Procurement Software

Procurement Software Overview

Procurement software centralizes and automates the process of purchasing materials and replenishing inventory. Most procurement software has expanded its scope to allow companies to manage all aspects of the procurement process on a single platform. This centralization is often referred to as “source-to-pay” or “procure-to-pay.” Most procurement software focuses on procuring hardware and material assets, rather than software or SaaS subscription management.


Procurement management software provides several key benefits. It centralizes the purchasing, invoicing, and documentation processes, which can generate immense efficiencies for larger organizations and production-focused businesses. It also gives businesses better visibility into their spend patterns and management, catching wasted spend or suspected fraudulent spending in the process.


Given the broad scope of procurement software, it entails a wide range of capabilities. All procurement software will provide businesses the ability to manage suppliers and invoicing, digitally manage the accompanying documentation, and establish some level of automated workflows to streamline procurement.


It is related to inventory management or warehouse management and might possess similar features. Some ERP platforms and accounting suites also offer various procurement features. Additionally, procurement is an essential component of supply chain management and may be available via supply chain management suites. Often is used by larger enterprises, but procurement software for SMBs exist.



Top Rated Procurement Products

TrustRadius Top Rated for 2021

These products won a Top Rated award for having excellent customer satisfaction ratings. The list is based purely on reviews; there is no paid placement, and analyst opinions do not influence the rankings. Read more about the Top Rated criteria.

Procurement Software TrustMap

TrustMaps are two-dimensional charts that compare products based on trScore and research frequency by prospective buyers. Products must have 10 or more ratings to appear on this TrustMap.

Procurement Products

(1-25 of 91) Sorted by Most Reviews

The list of products below is based purely on reviews (sorted from most to least). There is no paid placement and analyst opinions do not influence their rankings. Here is our Promise to Buyers to ensure information on our site is reliable, useful, and worthy of your trust.
Oracle Cloud ERP

Oracle Cloud ERP

Customer Verified
Top Rated

Oracle Cloud Enterprise Resource Planning (ERP) is a core suite of Oracle Cloud software-as-a-service (SaaS) applications. Oracle Expense Management and Oracle Risk Management are part of this solution. Other apps include Financials, Revenue Management, Accounting Hub, PPM, and…

Key Features

  • Accounts payable (228)
    83%
    8.3
  • Accounts receivable (219)
    82%
    8.2
  • Standard reports (214)
    82%
    8.2
SAP Ariba Procurement

SAP Ariba Procurement

Customer Verified
Top Rated

SAP Ariba's Procurement capabilities are to provide innovations in guided buying and spot buy, plus supplier and catalog enablement, and integration with Ariba Network – which the vendor states is more than 4.6 million connected companies strong and growing.

Coupa

Coupa Unified Spend Suite is a solution for procurement, invoicing, expenses, sourcing, inventory, contract lifecycle management, budgets, analytics, etc.

Esker

Esker offers their eponymous document automation platform, for paperless ordering and billing, and accounts payable / accounts receivable (AP / AR). It can be delivered as a cloud offering (as Esker on Demand), or on-premise (as Esker DeliveryWare).

ProcurementExpress.com

ProcurementExpress.com is designed for small to medium-sized companies to gain full control of purchasing. Team members raise requests against specific pre-defined budgets. Managers approve, decline, or comment on requests - straight from their inbox. Once approved, team members…

GEP SMART

Smart by GEP is a procurement platform, meant as an end-to-end unified procurement solution that provides synergy between finance and purchasing and process fluidity.

Zip Intake-to-Procure

Zip provides a place for employees to initiate a purchase or vendor request. Each request is routed for approval across procurement, finance, IT, data security, legal, and other teams, and Zip integrates into ERP and P2P solutions to create a PR or draft PO. The vendor states Zip…

Basware Purchase to Pay

Finnish company Basware offers Purchase to Pay (P2P), their flagship e-procurement application which also features accounts payable (AP) Automation, Contract Lifecycle Management, travel and expense management, and supporting analytics.

PeopleSoft eProcurement

Oracle's PeopleSoft suite of software includes eProcurement, the suite's procurement automation solution.

Precoro

Precoro is a Procurement and Spend Management software, that aims to help companies fully eliminate manual workflow, saving time and money. Three problems are solved with Precoro: Manual work with papers, Google Docs, Slack messages, emails, etc.;Losing money due to overbudgeting;…

RFP360, from RFPIO

RFP360 develops software solutions that transform how organizations worldwide request information, respond to requests and connect — making the RFP and proposal process more efficient, effective, collaborative, consistent and repeatable for everyone. The vendor states their approach…

Fourth Procurement and Inventory

Fourth Procurement and Inventory is software that ties together procurement, 3-way matching, inventory and recipe control. It’s fully integrated, mobile-friendly and can be accessed with a single login. Using predicted sales functionality and analytics, it lets the user forecast…

EstimateOne

EstimateOne is where the Australian commercial construction industry meet during tender time. The vendor boasts being the biggest public tender noticeboard in Australia. EstimateOne aims to help subbies find and manage upcoming work opportunities that are relevant for their trade.…

Procurify

Procurify is a cloud-based purchase order approval workflow software. It is used by organizations of all sizes to track purchase orders from creation to final delivery.

CoreIntegrator Workflow

CoreIntegrator in Hummelstown provides AP Automation, built on the CoreIntegrator Workflow platform their solution provides organizations with made-to-order forms and workflows to meet purchasing workflow needs. Automate the Purchasing Department by streamlining Purchase Requisition,…

E2open Intelligent applications

E2Open offers the Channel Shaping Intelligent Application Suite (formerly Zyme), a partner relationship management (PRM) software solution acquired by E2open to add channel management/indirect sales, inventory, and demand capabilities to its supply chain management offerings.

Negotiatus

Negotiatus is purchasing software from the company of the same name in New York, that aims to transform the way business administrators and users place orders, control spend, and submit payment across their vendors. The platform is built for the entire purchasing process, and is…

Zycus Procure to Pay Suite

Zycus headquartered in Princeton, New Jersey offers their Procure to Pay Suite, an eprocurement and invoicing solution.

Sourceday

Austin company Sourceday offers their procurement platform emphasizing automation and streamlining of purchasing processes in a unified environment, minimizing errors.

Corcentric Source-to-Pay Platform (Determine / Selectica)

The Corcentric Source-to-Pay Platform, including technology from the former Determine Selectica CPQ solution acquired by Corcentric in April 2019, is designed to provide a customizable CPQ solution to cover an enterprise's need to offer many possible permutations of combinations…

PairSoft (PaperSave + Paramount Workplace)

PairSoft, the company formed from the March 2021 merger of PaperSave and Paramount Workplace, offers their eponymous procure-to-pay platform for the mid-market and enterprise, with close integration to Microsoft Dynamics, Blackbaud, Oracle, SAP, Acumatica, and Sage ERPs.

Birchstreet eProcurement

Birchstreet Systems in Newport Beach offers eProcurement as a comprehensive AP and spend management platform ideally for multi-site, complex entitites.

Anvyl

Anvyl headquartered in New York offers their supply chain production and procurement suite of software, supporting SKU and order management with order details down to each part, supplier, and itemized cost, workflows for sourcing and production, logistics monitoring, and an integrations…

Learn More About Procurement Software

What is Procurement Software?

Procurement software centralizes and automates the process of purchasing materials and replenishing inventory. Most procurement software has expanded its scope to allow companies to manage all aspects of the procurement process on a single platform. This centralization is often referred to as “source-to-pay” or “procure-to-pay.” Most procurement software focuses on procuring hardware and material assets, rather than software or SaaS subscription management.


Procurement management software provides several key benefits. It centralizes the purchasing, invoicing, and documentation processes, which can generate immense efficiencies for larger organizations and production-focused businesses. It also gives businesses better visibility into their spend patterns and management, catching wasted spend or suspected fraudulent spending in the process.


Given the broad scope of procurement software, it entails a wide range of capabilities. All procurement software will provide businesses the ability to manage suppliers and invoicing, digitally manage the accompanying documentation, and establish some level of automated workflows to streamline procurement.


It is related to inventory management or warehouse management and might possess similar features. Some ERP platforms and accounting suites also offer various procurement features. Additionally, procurement is an essential component of supply chain management and may be available via supply chain management suites. Often is used by larger enterprises, but procurement software for SMBs exist.



Procurement Software Capabilities

Procurement software will vary in terms of the range of features each product offers. Some will be more focused on spend analytics and management, while others will emphasize supplier management and documentation. However, procurement software should usually include most or all of these feature areas:


  • Invoicing automation

  • Documentation support, including RFPs, purchase orders, etc.

  • Contract management

  • Request and approval process workflows

  • Supplier management

  • Integration with budgeting mechanisms

  • Supply chain management integration, including order and inventory management

  • Spend/expense management and analytics




Procurement Software Comparison


There is a range of factors to evaluate when comparing different procurement software. Consider these aspects of each product:


  • Point solution vs. broader suite: There are a number of procurement-focused point solutions available to businesses. However, other financial products, such as ERP platforms and accounting systems, also offer procurement capabilities to varying degrees. Consider whether the business needs particularly robust or specialized procurement features, or if existing financial systems are lacking the necessary procurement functions. If so, a point solution may be the best option. Otherwise, finding broader financial suite that natively integrates procurement with other financial services may be more efficient.

  • Analytics and Reporting: Procurement software has developed more extensive native reporting tools around spending, inventory, and efficiency. However, not all procurement software has invested in analytics to the same degree, or around the same functions. Buyers should determine where additional visibility into their data is most needed, and gauge procurement software’s analytics in that area first.

  • Customization: Businesses can vary dramatically in their exact procurement environments, from the materials being sourced to the necessary approval processes to the reporting features that are most valuable. Buyers should consider both how easily each product can be customized to their initial needs, as well as how flexible and adaptable the software’s workflows, documentation, and other features are as business needs change over time.



Start a Procurement software comparison


Pricing Information


Pricing information is not often publicly available for procurement software. Instead, it is usually available on a case-by-case basis by quote from each vendor. Some public figures and estimates can range from $25/user/month to thousands or tens of thousands of dollars for a company-wide license.


Pricing usually scales up by the scope of the business, either in the volume of transactions or dollar value of the transactions), as well as the specific features offered at each pricing tier. Many procurement software products also come with an implementation fee.


Frequently Asked Questions

Who uses procurement software?

Procurement software is used by companies that have large resource purchasing requirements, such as manufacturing, production, and retail industries. It is commonly used by financial specialists or procurement managers in these companies.

What suites are procurement features found in?

Procurement capabilities are most commonly found as standalone products or in Enterprise Resource Planning platforms. They can also be found in large-scale accounting systems.

What does procurement software do?

Procurement software allows companies to centralize the procurement process onto a primary platform, from sourcing and managing suppliers to automating workflows and invoice processing.

What is a “source to pay” system?

A “source to pay” system is designed to encompass the entire procurement process, from seeking out suppliers to paying suppliers post-delivery. It has become the standard model for standalone procurement software.

How much does procurement software cost?

Procurement software pricing varies dramatically depending on the scale of the business, features listed, and the number of users. Pricing can start out at $25/user/month, but can be much more expensive.