can streamline the interactions between your company’s legal, sales, and procurement departments and other parties involved in the contracting process at any point in its lifetime. Build your contract portfolio in one place and manage it with your team. You can oversee the execution, monitoring, and compliance of these contracts. You can set up automatic notifications and reminders to keep track of upcoming deadlines like reviews, rebids, and renewals.

GEP SMART pricing is by quote.

6. Bellwether

Bellwether is an end-to-end, cloud, and on-premise procurement suite with features and capability that can be scaled to meet the needs of businesses of any size. It is built on a service-oriented architecture, and it employs a modular system design in which services are grouped according to business process, with users choosing just the modules they need. As soon as you’ve completed the easy onboarding process, you can begin using the system to manage all of your company’s buying operations, from requisitions to inventories to invoices to purchase orders to shipments and receipts. It also has high-end budgeting and workflow support.

This cutting-edge system contains several user-friendly and sophisticated shopping options. You can rename data fields on purchase orders (POs) with the help of an integrated data dictionary, add up to 999 individual goods in a single purchase order, and have taxes calculated automatically. It keeps track of the total running price as you input each PO line item, which is likewise priced independently. It is possible to tailor workflows to the needs of individual businesses and users, down to the level of detail specified by variables like budget limits and thresholds. The time you save using its automated, browser-based purchase order procedure can be put to better use in other endeavors, such as bargaining with suppliers or learning more about them.

7. Paramount WorkPlace

If your company is seeking to develop or improve its online and mobile procurement and requisition operations, Paramount WorkPlace is a good option. It’s scalable to meet the demands of anywhere from five users to well over three thousand. WorkPlace can be used by a wide range of businesses, including government institutions, hotels, pharmaceutical firms, and more. Its purchasing catalog gives your staff the freedom to make purchases within the approved budget. You can better manage and control your company’s expenditures by using a predefined and ad hoc approval process to enforce entry criteria, apply approval rules, discover variations, and impose other regulations.

Workplace’s requisition and procurement tools are feature-rich and cover every step of the process, from first inquiry to final payment, including tax calculation, recovery, and monitoring. Additionally, its system for managing travel and spending makes it simple to record outlays, account for cash advances, and conduct audits. A project timesheet feature also allows for precise billing of both staff and outside contractors.

8. Precoro

Precoro is a reliable software that consolidates all of your purchasing and receiving tasks in one simple interface. It works well for enterprises of all sizes. Using this application, maintaining and fostering connections with vendors is streamlined. Managing catalogs, stocks, and contracts is all handled mechanically. In addition, users get access to a consolidated hub for making purchase orders, sending POs to suppliers, and correctly matching POs, contracts, and invoices from suppliers.

Expense management is made easier using Precoro, even though it lacks built-in accounting facilities. The software’s expenditure reporting features make it easy to see where your company’s cash is going. You won’t have to manually look into employee spending habits anymore. Additionally, the reports can be generated with a single click, allowing you to quickly get the information you want. Also, Precoro comes with an approval tool for important expenditures in your company. So, you can check in on the workers’ cost reports even if you’re out and about. This means that processes can proceed with little delay if approvals are given as soon as possible after they are requested.

9. SAP SRM

By streamlining, automating, and centralizing the whole procure-to-pay procedure, businesses can greatly enhance the efficiency of their operations with the help of SAP SRM. This SRM solution manages the entire e-procurement process, beginning with the first search and continuing with the final payment. SAP SRM speeds up operations, aids in attaining and maintaining compliance with contracts and buying regulations, and considerably improves total spend management.

The procurement software provides you with innovative tools to better coordinate and ease your business activities with your main suppliers. You can get a lot more out of your interactions with suppliers by using SAP Supplier Relationship Management (SRM) to completely optimize your procurement strategies and work more effectively with your supplier pool. It allows you to analyze and forecast buyer behavior, shorten the length of the procurement process, and interact with your business partners in real-time.

10. Tradogram

Tradogram is a cloud-based e-procurement platform with robust features and an intuitive interface intended to automate and expedite the buying process. This system aims to provide purchasers and decision-makers unrestricted freedom in all aspects of the purchasing process. The program will be of great help in areas that might have a detrimental effect on profits if not managed well: supplier management, cost control, and expenditure maximization. Using Tradogram, you can quickly and simply establish contact with your suppliers, giving you the peace of mind that you will get all of the supplies, commodities, or services you need at a price that is reasonable.

You can learn more about your suppliers and partners with the procurement system. Supplier evaluations help you find reliable partners and spot scammers in the market. The software also aids in designing and regulating procurement processes, both of which contribute to greater efficiency and reduced costs. It connects your contracts, product specs, and other information so that you can make exact requisitions, including combining products from several requests into one order to maximize economies of scale.

Tradogram pricing plans are based on your business size.

11. Oracle Fusion Procurement

With its flexible portfolio of procurement apps, Oracle Fusion Procurement helps procurement service companies save money without sacrificing efficiency. You can utilize the system as a standalone procurement platform or use its components to augment the functionality of your existing procurement software. In a nutshell, the system facilitates result-driving activities, including smart sourcing and expanding end-user self-service.

The role-based dashboards provided by Oracle Fusion Procurement make it easy for users to make the most of opportunities by guiding them toward the most pressing tasks at hand. Users can create legally binding agreements, thanks to the system’s built-in contract and source management features. Users will be ecstatic with the system’s transparent nature. To achieve this goal, Oracle Fusion Procurement combines e-sourcing with universal contract specifications, universal search, and a universal contract database.

12. SellerCloud

The cutting-edge technology behind SellerCloud allows for the management of comprehensive multi-channel sales. The platform handles everything, including inventory and warehouse administration, listing publications to marketplaces, order processing, and delivery, and accounting integration. Furthermore, its unified system enables ecommerce to be simpler, giving businesses more insights and command over their online revenue.

A complete purchase order management system is also included. With low stock warnings and forecast buying based on prior sales or seasons, it also offers direction on reorder numbers. One centralized engine can handle all of the listings, orders, and stocks, thanks to the product’s seamless interaction with top sales channels. This makes it simple to provide any item with the maximum exposure possible. Moreover, it removes the need to manually adjust availability quantities in each shop or channel by allocating an item to the sales order once sold, hence reducing the danger of overselling.

13. IBM Emptoris

Keeping track of all of your contracts is a breeze with the help of IBM Emptoris Contract Management. The system is there for you throughout the whole contract lifecycle, from drafting to negotiating to enforcing. Compose, review, negotiate, execute, and modify contracts with the help of this browser contract management application. All of your contracts can be kept in one convenient location for simple filing and future retrieval.

Simply implement IBM Emptoris Contract Management and watch as your contract management activities are transformed into streamlined, dependable operations. The solution gives you a bird’s-eye view of all your contracts, allowing you to fine-tune the terms and ensure they are compliant with regulations and best practices. The software provides the resources necessary to initiate and maintain effective partnerships with vendor partners. IBM Emptoris Contract Management aids in reducing operational risks and ensuring compliance as you build lasting relationships with suppliers and make concrete promises to work together effectively.

14. PayEm

With PayEm, you can control your company’s spending and make purchases on a worldwide scale while streamlining your accounting procedures, from request to reconciliation. Through the use of PayEm, organizations have a centralized hub for payroll and expense management automation and integration. It streamlines payment operations by eliminating human inputs and mistakes via the use of automation, smart credit cards, and cutting-edge technology for payment and reconciliation. The technology is a worldwide solution for finance teams and CFOs that can improve efficiency, cut down on the need for various technology investments, and provide full visibility and control over financial data.

Companies with a worldwide reach that need to plan and transfer payments internationally will find PayEm an ideal option due to the flexibility and scalability of its platform. Regardless of where they are located, they can now collect invoices, generate bills, and pay suppliers in the currency of their choice. Your company’s ERP may be automatically linked with the auto-classification of files and payments. As a bonus, teams can utilize PayEm to send money to more than 200 other countries. It also works with 130 other currencies, facilitating easy international trade.

15. Coupa

Coupa is an integrated, cloud-hosted spend management system that attempts to provide customers with full oversight and administration of their company’s financial outlays. Many sectors might benefit from this, including commerce, academia, consumer packaged products, hospitality, manufacturing, and non-profit organizations. With it, you can control every facet of your company’s expenditures. Your company will be more successful and profitable as a result of this increase in spending power and reduction in costs.

With Coupa, you’ll have more visibility into your spending. That’s good news since it reveals the areas of your budget that need the most attention and where the greatest dangers lie. All requests for payment are analyzed before any purchases are made. Moreover, the expenditure analysis tool comes with a drag-and-drop editor that allows you to quickly and simply create brand-new reports and dashboards. With this, you can generate financial insight without investing in expensive specialized software or hiring a BI expert. Coupa simplifies the process of documenting financial transactions, providing transparent and unambiguous audit trails. Your company is compliant and ready for an audit at any time since invoices are collected and stored safely. In addition, Coupa’s billing is in line with most international standards, so your company can be certain that it is following local and national legislation wherever it operates.

16. Orderhive

Orderhive is a program that can automate your online store’s operations, including inventory management, order processing, and shipment handling. It has all the capabilities you need to simplify your multi-channel ecommerce operations, process orders quickly, and get them to your customers as quickly as possible. Along with these features, Orderhive provides the ability to handle inventory, invoices, payments, and returns. It is based on the Kanban method and gives you an overview of your fulfillment processes, together with real-time analytics and reporting and an automation engine to streamline mundane, everyday operations.

Unlike many other inventory systems on the market, Orderhive offers real-time inventory management. The program automatically pulls up orders from any channel and syncs inventories across others in real-time. As a result, you can maintain optimal stock levels and never over- or under-price its goods. Additionally, you’ll have real-time inventory visibility across the whole buying, selling, stocking, order fulfillment, and shipping processes with the help of Orderhive’s channel-specific mapping features.

17. Prokuria

Using Prokuria, an online procurement automation software, can greatly reduce operating expenses and free up significant amounts of time for you while streamlining your procurement-related procedures. Because of this technology, procurement teams and upper management may easily keep track of their Requests for Proposals and electronic auctions with vendors. Users won’t have to go through any kind of rigorous training to start using the solution. Because of how easy and quick it is to learn Prokuria, your staff will be able to start using it right away.

Prokuria makes it possible to monitor the status of any process, including communication with suppliers, in real-time. The program includes a dashboard that sums up all the responses from your vendors in one convenient location. You just take a moment of your time to look over this information to have all of the knowledge you need to make an informed choice. Prokuria allows you to monitor your processes and responses in real-time, down to the level of individual providers and requests. The software’s dashboard gives you a bird’s-eye view of the responses you’ve had from your vendors.

18. Manugics

A cloud-based e-procurement solution, Manugics was developed to streamline the purchasing process. It helps you make the most of what you have so that you don’t waste a dime on anything unnecessary. In addition, the solution integrates with your existing ERP processes and systems to help you standardize and simplify your operations. Everything you need to know about your purchasing is at your fingertips with Manugics. Because it is hosted in the cloud, you can access and make changes to your solution from anywhere, at any time. By connecting the program to your enterprise resource planning (ERP) system, you may establish a consistent, observable, and auditable procedure for your operations.

Inconsistencies in the process flow can result from the many hidden steps involved in the procurement process. By giving you a more in-depth look into your purchasing processes, Manugics aids in the resolution of these issues. To do this, it utilizes its reporting and analytics features. These options will provide you with access to all you need to know about a transaction, from the prices involved to the terms of any agreements reached. As a result, you’ll be in a stronger position to chart your company’s future and keep it financially stable.

19. Intoweb

Intoweb is an integrated procurement management system designed to streamline and improve the whole procurement lifecycle for any firm. This is a great tool for businesses and organizations that often buy things like computers, office supplies, equipment, websites, and more. By making numerous processes automatic, it speeds up the whole process, from initial planning to final reporting. The quicker you can purchase something, the sooner you can put it to use, increasing your return on investment.

If you’re trying to keep costs down while maintaining a high level of service, Intoweb’s ability to automate and manage the procurement process will be invaluable. It’s easier to keep track of stocks and maximize productivity while using this program. With the aid of Intoweb, you may cut down on wasted ordering and pointless purchases, which frees up capital that can be used toward other endeavors. In addition, the procurement software enables you to collaborate across all levels of the organization to ascertain what resources are needed, compare those resources to what you currently have on hand, and accurately predict how your orders will affect the productivity and efficiency of your business. To guarantee that your company runs well both before and after the purchase is made, it is important to plan ahead, create workable timetables for employees, allocate resources, and more.\

20. Wroffy

Wroffy is a procurement platform for information technology that provides businesses of all sizes with access to premium software licenses, hardware, and digital advertising. The organization has delivered first-rate IT services and products to organizations throughout the Indian commercial, educational, healthcare, and government sectors. Products include desktop computers, laptops, notebooks, networking gear, storage devices, and servers from well-known manufacturers. The company has collaborations with all the major players in the IT industry, and its catalog includes more than 30,000 of the most cutting-edge hardware and software solutions. Every business or organization has its own particular set of IT requirements, from specialized desktop software to the most robust networking hardware and security protocols.

Hardware, software, cloud apps, and specialized IT services can all be tailored to your needs by contacting Wroffy’s team. When you choose Wroffy, you’ll be assigned a personal account manager you can contact whenever you have an IT question or concern. This expert will have the knowledge and experience to assess your situation and craft IT solutions that are tailored to your needs and budget.

Scale Your Business with Procurement Software

Procurement professionals need more robust and responsive technologies to extract maximum cost savings from procurement and aid their businesses in shifting the role of procurement procedures toward value creation. Teams in charge of procurement that use a digital procurement platform can ditch time-consuming, paper-based procedures.

The removal of wasteful human intervention and the requirement for tangible papers, supplies, storage, and administration leads to immediate cost reductions. Moreover, it cements the role of the company’s expenditure data as the main generator of business-critical insights, which in turn boosts the company’s competitive capacities and bottom line.

Among the best procurement systems above, our top pick is Procurify. Due to its many benefits and cutting-edge capabilities for improving expenditure management culture, Procurify is already widely used by businesses despite its short history. Procurify makes setting team, department, and even location-wide approval process controls and criteria easy. Its developers have curated the functionalities needed to manage and automate purchase orders, vendor relationships, invoicing, and much more. With this platform, you need not worry about expense management. As a result, you can focus on scaling your operations and growing your customer base.

By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. From pitch deck to exit strategy, he is no stranger to project business hiccups and essentials. He has been involved in a few internet startups including a digital route planner for a triple A affiliate. His advice to vendors and users alike? "Think of benefits, not features."