Procurement Software
Procurement Software Overview
Top Rated Procurement Products

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.
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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.
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
Top Pros and Cons
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
Key Features
- Contract database (5)77%7.7
- Contract search (5)75%7.5
- Legacy contracts (5)74%7.4
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…
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
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
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.
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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.
