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 2022

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.

Videos for Procurement Software

Your Guide to Procurement & Sourcing Software
02:19
Procurement software could potentially make your job much easier. We take a look at some of the different types of software options available.
Which is the Best Procurement Software? (SAP Ariba, GEP Smart, Procurify, Coupa)
05:26
When it comes to procurement, software and needs can be massively varied. From large and complex needs like larger enterprises to smaller and simpler processes - tools like Procurify, Coupa, GEP Smart, or SAP Ariba can meet and exceed business needs.

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 120) 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.

MIP Fund Accounting

MIP Fund Accounting™ is a configurable fund accounting solution. The solution includes functionality for fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, and dashboards for nonprofits and government agencies.…

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)
    84%
    8.4
  • Accounts receivable (219)
    83%
    8.3
  • Standard reports (212)
    82%
    8.2
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.

Tipalti
Customer Verified
Top Rated

Tipalti is a cloud-based platform that enables mass payment management and execution to networked partners (e.g. affiliates, suppliers, vendors, crowdsource, freelancers, and content publishers) across international borders. Payment can be in any local currency, through a variety…

Key Features

  • Payment Status Tracking (15)
    82%
    8.2
  • Automated Accounts Payable Processes (15)
    80%
    8.0
  • Duplicate Bill Detection (14)
    80%
    8.0
JAGGAER

JAGGAER is a procure-to-pay provider in the higher education and government sectors. JAGGAER eProcurement and strategic sourcing customers gain access to suppliers on a scalable, customizable platform. The JAGGAER SaaS-based, source-to-settle solution provides unparalleled visibility,…

Coupa

Coupa’s cloud-native Business Spend Management (BSM) platform provides end-to-end processes that helps drive collaboration across for every business leader from supply chain, procurement, finance, treasury, compliance, and IT and supply chain leaders to help their companies to get…

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).

Key Features

  • Contract database (5)
    77%
    7.7
  • Contract search (5)
    75%
    7.5
  • Legacy contracts (5)
    74%
    7.4
Precoro

Precoro is a cloud-based solution for procurement process optimization. It aims to eliminate time-consuming manual procedures and human factor errors, and instead automates operations and centralizes purchasing processes. It enables users to:- Approve documents from any device using…

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…

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

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

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.…

Key Features

  • Document sharing (6)
    72%
    7.2
  • Specifications (7)
    72%
    7.2
  • Collaboration & approvals (7)
    71%
    7.1
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.

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…

Key Features

  • Searchable proposal database (5)
    98%
    9.8
  • RFP management & response (5)
    98%
    9.8
  • Proposal content library updates (5)
    92%
    9.2
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…

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,…

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.

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.

Zycus Procure to Pay Suite

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

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…

Workday Strategic Sourcing

Workday Strategic Sourcing, formerly Scout RFP, which was acquired by Workday in late 2019, is a collaborative, cloud-based solution that makes sourcing a strategic arm of the business by providing greater visibility throughout the entire sourcing and supplier engagement process.…

Fairmarkit

Fairmarkit is presented by the vendor as an intelligent sourcing platform that empowers organizations to more efficiently purchase the goods and services they need. By equipping procurement and supply-chain teams with automation and data, Fairmarkit promotes competitive bidding while…

Penny Software

Cloud-based E-Source / Procure-To-Pay system that automates RFQs/RFPs, provide comparison and analysis. and push to maximizing savings. Penny can be used to cover the procurement cycle partially or completely. From request > processing internal approvals > dispatching RFQs/…

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.

Procurement Software Best Of Awards

The following Procurement Software offer award-winning customer relationships, feature sets, and value for price. Learn more about our Winter Best Of Awards methodology here.

Best Of Winter 2023 Awards Winners for the Procurement category. For Best Relationship, first place is SAP Ariba Procurement. For Best Feature Set, first place is SAP Ariba Procurement. For Best Value, first place is SAP Ariba Procurement.

Related Categories

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.