Best Procurement Software
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PRODUCTS
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BUYER'S GUIDE
Buyer's Guide
By Amrita Chakraborty, Content Writer and Market Analyst at SelectHub
Everyone knows that time is money. An afternoon spent on tedious, time-wasting tasks is equivalent to throwing cash out of the window. Procurement software is a valuable time-saving solution meant to keep resource waste at a minimum.
The procurement process is full of clerical duties that can keep valuable employee time from being adequately maximized. A procurement system is critical for efficient, consistent support of the B2B purchasing value chain — especially considering the rise of digitalization.
At a minimum, procurement management software is a time-saver. Each situation calls for its own solution, however, so take some time to consider what you are looking to accomplish. By the time you have finished this guide, you should have enough knowledge to begin pursuing your procurement system!
Executive Summary
- Boost productivity and move away from time-consuming duties with software.
- Procurement software boosts organization and speeds up direct and indirect spend tasks.
- Procure systems provide helpful core features and more advanced features for complex operations.
- Asking vendors questions will help you decide on a final product. Check out some examples in this guide.
- What Is Procurement Software?
- Deployment Methods
- Primary Benefits
- Implementation Goals
- Basic Features & Functionality
- Advanced Features and Functionality
- Upcoming Trends
- Software Comparison
- Pricing Considerations
- Best Procurement Software
- Questions To Ask Yourself
- Questions To Ask Vendors
- Final Thoughts
- Product Comparisons
- Additional Resources
What Is Procurement Software?
In a nutshell, procurement management software handles supply chain management tasks related to the central management of purchasing, sourcing, vendors and suppliers, invoicing, maintaining optimal inventory amounts, and more.
Like many supply chain focused solutions, the features present in these platforms can vary. Software encompassing all processes is commonly referred to as “procure-to-pay” solutions.
Improving communication is another key piece of procurement systems. Running smooth and optimized processes requires clear lines of communication between stakeholders like vendors, suppliers, procurement officers and more. They also leverage automation to reduce time-intensive tasks that can bog down valuable employees.
Finding the best value for materials, improving purchasing cycles and ensuring that purchase orders are optimized for increased revenue are all within the capabilities of a procure system.
In short, procurement solutions:
- Automate and streamline purchase processes, including purchase order creation and distribution.
- Ensure invoices and orders match up to avoid costly errors down the line.
- Provide valuable visibility into all purchases while maximizing spend management.
- Optimize approval workflows with automation and mobile approval acceptance.
- Document and verify payments.
- Connect with vendors, suppliers and more while managing communications between partners.
Procurement vs. Sourcing
These terms often see interchangeable use in conversation, but there are some key differences between the two to keep in mind:
- Procurement: Procurement is an overarching set of processes that is the lifeblood of supply chains worldwide. Before you manufacture products, you have to procure them — sounds simple enough. Procurement, in a nutshell, involves placing, confirming, paying and following up on product orders.
- Sourcing: Sourcing, while part of the procurement process as a whole, happens before any of the above processes begin. Before you can procure items, you need to identify a source to purchase them from. Think of sourcing as the entry point into the rest of your procurement processes.
It’s worth noting that both of these vital tasks can be handled separately or together. Similarly, your procurement teams can take over sourcing, and your sourcing teams can procure — it’s really up to you and your business. However, it’s generally accepted that separating them helps reduce errors and simplifies each.
Deployment Methods
- 3PL
- Courier
- Delivery Management
- Dispatch
- Dropshipping
- Electronic Parts Catalog
- Fire Department
- Fleet Maintenance
- Fleet Management
- Freight Broker
- Fuel Management
- IFTA
- Inventory Control
- Inventory Management
- Inventory Optimization
- Limo
- Medical Inventory
- Moving Company
- Order Entry
- POS Inventory System
- Public Transportation
- School Bus Routing
- Shipping and Receiving
- SRM
- Supply Chain Management
- Supply Chain Planning
- Taxi Dispatch
- TMS
- Towing
- Transportation & Logistics CRM
- Truck Dispatch
- Trucking
- Warehouse Execution
- Warehouse Management
- Yard Management
Most software today falls within two camps — cloud-based or on-premise solutions. The market has seen a massive influx of cloud-based procure systems due to their many advantages. However, on-premise platforms do have a few advantages that help keep them relevant. Here is a quick breakdown of some pros and cons of these two deployment strategies:
Cloud-based Advantages
Like most supply-chain-based industries, procurement teams have been moving their platforms to the cloud in large numbers, and here’s why:
- Lower Costs: Cloud-based software usually offers SaaS subscription models for pricing instead of the large, upfront investment required for an on-premise procure system. Low monthly payments also open the door for smaller businesses that cannot drop large amounts on integrating software.
- Increased Collaboration: Software hosted in the cloud opens up communication between departments regardless of geographical location. Mobile apps ensure that parties can give important approvals from anywhere and users can view and manipulate data on the go without being chained to a desk.
- Flexible and Scalable Platforms: While customizing the nuts and bolts of a cloud-based platform isn’t a readily available feature, businesses can integrate their procurement systems with other tools to optimize their workflows. As your business grows, you can adjust database and transaction volume changes to suit the needs of your business as it expands its market reach.
- Better Performance: Cloud-based platforms leverage the resources of their hosting providers to handle spikes in traffic. Instead of manually upgrading an in-house solution for busy times of the year, you can increase your usage as needed and scale down afterward.
- Optimized Disaster Recovery: Leveraging third-party sources to help manage your procurement and sourcing tasks can save you huge amounts of time and money in the event of a disaster or catastrophic failure of equipment. Most vendors offer backup options. On-premise systems can also back up important information, but only if your backup devices are in the same physical location.
Disadvantages
No system is perfect, and as beneficial as cloud-based ones are they come with their own sets of pitfalls:
- Smaller subscription-based payments make these systems accessible, but these charges increase over time. If you’re expecting to use a system for a long time, be sure that you aren’t losing money in the end.
- Since these procurement platforms are hosted by vendors through the web, you’ll need an active internet connection to work with them. Power outages and service interruptions can throw a wrench into your processes and slow down your transactions.
- Customizing and scaling these solutions can lead to unexpected costs with your vendor. Since the vendor runs the system for you, you must go through them for any additions or changes your business requires.
- It’s easy to see why the cloud and procurement go hand in hand. However, those looking to exert total control over their systems should look to an on-premise platform.
On-premise Advantages
Even though on-premise deployments are falling in popularity, they have some advantages worth mentioning:
- Customization: Nothing beats an in-house platform when it comes to fine-tuning software from top to bottom. Since everything is contained within the actual physical business, the solution can be built to meet the specific requirements of a business.
- Security: Housing your solutions within your business ensures that they are safe from outside attacks. Walking across the building and physically looking at your network is comforting in the world of software security.
- Internet Connectivity: Internal systems don’t require the internet to function; while you may need it to send and receive data from external sources, you can still perform in-house functions without a strong connection.
Disadvantages
- On-premise procurement software is costly for several reasons. You’ll need to physically implement hardware and software to run the solution, on top of hiring IT professionals to keep things running and to solve any errors that arise.
- Cloud-based systems benefit from rapid implementation. On-premise solutions take much longer to get up and running due to their physical presence at your operation. Expect much longer timelines to get your procurement tools ready to go with this type of deployment strategy.
- Operating an on-premise system also requires some in-depth knowledge of procurement processes and how they work; this includes your external partners. Cloud-based platforms benefit from the vendor’s experience.
It’s worth mentioning that cloud-based systems aren’t exactly wide open to attack. Providers are always looking for ways to update and patch their security networks to protect their users’ solutions.
Ultimately, your company’s unique requirements should guide your choice of deployment strategy.
Expert recommendations and analysis on the top Procurement Software
Primary Benefits
Now that you have a basic idea of procurement software, let’s dive in a little deeper.
Discussed below are some of the primary benefits of procurement software:
Centralize Data
Procurement systems built as a single source of truth ensure that there are no data discrepancies across all processes and workflows. Instead of piecemeal modules, a single source of truth takes all disparate procurement and sourcing information and disseminates them across the platform.
Improve Inventory Control
Up-to-date inventory information and demand preparation are critical to smooth processes. Integrating a procurement tool frees you from pen-and-paper inventory organization, automates reordering and provides real-time stock level notifications.
Increase Spend Visibility
Procurement systems usually come stocked with analytical tools that users can leverage to get valuable insight into their spending. These features can help highlight places where spend is outside of established protocols to mitigate risk. The data gleaned from spend analysis can show users how to cut costs and improve their supplier relationships.
Cut Costs
Digitizing processes comes with numerous advantages, especially when it comes to saving money. Secure backups of important documents help avert potential conflicts with vendors and suppliers, while vital data is visible through electronic organization.
Standardize Workflows
Standardization throughout procurement processes lets users build flexibility and control into their workflows to ensure their tasks flow efficiently, maintain accuracy and account for special transactions that require unique handling.
Enhance Supplier Management
Strong supplier relationships are vital to a thriving procurement operation. These solutions give you the tools to communicate and measure critical performance KPIs.
Expert recommendations and analysis on the top Procurement Software
Implementation Goals
Before fully integrating a procurement tool, you need to identify the essential goals you wish to accomplish. The success of a procurement system depends on what critical needs it fulfills for its enterprise.
Here are some common goals that procurement management software should meet to streamline your purchasing tasks.
Goal 1 Efficient Purchasing |
Automating purchasing tasks is one of the main draws of procurement systems. Speeding up the creation, acceptance and verification of purchasing orders frees up valuable resources to spend elsewhere. This goal applies universally as speeding up ordering tasks is a desire brought by most implementing this type of procurement management system. |
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Goal 2 Data Integration |
Continuity of data from one area of functionality to another is a critical implementation goal. If a platform is not in use, integration is easier than ever — as long as there is continuity throughout the procurement value chain. Sourcing, contracts and purchasing can function very well in isolation, but the savings and oversight potential is tightly coupled with procurement’s ability to connect the data — and, therefore, the activities — conducted in each one. |
Goal 3 Improved Supplier Relationships |
Although the primary stakeholders are procurement and enterprise buyers, suppliers also deserve consideration. Evaluating potential procurement systems for their user-friendliness towards all parties will improve the implementation process and long-term ROI. Specific concerns include whether it is possible for suppliers to efficiently manage multiple customer needs from one login and with one data set as well as the complexity of uploading and altering online catalogs. |
Goal 4 Better Oversight and Governance |
To achieve the “single source of truth” objective with procurement, the company must get most purchasing transactions to flow through it. Non-compliance (also commonly known as “maverick” spend) is a challenge that plagues every team with an established process. The strength of the enterprise mandate for using procurement can be supported by the solution itself, making use of restrictive features or allowing access to more choices. |
Expert recommendations and analysis on the top Procurement Software
Basic Features & Functionality
While procurement software comes in many different forms, you can expect many of these core features to be present. Many providers offer all of the following functionality, albeit at varying levels of maturity and proficiency, while some specialize in offering a subset.
Even when companies do provide a broad range of functionality, it is wise to investigate whether they are fully integrated at the code level or were consolidated under one brand and interface through the acquisition of point solutions.
Catalog Buying |
This component of functionality is often considered to be its entire purpose, since this is the primary touchpoint for the majority of the organization. Procurement management software can specify suppliers for the purchases that others in the organization will make. In some cases, suppliers will provide entire “punchout” catalogs that leverage their own detailed item information and reflect the specifications and prices under contract with the enterprise. |
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ERP Contract Management |
Once an award decision comes through, contract terms and language require signing and agreement by all parties. Contract management functionality may include redlining (legal revisions with tracking) and electronic signature. Or, it may simply contain the storage of terms and expiration so they can be centrally managed and enforced over the duration of the agreement. The legal team should involve itself in setting functionality expectations. |
Billing |
Automated billing processes are another major draw of procurement software. Quickly matching invoices to their individual orders and automatically resolving payments is standard for this type of software. With the automation of this process, miscommunications and problems that arise during billing in analog settings will be things of the past. Larger enterprises usually have a billing solution in place, but smaller operations often benefit from upgrading to an electronic billing solution. |
Ordering and Selection |
One of the many standard features of procurement management systems is an easy-to-use ordering format. Simple item listings and data from past orders help speed up the selection and ordering processes. If one ordering strategy is successful, it is accessible from the order history and able to be brought in and used again. |
Spend Analysis |
Real-time data gathered from spend analysis is key to optimizing processes. Analyzing expenditure data to identify cost-cutting solutions and highlighting possible trends helps enterprises stay competitive and efficient. This data is useful for employees in other departments to put together inventory lists or in crafting a budget. |
Purchase Order Approval and Delivery |
Procurement management software stores data in one easy to access place which allows for easy tracking of orders. Once approval comes through, the order is accessible immediately. This also guarantees that users who need to inspect and approve the orders have an easy way to access them. Delivering orders to their recipients via their preferred method of transport is also part of this feature. Instead of long delivery tasks devouring useful blocks of time, these processes are taken over by the software. |
Requisitions |
Successful procurement software gives you the tools to easily navigate requisitions. The ability to review requests for services or goods and then quickly approve or cancel them helps keep the supply chain moving. |
Expert recommendations and analysis on the top Procurement Software
Advanced Features & Functionality
The core features of procurement software will begin as your one stop shop for improving procurement practices. As you become familiar with your software suite, you will want to keep in mind some more advanced features that can enhance other aspects of the process.
Below are some extra pieces of functionality to keep in mind, though you should ask procurement software companies about availability in their products.
Marketplace Functionality |
Most companies focus on making their data accessible with procurement implementation. There are significant efficiency gains available with access to the knowledge and information of their industry peers. Some procurement management software providers offer access to new marketplaces of suppliers that extend beyond their current knowledge. This resource can shorten the time between the identification of a product or service need and a contract, or it can serve as a backup plan in response to supply chain disruption. Evaluate the number of suppliers available, the information in their profiles, the process of validation and the industries they represent. |
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Mobile Accessibility |
Mobile functionality can be beneficial to implement down the line. Orders are placeable on the go, and spend data is viewable in the palm of your hand. Never wait to find out how procurement processes are resolving with mobile accessibility. Procurement management software is comparable to the head chef of a kitchen. With so many pots on the fire, being able to access spend or purchase data anytime anywhere keeps you on top of the many processes at hand. |
Ordering Templates |
Once you are familiar with your procurement software, you can customize some functionality to speed up efficiency. With templates designed by those who most often interact with the software, ordering speed will rise. Instead of crafting original purchase orders every time supplies are in demand, procurement systems allow for the creation of ordering templates that can save time on recurring orders. |
Follow-up and Reminder Messages |
Some software packages come with practical functionality that can keep you up to date on important requests. Following up on purchase orders with suppliers helps cement good communication and maintains supplier accuracy. With so many moving parts in the procurement arena, reminders can be set to keep you on track and able to keep up. If specific purchase orders are time sensitive, these reminders can prevent a potential problem down the line. |
Expert recommendations and analysis on the top Procurement Software
Current & Upcoming Trends
With 2023 just around the corner, it’s time to take a peek into some of procurement software’s recent and upcoming trends.
Increase in Cloud-based System Adoptions
Procurement thrives off of real-time data, and cloud-based solutions give users robust reporting and analytics capabilities to stay on top of demand without holding onto too much stock. As we said earlier, the low cost of entry associated with SaaS platforms is also driving interest in cloud-based services and giving smaller businesses a chance to leverage the power of a procurement system.
The global procurement software market was valued at $7 billion in 2021. It’s expected to reach $14.9 billion by 2029, growing at a CAGR of 9.86%.
With the market value expected to double by 2029, here are some of the trends you can expect to see grow with it.
An Increasingly Volatile Market
Online shopping is in even more demand than expected, and customer demand can change in an instant. Procurement software that can scale up and down as needed to meet the nebulous needs of the market is more important now than ever.
Environmentally-minded Procurement
As more businesses try to become more carbon neutral, procurement software providers are jumping into the ring with ways to push supply chains toward being green. These systems help procurement teams work with suppliers to find the most environmentally conscious procurement strategies while avoiding anything that is sourced unethically.
Procurement is one of the best sections of the supply chain to start making these kinds of changes due to its close proximity to the materials required to keep the supply chain running.
A Focus on Supplier Relationships
Maintaining healthy relationships with your suppliers helps keep the supply chain agile and able to absorb disruptions without grinding completely to a halt.
Improving communication with your suppliers can help you avoid issues by ensuring you can contact them at a moment’s notice to implement changes or adapt to disaster.
Procurement Processes as Risk Mitigation Support
Digitization is sweeping the globe and letting procurement officers empower buyers with the ability to source and purchase on their own. Procurement software gives users powerful purchasing templates that can cut down on the need for time-intensive oversight. Visibility into sourcing operations is also becoming a key factor in eliminating hidden or unnoticed supply chain risks.
Expert recommendations and analysis on the top Procurement Software
Software Comparison Strategy
When you begin your search for a procurement system, there are a few things to keep in mind when measuring up the competition:
- Integration capabilities with legacy systems
- Specific modules or end-to-end features
- Analytical and reporting capabilities
- Customizability
- Mobile apps and accessibility
- Vendor support
- Approvals and authorizations
- Supplier identification and communication
- Invoicing
- Negotiation tools
Procurement tools come in a variety of flavors, so be sure to construct a list of make-or-break features that your final solution has to offer. Take a look at our procurement requirements template if you need some help getting started on a list of must-have features.
Some platforms handle specific portions of the procurement cycle, like procure-to-pay, spend management and purchase order software. You can also go with an end-to-end procurement system to ensure you get all the features you need to meet your requirements.
Pricing Considerations
Depending on your deployment strategy, the cost of your procurement tools will vary. Most cloud-based systems vendors charge by the user on a per-month basis. The overall costs of your system will also include any additional services your vendor provides on top of the access levels your users require. Adding modules or scaling up also comes with extra costs.
Like we discussed earlier, purchasing an entire system for an on-premise deployment will cost significantly more upfront, but could save you more down the line depending on how long you plan to use a system.
Expert recommendations and analysis on the top Procurement Software
Best Procurement Software
Our analyst team dove into the market and came back with these top procurement software:
Let’s take a look:
Coupa Procurement
Manage purchase orders and access complete budgeting visibility in real time using this cloud-based management system. Its contemporary, easy-to-use interface makes it adaptable for users.
View detailed invoice reports using Coupa Procurement.
Some of its key features include purchase requisitions, budget tracking, fraud detection and spend management.
Oracle Services Procurement
Primarily used for sales and purchasing for small to mid-sized businesses, Oracle Services Procurement is a cloud-based application. It mainly emphasizes automation and collaboration to discover the best suppliers.
Use Oracle Services Procurement to view transaction types.
Its P2P process helps streamline workflow and communication.
SAP Ariba
This cloud-based procure system contains features built to support an entire supply chain, but its procurement and sourcing modules help users stay on top of end-to-end spend. On-demand and subscription-based pricing give businesses of all sizes the chance to leverage its robust features.
Create requisitions in SAP Ariba.
Integrations with hold-over systems like ERP Software let users keep their old workflows and further optimize them for increased efficiency. Supplier and vendor support tools help users expand their market reach.
Basware
Control expenditure and improve compliance using Basware’s eProcurement functionality. This cloud-based solution offers real-time data to boost financial performance.
Use Basware to access customizable invoice data.
Its P2P services automate features and provide data-driven insights that help improve business.
Workday Spend Management
Workday Spend Management is a cloud-based solution that helps users source suppliers strategically while automating the P2P process. This flexible tool helps optimize the internal supply chain and gather deep financial insights to manage spend.
Access detailed expense reports using Workday Spend Management.
Some of its other features include inventory control and expense management and tracking.
Software Requirements
Once you understand the features generally offered by procurement software, you’ll need to put pen to paper and create a list of requirements. This ensures that once you begin comparing procurement systems, you’ll have a list of criteria to use as the standard.
Asking vendors questions is an important step in this process, with some examples below, but make sure to ask yourself some of the same questions. It would also help to take a look at our requirements template to help narrow down your choices.
Expert recommendations and analysis on the top Procurement Software
Questions To Ask Yourself
You may be tempted to dive into the market and line up a short-list of vendors to solve your inefficiencies, but take a minute to slow down and assess your business. Asking some of these simple questions can help start you off with a strong foundation of what you need in a new procure system:
- Do I need a full procure-to-pay solution or specific modules?
- What do my procurement and sourcing teams need?
- What does the new solution or module need to accomplish?
- Is now the best time for a new integration?
- What are the features required?
Questions To Ask Vendors
As you finish narrowing down specific vendors and software packages, you may have a few lingering concerns about making the right choice. Before making a final decision, come up with questions you can ask vendors related to any remaining confusion you have.
Here are a few examples to you get you started:
About the Software
- How will this software integrate with your complete supply chain?
- Does it help with sourcing as well as procurement?
- How does the solution scale with my business?
- How much does the solution cost?
- How is the software deployed?
About the Vendor
- How does support work, and are there self-learning tools?
- How long does implementation take?
- Do you offer training and support options?
- Who are your competitors?
- Do they offer paid or free integrations?
Expert recommendations and analysis on the top Procurement Software
Final Thoughts
Efficient procurement and sourcing are vital to a healthy supply chain. Take your time when considering new procurement software, line up your requirements, talk to your teams and check out our procurement comparison guide for a more in-depth look at the software market. We created this guide hoping to give users a solid foundation for choosing their perfect procure system, good luck and happy hunting!
Product Comparisons
- Coupa vs. Workday Spend Management
- Oracle Services Procurement vs. Coupa
- Ariba vs. Oracle Services Procurement
- Basware vs. Workday Spend Management
- Ariba vs. Basware
Additional Resources
Top 10 Procurement Software Leaders by Analyst Rating (of 168 products)
(of 168 products) GET THE IN-DEPTH REPORTProducts found for Procurement Software
Ariba
SAP Ariba is a cloud-based solution built to handle the end-to-end spend life cycle for businesses of all sizes. It also supports sourcing, procurement and numerous supply and distribution processes. It is scalable and comes with subscription or on-demand pricing options. It integrates with ERP and other back-office options so that users can hang onto preferred workflows. With a focus on collaboration with suppliers and trading partners, users can extend their influence and discover valuable networking opportunities.
SAP SRM
SAP SRM is a web-based supplier relationship management module of SAP that helps take care of both source-to-pay and purchase-to-pay solutions. It automates operations, manages supplier relationships and effectively optimizes processes. It also helps in creating and processing bid requests to enable role-based security access and monitoring tasks in real time.
Tradeshift
Tradeshift is a web-based platform focused on boosting collaboration with suppliers and streamlining the invoicing process. Users can speed up payment approvals and report deliveries to boost the efficiency of their teams while cutting out tedious manual data entry. Users can leverage customizable rule-sets to ensure accurate invoicing practices before seeking approvals. It helps companies adapt to the unique and ever-fluctuating needs of sellers and small businesses while tailoring successful strategies through procure-to-pay inclusions.
Zycus
Zycus iSource is a cloud-based platform that focuses on enhancing savings visibility and strengthening sourcing projects through quicker sourcing cycles. It can handle complex, larger-scale sourcing projects while also opening up avenues for more stakeholder participation.It can quickly deal with instant sourcing projects while being able to scale with a business as it grows. Even the largest companies can make room for more line items and suppliers all while tying them to single sourcing projects or events.
Jaggaer
Jaggaer is a cloud-based sourcing and procurement tool enabling users to manage the complete contract lifecycle online. It provides quality management, spend analytics, categories, supplier and inventory management, sourcing, invoicing, and more. Complete visibility, along with recommendations for suppliers and procurement leaders, are some of the prominent benefits. It was formerly known as SciQuest.
Basware
Basware offers networked source-to-pay tools, e-invoicing, analytics and value added services. It facilitates automated operations and management, spend and supply chain visibility, supplier management, early payment discounts and more. It helps reduce paperwork, save time and effort spent in manual work, boosts working capital and enhances business ROI. It serves B2B companies of all sizes and industries.
Quartzy
Quartzy is a cloud-based lab management platform that helps save money and time by digitizing a lab’s workflow. It automates inventory and order management while simplifying the lab supply chain operation. From startups to government and non-profit organizations, it serves individuals and ventures related to life science.
Procurify
Procurify is a spend management solution that helps improve spend culture by tracking expenses and purchases. It streamlines workflows and approval processes, as well as enables faster communication. Features include budget tracking, expense management, vendor management, audit logs, analysis, reporting and more. Easy integration with accounting offerings makes it easier to accumulate data in one place, while mobile access offers user convenience.
Ivalua
Ivalua is a cloud-based solution that helps businesses when it comes to managing stock-related and bid management services. It offers an intuitive interface that provides budget management, invoice automation, risk optimization and requisition management features that help ensure accurate documentation.
Proactis
Proactis provides cloud-based, comprehensive business process automation and spend management solutions to B2B organizations. It operates through The Business Network, a free portal where organizations can set up business listings, showcase their products and connect with qualified buyers. In 2017, Hubwoo was acquired by the Proactis group. Since then, the partnership has resulted in enhanced offerings that involve end-to-end spend management and B2B e-commerce capabilities. It integrates with all types of procurement and ERP products. It comes with convenient-to-use inclusions that drive compliance requisitioning, adoption, and cost savings by reducing inefficiencies in the accounts payable process.
Logility
Logility focuses on transportation and supply chain management, helping automate, streamline and optimize processes in order to cut costs and increase accuracy. It provides multiple avenues to improve supply chains and contains a wide array of planning and forecasting tools. It employs algorithmic planning to assess and mitigate risks while keeping users informed of any incoming business opportunities. Gain visibility into a variety of supply chain operations and use the valuable data gathered from each to make effective planning decisions.
GEP SMART
GEP SMART (formerly SMART by GEP) is a cloud-based, AI-powered supply chain system built on Microsoft Azure. It is suitable for larger corporations and leverages cutting-edge technologies like artificial intelligence, big data, blockchain and the IoT to educate and empower decision making. Its unified setup gives users a simplified location for all of their needs and tasks. It gives users the ability to monitor supplier performance and the entire purchasing process from requisition to approval. Users can automate source-to-pay processes and other tedious tasks to increase accuracy and cut down on the time and resources required for each. It provides cost-cutting inclusions that measure initiatives to their outcomes along with spend analysis and visibility through analytical reporting.
NetSuite WMS
NetSuite WMS is a hybrid-deployment solution that helps businesses streamline operations using industry-wide best practices to minimize handling costs. Its multi-location management facility includes scope for inventory management, shipping management and returns management from a centralized platform. Integrated with the native NetSuite ecosystem, it optimizes unique workflows to drive efficient processes, eliminate paper-pushing and utilize stock, space and resources in the warehouse.
Coupa Procurement
Coupa Procurement aims to bring the ease of consumer shopping to daily processes. With a focus on attaining full visibility, control and management of expenses, it can streamline and optimize time-intensive tasks. Key features include budget tracking, spend management, fraud detection and purchase requisitions. Its modern design makes adoption across an entire business easy, while visibility features provide valuable information regarding demand and planning. Simple purchase requisitions and order processes are trackable in real time as well.
Tipalti
Tipalti is an accounting solution that automates payables and invoice-to-pay-to-reconciliation procedures, allowing companies to adapt and thrive with updated practices while keeping payables hassle-free, safe and more efficient. Its scalability enables users to pay a large population of suppliers for digital goods and services.Supplier and invoice management, payment reconciliation, tax and value-added tax (VAT) compliance and self-billing are its top features.
E2open
E2open is a cloud-based, multi-enterprise logistics software platform. It offers services that use automated, real-time data from customers, suppliers and distribution channels to manage supply chains. It also provides sales and operation planning, order management and inventory management, among other things, in an unified space.
Synertrade
Synertrade Accelerate is a cloud-based solution that helps optimize the purchasing process. Users can oversee the entire procurement process, from managing suppliers to sending invoices. It includes features like spend analysis, procurement management, contract lifecycle management, catalog management, purchase requisitions, supplier enrichment, onboarding and more. It offers services in over 20 languages worldwide.
BMC Helix ITSM
BMC Helix ITSM is a predictive service and asset management suite that offers an inherent mobile-first client experience. It helps product managers improve organizational productivity, shrink overall service management costs and more, all through a single source. It offers service management modules that use cognitive automation capabilities to transform ITSM effective principles from NextGen Remedy. It can be deployed via the cloud.
GAINSystems
GAINSystems is a supply chain planning software organization that provides cloud-based or on-premise solutions to its users. It helps companies lower inventories and decrease operating costs with the use of machine learning and sophisticated algorithms. It delivers higher service levels and maximum plan accuracy through various functionalities that include inventory management, demand planning and forecasting, replenishment and production management, inventory and operations planning. It is designed for mid-size to large-scale businesses.
GovWin IQ
GovWin IQ is a cloud-based government contracting research platform. It serves federal government and state, local and educational (SLED) contractors. It obtains market insights and creates analyzed reports based on in-depth market research to enhance sales.
ESM Solutions
ESM Solutions is a cloud-based spend management application that effectively manages and assesses spend data information. It automates tasks and helps track processes in real time. It also offers a quote-based pricing guide custom to each specific industry.
Precoro
Precoro supports procurement and expense management activities to streamline purchasing processes and approval workflows. It offers budget management, warehouse management and supplier management. Other features include integration, reporting and three-way matching. Users can save time with automation and improve decision-making with access to real-time data.
Fairmarkit
Fairmarkit is a cloud-based purchasing software. It is an intelligent sourcing platform that offers services like automation and data optimization to aid supply processes. It also provides detailed analyses of reports, request management, vendor recommendations and more, all in a unified space.
Transcepta
Transcepta is an AI-based, P2P automation platform for billing and invoicing. It helps derive insights and analyze data using AI and machine learning. It provides services that use automated, real-time data to collaborate and manage suppliers. It offers automated services that remove the hassles of manual AP processes, scanning and OCR.
BlueCart
BlueCart is a one-stop order management and CRM platform that primarily caters to hospitality industries irrespective of their size. It offers end-to-end visibility into business functionality for sales representatives, vendors and suppliers. It also aids in managing inventory, archiving previous orders for analytics and improving communication, all within one centralized database.
Order.co
Order, formerly known as Negotiatus, is a cloud-based, guided B2B marketplace. It helps simplify operations by controlling spend management, granting line-level spend data visibility and payments in one consolidated bill. Some of its other features include integrated payments and AP automation.
BirchStreet
BirchStreet is a cloud-based P2P platform that uses diverse tools to improve and streamline business operations. It helps transform, optimize and digitize the shipping scene by granting maximum visibility and compiling customizable reports to streamline workflows. It is also a one-stop solution to order, track, manage and receive items while obtaining real-time alerts.
SourceDay
SourceDay is a cloud-based, SaaS solution that transforms business processes and helps streamline supplier collaboration. It integrates with ERP capabilities and helps manage direct spend by accessing real-time, accurate supplier information based on lead times, pricing and delivery dates. Some of its other features include purchase order management, AP automation and RFQ collaboration.
Elcom
Elcom is a cloud-based, P2P, spend management solution that helps manage inventory while optimizing and digitizing the entire supply chain process. It helps provide spend visibility and control finances efficiently. It also helps in collaboration within organizations while reducing complexity and system fragmentation.
PayEm
PayEm is a corporate finance platform that automates and simplifies procurement for global businesses. It allows companies of all sizes to visualize their spending over time, streamline their expense request process and modernize their accounts payable management. It can integrate with any business’s ERP, and supports payments and transfers in more than 180 countries and territories.
BuyerQuest
BuyerQuest is a cloud-based, P2P solution that streamlines and enhances the purchase experience. It provides deep insights and transparency when it comes to spend management. Some of its features include procure-to-pay, contract and catalog management. Its private marketplace offers a one-stop shopping experience in a familiar B2C interface.
Ion Wave
Ion Wave is a cloud-based bidding and eSourcing management system that streamlines all functions within one centralized database. It creates customizable bid processes and automates tasks like generating proposals and quotations and enabling email alerts for a seamless experience. Its efficient sourcing capabilities, from supplier and contract management to bid evaluation, help maximize results for better ROI.
Vroozi
Vroozi is a cloud-based, multi-channel solution that offers integrated strategic sourcing. It facilitates digital supplier collaborations with third-party vendors. It also helps create approval workflows, create and edit catalog content, and check audit logs. It is compatible with mobile devices and is accessible from anywhere.
Oracle Services Procurement
Oracle Services Procurement is a cloud-based, comprehensive tool that primarily focuses on automation and collaboration. It helps gain control and complete visibility into expenditure and supplier details.Its P2P and purchasing functionalities help organizations reduce spending by providing insight into costs of goods and services required. Supplier management and sourcing capabilities assist businesses with determining the best providers and streamlining communication with them.
Unimarket
Unimarket is a cloud-based solution that helps simplify and automate processes within one integrated space. It has a vast catalog-driven supplier marketplace and helps provide an intuitive shopping experience for suppliers. It is flexible, configurable and helps integrate with financial systems while granting complete visibility into the P2P process.
Xeeva
Xeeva is a cloud-based, source-to-pay solution developed with patented AI technology embedded in its core. Using AI tech helps enrich data to simplify sourcing processes and make transparent sourcing decisions. It automates tasks and minimizes errors and labor. Some of its other features include procure-to-pay and spend analytics.
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Best of Awards
COMPARE THESE LEADERSSelectHub analysts have spent over 2,000 hours evaluating over 300 procurement software solutions, ensuring we understand each software’s capabilities, strengths, and limitations. From this, we recognize which solutions really lead the pack, and deliver the features and capabilities companies actually need, based on crowdsourced requirements from the SelectHub platform.
Awarded to top products picked by Analysts as Overall Best Products in the Category.
Coupa Procurement | Oracle Services Procurement | Ariba | Basware | Precoro |
Workday Spend Management | Zycus | Tradogram | Ivalua | GEP SMART |
Awarded to products receiving a User Sentiment Score of Excellent.
Precoro | GEP SMART | Quartzy | Procurify | Tipalti |
Fairmarkit | SourceDay | BirchStreet | Tradogram | Proqura |
Wroffy | WAMA Cloud | Ciiva | ProcuMan | ourshared P2P |
CormSquare | SourceDogg | Emburse Certify AP |
Awarded to the Top products scoring 80 or more in this feature.
Ariba | Precoro | BirchStreet | Basware | Procurify |
Coupa Procurement | Ivalua | Workday Spend Management | Oracle Services Procurement |
Awarded to the Top products scoring 80 or more in this feature.
Oracle Services Procurement | Precoro | Basware | Ariba |
GEP SMART | Coupa Procurement | Ivalua | Synertrade |
Awarded to the Top products scoring 80 or more in this feature.
Tradogram | Proqura | Workday Spend Management | Oracle Services Procurement | Precoro |
Ariba | Basware | Jaggaer | Coupa Procurement | Ivalua |
Awarded to the Top products scoring 80 or more in this feature.
Ariba | Coupa Procurement | Workday Spend Management | Oracle Services Procurement | Procurify |
Zycus | Basware | Ivalua | GEP SMART |
Awarded to the Top products scoring 80 or more in this feature.
Oracle Services Procurement | Precoro | Ariba | Workday Spend Management | Jaggaer |
Coupa Procurement | Zycus | GEP SMART | Basware | Proqura |
Awarded to the Top products scoring 80 or more in this feature.
Jaggaer | Coupa Procurement | Oracle Services Procurement |
Ariba | Tradogram | Zycus |
Awarded to the Top products scoring 80 or more in this feature.
Oracle Services Procurement | Workday Spend Management | GEP SMART | Proqura |
Tradogram | Zycus | Ariba | Jaggaer |
Awarded to the Top products scoring 80 or more in this feature.
Coupa Procurement | Basware |
Zycus | Ivalua |
Awarded to the Top products scoring 80 or more in this feature.
Tradogram | Proqura | Oracle Services Procurement | Precoro | GEP SMART |
Coupa Procurement | Ivalua | Zycus | Workday Spend Management | Basware |
Awarded to the Top products scoring 80 or more in this feature.
Coupa Procurement | Tradogram | Workday Spend Management |
Zycus | Precoro | Procurify |
Awarded to the Top products scoring 80 or more in this feature.
GEP SMART | Coupa Procurement |
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