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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CormSquare offers cloud-based technology for eProcurement, Supply Chain Multi-enterprise Collaboration, and Finance Operations.According to the vendor, it uses a ProcNext technology to automate the entire process of procure-to-pay.
Aquiire’s Procure-to-Pay suite aims to bring the convenience and simplicity of the consumer shopping experience to the business user while offering compliance. According to the vendor, Aquiire features patented, real-time B2B e-commerce shopping from a single search, advanced machine…
The Advanced Spend Management solution is designed to provide clarity on essential KPIs, such as supplier usage and contract compliance to help support delivery of strategic objectives. According to the vendor, the application helps users improve spend visibility, control procurement…
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PRGX Global headquartered in Atlanta offers PRGX Optix, a source-to-pay analytics platform supporting finance, supply chain, and procurement decisioning.
SoftNice headquartered in Allentown offers Manugics, an e-procurement solution, providing vendor management and automation via product catalog and requisitioning, AP automation, invoice matching and routing, and related features.
The Cimmra ePS is a solution package that can be synced with any ERP, whether it is global standard or custom-built. The solution suite is made up of functionality modules that span the complete Procure-to-Pay cycle and more. The Cimmra ePS also includes a Supplier Management module…
FactWise is a funded, early-stage technology startup building solutions for product manufacturing companies. The solution aims to provide transparency and insights to leaders, streamlining and automating processes and driving bottom-line impact by unlocking savings potential. FactWise…
QAD SRM (Supplier Relationship Management) creates value for manufacturers by improving supplier collaboration, ensuring optimal sourcing and faster response to changes in supply and demand. The solution provides manufacturers and their suppliers a single point of entry to facilitate…
HICX Supplier Experience Management (SXM) is a supplier-focused solution to help businesses manage their suppliers. SXM provides business and supplier-facing portals to make it easier for suppliers to onboard and interface with the business.
Current SCM is supply chain management software that enables businesses to control procurement and materials management projects. Current is software built by procurement professionals for sophisticated procurement teams, and is presented as a solution to quickly ramp up and ramp…
Prokuria is a cloud-based procurement platform, presented as easy to customize, fast-to-start and intuitive with a simple interface to drive greater adoption across departments. RFIs, RFPs, RFQs Streamline sourcing decisions with Prokuria's technology - digitized data and features…
Zumen is a Cloud-based Source-to-Pay software for product manufacturing companies. Zumen aims to enable product manufacturing companies to digitize their direct sourcing and procurement, and manage every detail of the process in a transparent, collaborative platform. With Zumen’s…
Quantum SDS, headquartered in Campbell, offers enterprise organizations and government agencies an integrated, customizable trifecta solution designed to digitally transform procurement and supplier relationships, from the RFx process through contract development, supplier engagement…
CoreIntegrator, KODAK, and Fujitsu join forces to create the ultimate AP Automation Solution – A/P One Traditional AP automation solutions can take months to design and implement and can cost well into the hundreds of thousands of dollars. A/P One from Kodak and CoreIntegrator is…
OneSCM is a cloud-based procurement platform developed by TAKE Supply Chain in Austin, emphasizing managing disparate vendor workflows in a unified and controlled environment. It is now an Ignite Technologies brand.
SourceSuite is an eprocurement and esourcing suite of applications for enterprises, offered and supported by Mediagrif in Quebec, now subsuming multiple bidding platforms (BidNet, Bidboard, Governmentbids.com, etc) for multinational and multi-industry bidding, vendor management, and…
eBid Systems headquartered in Bainbridge, Washington offers eBid eXchange, an e-procurement suite with supplier management, sourcing, and contract management features.
PerfectProcure is procurement software from Perfect Commerce headquartered in Virginia.
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 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…
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.
e-Procurement specialist Bellwether offers EPMX as their enterpriseclass procurement suite, featuring contract management, available on cloud or on-premise.
Periscope ePro (formerly BuySpeed) is a procure-to-pay solution from Periscope Holdings headquartered in Austin, Texas.
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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.