Procurement Software

Best Procurement Software include:

ProcurementExpress.com and Coupa.

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 Software Overview

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 Products

(1-25 of 61) Sorted by Most Reviews

SAP Ariba Procurement
100 ratings
42 reviews
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
27 ratings
19 reviews
Top Rated
Coupa Unified Spend Suite is a solution for procurement, invoicing, expenses, sourcing, inventory, contract lifecycle management, budgets, analytics, etc.
Esker
2 ratings
14 reviews
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
2 ratings
12 reviews
Top Rated
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 can purchase the r…
GEP SMART
2 ratings
8 reviews
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.
Basware Purchase to Pay
1 rating
6 reviews
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
3 ratings
6 reviews
Oracle's PeopleSoft suite of software includes eProcurement, the suite's procurement automation solution.
Precoro
1 rating
4 reviews
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;Time is spent in…
Fourth Procurement and Inventory
1 rating
4 reviews
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 demand more accurate…
CoreIntegrator Workflow
0 ratings
2 reviews
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, PO Matching and…
EstimateOne
0 ratings
2 reviews
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. On the other sid…
Birchstreet eProcurement
0 ratings
1 review
Birchstreet Systems in Newport Beach offers eProcurement as a comprehensive AP and spend management platform ideally for multi-site, complex entitites.
E2Open Digital Transformation Solutions
2 ratings
1 review
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.
Procurics
Procurics is a cloud-based Procurement and Spend Management platform from the company of the same name in Dubai, that aims to help businesses of all sizes manage requisitions, create purchase orders and discover new businesses across the globe.
Bideg
Bideg is web based software that allows companies to create online auctions for e-procurement. Manufacturers bid against each other in real time to offer the best price, which will then be supplied. Suppliers compete with each for their goods or services in order to win the business being offered by…
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.
ProcureSens Procure-2-Pay Solution
ProcureSens is a free stand alone eSourcing solution from Safal Softcom. It is designed to help organizations manage their their sourcing activities online with minimal cost of adoption.
Bellwether BPM
Bellwether BPM is 100% web-based purchasing software. The software is designed to make the purchasing process more efficient and helps companies reduce supply costs, cut administrative costs, and shorten the length of the purchase cycle. Company defined approval levels help eliminate maverick purcha…
BuySpeed
BuySpeed is a procure-to-pay solution from Periscope Holdings headquartered in Austin, Texas.
IBX Business Connect
The IBX Business Network provides a suite of e-procurement software. After being acquired by Capgemini, the IBX Business Network was acquired by Tradeshift in late 2017. The IBX Business Network is now a Tradeshift company.
eBid eXchange
eBid Systems headquartered in Bainbridge, Washington offers eBid eXchange, an e-procurement suite with supplier management, sourcing, and contract management features.
OneSource Procurement
OneSource Procurement (formerly Procure+) is an eprocurement application from ePlus headquartered in Herndon, Virginia.
PerfectProcure
PerfectProcure is procurement software from Perfect Commerce headquartered in Virginia.

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.