Manual handling of procurement processes through a series of complex paperwork was the norm several years ago. However, as many have observed, this resulted in various inefficiencies, paving the way for the development of procurement software. Whether you’re new to this type of solution or is finding a better one, you won’t go wrong with choosing among the best.
This article will provide you with an overview of our top 3 procurement software: Tradogram, TradeGecko, and Procurify. It also compares the three solutions against various key aspects that this sort of system should have. In the end, you will have a better idea of which is the most ideal for your business type, size, and necessities.
From requisition and invoice approval to monitoring and reporting, procurement involves a series of processes. Each of them needs rigorous attention, and most of them require paperwork. There’s also a lot of procurement challenges. Some of the biggest ones include supplier-related issues, data accuracy concerns, risk mitigation, and more.
For these reasons, procurement management is both important and demanding. However, there’s also a lot of purchasing managers who worry about moving to e-procurement or using procurement software. They think it’s too complex and that their staff needs a lot of training to use them properly. There are concerns about security and privacy, as well.
While these might be valid concerns, there’s a lot of great software in the market that addresses these issues. Also, there are many benefits to e-procurement processes that outweigh most of the disadvantages that come with using such solutions. Visibility into spending, reduction in cost, better productivity, and faster transaction rate, to name a few.
That’s why it’s no surprise that the estimated market value of procurement software by the end of 2019 will reach $5.33 billion, as shown in the chart below.
Source: Statista 2019 Report
The value of procurement systems in mind, let’s get into analyzing three of the best ones we have today.
Tradogram provides companies with a plethora of purchasing-related features. This will help you in crafting an effective spend control strategy for your business. It also allows the management to have complete visibility into their spending by providing them with all the necessary information.
The platform is highly flexible as well, having many configurable options that will let admins improve and manage their purchases. It also presents its procurement management features through easy-to-use and intuitive tools. This means that new users won’t have to undergo rigorous training to use the system effectively.
Tradogram streamlines your purchasing process through a set of rich features for collaboration, reports generation, an overview of purchase activities, etc. Essentially, the system simplifies both the admin and operation sides of procurement. It has functions for managing the inventory, user permissions, approvals, budgeting, and more.
You can use all the features for free for a period of time to see if the software matches your needs. Simply sign up for Tradogram free trial here.
Another highlight of the system is how it provides you with total control over all the processes involved in procurement. With its features for managing invoices, contracts, purchase orders, requisitions, and more, you can easily set your planning objectives. And the software will help you along the way to achieve them.
If Tradogram caught your attention and you want to learn more, you can check out a more comprehensive look into this software.
TradeGecko is one of the leading software in the market today. With a plethora of incredible features and capabilities, it is no doubt this software has earned the trust of many inventory management specialist.
First and foremost, the application comes with a neat user interface and is cloud-based. The latter makes it possible to access any data you save in the app anywhere and anytime. That being said, this solution can turn into an imperative and handy tool for distributors and wholesalers. You can use it to manage sales, customer relationships, inventory, and supply chains.
Next, it has all the core features of procurement software. It comes with analytics and reports. Basically, the app generates reports based on your customers, products, and history by default. But you can also choose to customize it.
Furthermore, TradeGecko offers integration with leading ecommerce and accounting tools. Hence, you can already close deals and perform invoicing on the same platform — no need to purchase an additional accounting system.
Another notable thing about the app is that you can have an individual description page for each of your products. On this page, you can view all the information about the product, including its performance and even the latest trends. If you are running out of stocks, the platform will automatically send a reminder.
Procurify is designed to make it easier for businesses to manage their spending and procurement processes. First and foremost, the app is cloud-based and is automatically updated. Hence, you do not need to worry about its maintenance or upgrades. Furthermore, your personnel does not need to undergo training to utilize this system effectively.
The platform will help you make the right and informed decision when making or managing purchase orders. It organizes the data you will need in an easy-to-comprehend and thoughtful way. All data available are also protected. Only individuals with access rights will be able to check as well as modify the data. This way, you can avoid fraudulent and unauthorized access that can compromise your business’s security.
The platform archives and stores data in electronic records as well. It is also connected to a reliable smart notification system that keeps every authorized staff on the same page. This capability also prevents the possibility of having double billing.
You can try all its premium features at no cost when you sign up for Procurify free trial here.
Furthermore, users can also generate reports with ease. Detailed data insights can be pulled out without a lot of work. And if you are looking for specific information, you can simply use the search feature as well as the filters available.
The app also comes with tools that make it easy for users to make a purchase. For instance, there is a feature that allows users to compare the invoices of an item to their corresponding purchase orders and packing slip. And when your order arrives, Procurify will check those off in your record. So you can be sure that you receive what you ordered.
An order management tool helps businesses become more efficient in terms of managing their incoming sales orders and sending sales quotes. It’s one of the essential features of procurement platforms.
All the top 3 procurement software being compared in this review provide users with unique and innovative order management solutions. TradeGecko can help you with order booking, sourcing, and processing. What’s more, as one of the top inventory management systems, the app delivers several functionalities, including synchronizing orders with the inventory, sales order workflow, centralized sales channel, and more. Also, you’ll benefit from having all information related to orders such as customer and supplier data in one place. This makes it easier to track and fulfill orders. Overall, the app will help you easily manage your orders from start to finish.
Tradogram also gives you tools for simplifying and improving your order processing procedure. It comes with a sales activity tracker, automated sales, purchase order (POs) notices, price quote templates, and invoice matching tools.
Procurify also provides users with tools that can help them manage orders easily and effectively. Basically, it streamlines the process of requesting for items as well as buying and receiving. Afterward, you can match invoices to POs for payment.
Verdict: Managing your purchase orders is easy with TradeGecko, Tradogram, and Procurify. All three platforms provide you with tools for order management.
When it comes to running a business, it is essential to know where your resources go. By tracking your expenses, you can be more financially aware and become more effective in managing your cash flow. TradeGecko, Tradogram, and Procurify all bring tools that help users monitor their expenses.
Tradogram will also equip you with customizable reporting tools you can use to acquire full spend visibility. You can compare the reports to confirm details, track your business’s spending habits, and even determine ways to cut costs. There are also pre-built system reports you can use to analyze details on spending elements like hidden costs.
For TradeGecko, you can generate different types of reports that could help you gain insights into your spending. Moreover, as spend reports are important business documents, TradeGecko ensures that they remain safe by giving admin complete control over who can view the generated reports.
Lastly, Procurify also comes with spend analytics and reporting. With those tools, you can know what is being purchased, who is spending the most, and even see the latest trends. The spend analytics are broken down by vendors, users, as well as departments.
Verdict: All three applications come with features that will help you ensure that your business money has been put into good use.
Accurate, detailed, and up-to-date reports help you make the right and informed business decisions. TradeGecko, Tradogram, and Procurify do not fall short in delivering the tools businesses need in gathering data and generating reports.
Tradogram lets users design their own reports. You can use a wide range of metrics, including items, supplies, location, document types, and more. The reports will be compiled and stored in the system, so when the need for it arises, you can easily retrieve and export them. The access to reports could be restricted to guarantee the information’s safety.
Meanwhile, if you choose TradeGecko, you’ll get a variety of inventory management reporting features. You can generate reports on incoming stocks; stock reorder, and the location of your inventory, inventory stock on hand, and a lot more. Additionally, you can generate any reports related to your business sales. The platform also allows users to customize reports so you can get any results you want to know. You can access the reports on mobile so you can track them even while on the go.
Procurify does not fall behind in this aspect, either. It also comes with reporting tools that feature simple graphics. Its reporting feature lets you know who is spending and what they purchased. You can also see overview insights and trends.
Verdict: All three of them provide just enough reporting tools. But it seems like you can get more information with the reports available in TradeGecko and Tradogram.
A good approval workflow should make the process of approving a purchase order faster. Hence, your business can save money and time.
Tradogram allows its users to customize their approval workflow. You can assign who will approve a purchase order, invoice, requisitions, and even expenses. You are given the freedom to set your approval routes according to your preferences. And when an approval is needed, a notification will be automatically sent on your email.
Similarly, Procurify lets its users create a customized approval process. You can make a sequence of approvers for every location and department. If the request is about reimbursement, they need to attach an expense receipt. Hence, the approver can easily check the document and decide whether it should be approved or not. Additionally, the platform lets its users gain real-time spend visibility. Meaning to say, you can easily know if there is still enough budget for a request before approving it. Just like Tradogram, the app sends you a notification whenever there’s a request.
TradeGecko, on the other hand, is basically designed to help you manage your inventory. Hence, it does not offer an approval workflow feature. But you can find a plethora of tools for inventory management as well as order management.
Verdict: Both Tradogram and Procurify provide you with an approval feature that could safeguard your business against unnecessary spending.
A procurement system that talks directly to your existing accounting software automatically speeds up any procurement process. Thus, it is essential to know what third party applications your procurement app supports.
TradeGecko, Tradogram, and Procurify offer integration with different accounting or finance platforms. All of them integrate with one of the commonly used and leading accounting solutions in the market today: Intuit QuickBooks. You can synchronize your purchase and sales accounts, inventory assets, and much more between any of the three procurement apps and the finance solution. Furthermore, this integration will help your business attain automation in terms of accounting, managing multiple warehouses, currencies, and more.
QuickBooks is known for its wide array of incredible features. It has automated financial tracking, easy order management, intelligent insights, and warehouse management capabilities, to name a few.
Another available integration is Xero. Just like Intuit QuickBooks, it is also one of the trusted accounting platforms for businesses. Some of its features are sales invoices creation, POs creation, and stock movement report.
With these integrations, the three procurement platforms can help its users improve their existing financial infrastructure.
Procurify, however, offers integrations with accounting apps other than the two systems mentioned above. It integrates with Intacct, BlackBaud (Financial Edge), Sage 50 (Simply Accounting), ACS, MEGA, Pastel, and SOS system from Syracuse NYC.
Verdict: Procurify beats the other two applications in terms of the number of accounting platforms that can be integrated with it for now. Tradogram promises to deliver more soon.
Among the three applications, TradeGecko is the most expensive. There’s no free trial, and the pricing starts at $39. Their cheapest pricing plan includes one warehouse and sales channel, 50 sales orders/month; multiple currencies support, zonal shipping rates, and round-the-clock support. You will also get the TradeGecko Mobile Sales app, payments, and intelligence. But it can only be used by one person. Overall, they offer six flexible pricing plans – founder ($39), lite ($79), small business ($199), business ($599), premium ($799), and a quote-based professional plan. You can choose to pay them monthly or annually.
Meanwhile, Tradogram is the cheapest. Apart from offering a free trial, there’s also a free plan. It is inclusive of up to ten purchase orders/month, unlimited items, categories, and suppliers, invoice matching, and so much more. However, this plan can be used by only one person. If you need more accounts, you can choose their premium plan. Billed annually, you can get it at $10, and if monthly, it costs $15. If you need to have 20 or more accounts, the plan for you is the enterprise plan. It is by quote, so you need to contact the vendor for the price.
Lastly, Procurify also offers a free trial so that you can check all the key features of the platform. They offer three different packages, namely Pioneer, Voyager, and Enterprise, but all are quote-based. So if you want to upgrade, you can call the company to get a quote.
Verdict: Tradogram gives more value for its price. TradeGecko may be quite expensive, but the features included in their plans seem to justify the price. Procurify, on the other hand, ensures that a business gets what it needs at a price that works for their budget.
As you can already tell from our in-depth analysis, Tradogram is your best bet when it comes to procurement software. It has all the features you’d expect from this type of solution, and its price is the lowest among the three. If this particular solution caught your attention and you want to learn more about it, you can easily sign up for Tradogram free trial here.
However, you can also see that the other two aren’t far behind at all. They might be more suited to your business, depending on your unique circumstances.
TradeGecko, while one of the top 3 procurement software, provides a lot of features for expertly handling your inventories. Procurify, on the other hand, has procurement-related features that are comparable with our top pick.
Lastly, aside from picking the right procurement software for your company, it is important that you also learn more about other technologies you can use to improve your processes. To help you get started, you can take a look at our compilation of technology statistics. With this, you can learn more about how other companies are leveraging different types of technology as well as how you can make the most out of it too.
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