Procurement Software
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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.…
Tipalti automates critical financial processes to drive efficiency, including accounts payable, mass payments, procurement, and expenses, all on one global finance automation platform that grows with the organization, automating, de-risking and simplifying finance.
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…
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Microsoft's Dynamics 365 Supply Chain Management allows users to use predictive insights and intelligence from AI and Internet of Things (IoT) across planning, production, inventory, warehouse, and transportation management to maximize operational efficiency, product quality, and…
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.
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.…
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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/…
Austin company Sourceday offers their procurement platform emphasizing automation and streamlining of purchasing processes in a unified environment, minimizing errors.
Fairmarkit is an autonomous sourcing platform that transforms tail spend and strategic spend so organizations can source more competitively at scale. It integrates with ERP and P2P systems to automate manual source-to-award workflows so procurement teams can manage more events and…
Tradogram headquartered in Ottawa offers their cloud-based procurement software, designed to provide complete spend control, purchase order management, and more at an affordable rate.
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…
OpenText RFx Center enables enterprises to automate, manage, and monitor their RFI, RFQ, RFP, and other procurement processes. Leveraging OpenText™ AppWorks, this procurement management solution is designed to manages all aspects of the procurement process: streamlining advertisement…
PLANERGY s a SaaS-based spend management system that gives businesses more control over their financial operations. PLANERGY automates the entire Procure-to-Pay and AP Automation process giving real-time reporting dashboards, approval automation, to remove bottlenecks, control…
SAP Supplier Relationship Manager is a solution combining procurement, catalog management and contract management.
Periscope Source (formerly BidSync) is a suite of e-procurement software now owned and supported by Periscope Holdings in Austin, Texas since the December 2014 acquisition.
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…
Contract Insight by CobbleStone Systems is a web-based Contract Management Software. Features include enterprise contract tracking, contract drafting, eSignature, custom fields, custom report design tools, e-mail alerts, calendar reminders, task notifications, security, document…
NexusPayables is accounts payable automation software from Nexus Systems. It includes on-site purchasing, POs, approval workflows, invoice data capture, budgets and actuals, vendor compliance, reporting, and it integrates with the user's GL accounting system.
Birchstreet Systems in Newport Beach offers eProcurement as a comprehensive AP and spend management platform ideally for multi-site, complex entitites.
Certa is a SaaS based, no-code workflow automation platform that enables businesses to manage the lifecycle of their third parties. Companies typically use Certa for third party risk, regulatory compliance, ESG, and diversity management. Certa’s workflow engine enables businesses…
Greenwing Technology, Inc. helps small, midsize and large organizations develop punchout catalogs, CIF catalogs to integrate with e-procurement systems from Ariba, SciQuest, Oracle and others. They also train customers' in-house sales team in selling Punchout to buyers, or they…
Vendor Link helps retailers foster supplier collaboration by digitizing and streamlining end-to-end supplier processes, building communication across supplier lifecycle and leveraging data insights across functions such as category, finance and supplier performance to make better…
Onex Spend Management System procurement technologies integrate with other customer-centric services & solution. The first step in spend management is to digitalize the procedures for procurement, contracting, and purchasing as well as those for managing suppliers, invoicing,…
Procurified is an automated product sourcing platform from the company of the same name in Dubai.
TealBook is a procurement software solution using dynamic supplier data. TealBook is a supplier data foundation that autonomously maintains supplier master data, powers e-procurement technology, drives supplier diversity, and enables supplier performance. Using AI and ML, TealBook…
Wippet for Business is a buying platform designed specifically for the care sector to better manage the total cost of procurement - from sourcing new suppliers, simplifying ordering and automating payments. Customers can order goods and services to provide care from either their…
Odoo’s procurement tools are tailor-made to help users efficiently run their business with less stock, and ensure they avoid frustrating stock-outs. Users can configure “Min-Max” stock quantities with Odoo’s user-friendly reordering rules, stock levels, sales forecasts, and automatic…
Loqualist is a SaaS solution that streamlines the management of business purchases and supplies. The automation of tasks optimizes value-added strategic operations. Finally, the fluid and interactive user experience promotes team collaboration. Loqualist makes it possible to centralize…
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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.