20 Best Procurement Software of 2022

If you’re looking for ways to lend efficiency to your procurement process, you’ve come to the right place. We know that procurement is no walk in the park. It requires you to find reliable suppliers, select the right products, assess purchase orders, and facilitate payments for your supplies. If that’s not challenging enough, the fast pace of the modern business landscape also requires you to accomplish these tasks as quickly as possible if you want to remain competitive in your industry.

Luckily, there’s a large selection of procurement software out there that can give you the functionalities you require to optimize your operations. The only question now is, which one is the most suitable for you?

To help you out, we have narrowed your options down to the 20 best procurement software on the market by assessing their usability, comprehensive functionalities, and scalability. We have also noted down how much you should expect to spend per product so that it would be easier for you to see whether or not a solution falls within your budget.

Procurement is one of the most tedious aspects of managing a business. So much so that 51% of procurement leaders believe that they are not equipped to deliver on their current strategies—a problem that could lead to excessive expenditures and failed business partnerships. This is where procurement software solutions come in.

These tools are equipped to automate processes when it comes to ordering new stocks as well as approving payments. Furthermore, these products can also be used to reduce processing costs (78%), boost the development of new products (58%), and manage risks (54%). But, of course, with the demands of the modern business landscape, doing these are things not enough to stay competitive. It is also important to maximize use of your procurement software by using them alongside informative, well-organized, and comprehensive data. A study showed leveraging big data and analytics is a priority among many mid-market and enterprise organizations.

Fortunately, you will see through this guide that there are plenty of procurement software solutions out there that can help you leverage analytics to aid in your company’s supplier sourcing and purchasing processes. Just make sure to check whether or not it can accommodate the specific needs of your operations. After all, choosing the right software provider is just as crucial as finding the best suppliers.

The 20 Best Procurement Software

1. Kissflow Procurement Cloud

At the very top of our list of 20 best procurement software is Kissflow Procurement Cloud. Kissflow Procurement Cloud is a web-based procurement management software designed to make procurement as simple as possible. The platform offers a complete set of features, from purchase order creation to vendor performance monitoring, so users can handle all procurement processes on a single system.

One of the most important features of Kissflow Procurement Cloud is that it allows users to efficiently manage purchase orders and invoices. Purchase requests, orders, and invoices can be reviewed and approved from any device, and invoices can be automatically matched against contracts, purchase orders, and receipts. Through the platform, you can also set up automated workflows and internal rules and policies for faster purchase order approval.

Kissflow Procurement Cloud also comes with features for more efficient vendor management. The platform centralizes all vendor or supplier data in one place for easier access. You can also set up your own metrics for a more efficient assessment of vendor performance.

Price Range: Kissflow Procurement Plan offers three pricing plans, including a Starter plan that’s available at $690 per month. If you need features such as full audits and procurement analytics, you can contact the vendor for custom pricing for the platform’s Enterprise plan.

Why Choose Kissflow Procurement Cloud?

1. End-to-end procurement solution. Kissflow streamlines the entire procurement process, from purchase order management to vendor performance assessment. Users can also set up internal approval rules and automated workflows for approving purchase orders.
2. Improved vendor relationships. Kissflow Procurement Cloud collects all supplier and vendor data into one platform to make it easier for users to screen potential vendors. Users can also set up their own metrics for assessing vendor performance.
3. Numerous integrations. Kissflow seamlessly integrates with a wide variety of accounting tools, ERP systems, and other business software, including QuickBooks, Xero, Microsoft Dynamics, and Dropbox. These integrations help ensure the accuracy of data even as you move between software.

2. Approve.com

Approve.com is a comprehensive procurement platform that lets you manage every step of the procurement pipeline, from purchase requests to approval flows, down to the list of vendors and contracts. The processes suggested by the software are fully customizable, allowing procurement managers to simulate or vastly improve the existing workflow. It also has enterprise-grade security so your company records are in safe hands.

Approve.com is equipped with flexible forms for purchase requests, which deposit data onto a database and initiates the approval flow. Presented in an orderly manner, requisitions are easily approved, returned, or rejected, and then routed to the proper channels. You can set the platform to automatically send an email once certain types of requests have been approved. Furthermore, the vendor lists are sorted in an organized manner to keep managers on top of contract renewals and those who need to be onboarded.

The platform populates reports on the dashboard in real-time and also comes with a slew of worthwhile integrations.

Price Range: Approve.com offers four pricing plans, three of which are on a by-quotation basis. The Starter plan is priced at $400, which comes with 10 full access slots, one subsidiary, and a comprehensive spending dashboard, among others.

Why Choose Approve.com?

1. Centralized procurement space. Approve.com consolidates all procurement tasks into one place and helps managers keep track of the procurement process, from the creation of purchase requests to vendor management.
2. Control and visibility. This platform allows managers to keep track of the purchase and approval process since it makes the pipeline visible in its entirety. As such, you can check the progress of your team. It also has an auditing functionality that lets you browse through all the procurement data you need.
3. Systematized process. Given its comprehensive features, Approve.com lets you do away with spreadsheets, tickets, and manual email procedures. It enforces efficiency in your workflow.

3. GEP NEXXE

GEP NEXXE is a single, cloud-native procurement solution built for businesses that want to eliminate the need for separate, stand-alone tools for managing specific procurement functions. The software allows them to optimize operations, control expenditures, and accelerate processes while forging great relationships with their vendors. In addition, it comes with analytics tools and streamlined process management capabilities, allowing them to enhance their procurement team’s strategic reach and impact on the business.

Price Range: GEP NEXXE is only available by-quote, so be sure to get in touch with the vendor to get the specifics of their pricing details.

Why Choose GEP NEXXE?

1. Streamline Services Procurement. It allows you to manage various statements of work engagements. This way, it is easier to source, engage, and manage your suppliers.
2. Robust Collaboration Tools. GEP Smart ensures that your team and your suppliers are always on the same page through its collaboration capabilities. It provides a single version of truth, allowing suppliers and customers to log in to the same system and access the same data.
3. Mobile-Native Design. Powered with native apps for iOS and Android devices, GEP Smart enables your team to work on the go and have access to dashboards and reports necessary for their day-to-day tasks. This also allows your team to take part in sourcing events and review and approve orders from any location at any given time.

4. SMART by GEP

Intelligent and rapid purchasing decision-making is made possible by SMART by GEP. It integrates both upstream and downstream procurement processes in a single interface to make it easier for you to find opportunities for savings and more. You can also expect the platform to guide you throughout the source-to-pay lifecycle. This way, you can be confident that you never miss an important step.

And as mentioned, SMART by GEP is intelligent. This is because it is powered by artificial intelligence and machine learning. Because of these technologies, the solution can provide you with advanced analytics and big data that enable you to make the most out of the information your organization gathers every second. The software also ensures that you have the best insights by using data from every possible source; thus, you have a holistic view of your procurement and spend in that regard. The use of AI, especially, makes this software in line with the 11 business intelligence trends of 2020.

Moreover, SMART by GEP includes a supplier management module. This helps you identify suppliers and assess which ones are the best for the company’s specific needs. This cuts across silos so you can expect to uncover every bit of information you can about procurement partners. The component’s capabilities go beyond that, though. It also has tools for authoring new RFPs as well as for awarding contracts.

Price Range: SMART by GEP is designed to streamline the procurement process for enterprises and multinational entities. In line with this, the platform’s pricing is quote-based only to ensure that every facet of the system is tailored to the needs of your organization.

Why Choose SMART by GEP?

1. Lifecycle guide. SMART by GEP walks you through the entire source-to-pay lifecycle with its smart tools for sourcing and procurement. Every step of the way, it identifies opportunities to help you garner more savings without sacrificing the quality of the materials you source.
2. Intelligent foundation. This platform has artificial intelligence, machine learning, and big data under the hood. Combined, these provide you with the best insights that can assist you in making well-informed procurement decisions.
3. Supplier assessment. You only want to work with the best suppliers, and that is something this vendor helps make possible. Its supplier management module lists all current suppliers and enables you to evaluate them according to your criteria.

5. Bellwether

Bellwether is a complete purchasing suite designed to cater to the needs of businesses, both big and small. As one of the best free procurement software, it offers a smart and straightforward interface that is easy enough for novice users to learn and powerful enough for seasoned professionals. You can perform inventory management, invoicing, advanced budgeting, as well as purchasing requisitions as effortlessly as possible. It also comes with approval automation tools and an advanced invoice matching feature to protect you from fraud.

This platform also offers a service-oriented architecture and modular system design, which is great for companies looking for scalability. Lastly, the platform can seamlessly run on both desktop and mobile devices when deployed via the cloud, making it a good option for teams who are always on the go.

Price Range: Bellwether offers its PMX platform completely for free. However, if you want more advanced tools for the other aspects of your procurement process, the vendor also offers a BPM Basic plan and an ePMX Enterprise plan, which cost $11/user/month and $18/user/month, respectively.

Why Choose Bellwether?

1. Innovative purchasing features. This software solution comes with various innovative purchasing features that will help you optimize your procurement process. For starters, it has an integrated data dictionary, real-time cost tracking, and complete documentation of ordering details. It even provides users with reports on spend analysis available as frequently as needed.
2. Great file management. Bellwether is integrated with a document management system that comes in handy for your procurement process. With this, you can easily organize all vendor files and strike a balance among your requisitions. It even comes with templates for different types of contracts so that you don’t have to start from scratch. Other systems would probably need a separate document management system to organize files.
3. Modular architecture. This platform consists of multiple modules for different business requirements, so you can choose to start with only the basic feature set and upgrade the system as your business grows. By doing so, you can be sure that you are only spending on functionalities that you actually need.

6. Paramount WorkPlace

Paramount WorkPlace is a best-in-class requisition, procurement, and expense solution built for businesses of all sizes. Equipped with a simple drag-and-drop interface, this tool helps users streamline procurement processes with features such as dynamic approval workflows, a budgeting engine, cost checking options, centralized invoice matching, audit reporting, as well as purchase order management. It also can also perform smart optical character recognition processing and automated invoice capture.

With this platform, businesses can create fast, paperless workflows and save time on manual processes. What is more, with its tools for transaction monitoring and tax assessments, it makes it simple to ensure compliance to industry regulations. The platform also integrates seamlessly with a wide range of business solutions to simplify data import/export. Lastly, Paramount WorkPlace comes with a native mobile application that allows users to oversee requisitions and review timesheets on the fly.

Price Range: Paramount WorkPlace is available through quote-based plans. Should you want information about their rates, be sure to contact the vendor.

Why Choose Paramount WorkPlace?

1. 360-Degree View of Data. Paramount WorkPlace serves a centralized hub for all your procurement and requisition data. It comes not only keeps tabs on purchase orders, requests, and invoices but also records expenses, labor costs, and budgets. All of this is then made available on the customizable dashboard that can be accessed via desktop or mobile app. With these tools at your disposal, you can be sure that no data falls through the cracks..
2. Better Budgeting. This procurement solution has an advanced budgeting engine built to help you create strict approval workflows and comply with industry regulations. It can support multiple rules ranging from position-based approvals to variance tolerances. Moreover, it can be set up to notify users if their request will exceed the allotted budget so you can control expenses better.
3. Easy Onboarding. Paramount is built with ease-of-use in mind. It offers a dynamic UI that is highly flexible yet easy to learn, making onboarding a breeze. As such, it offers tech-savvy users to optimize the system but allows tech-averse users to quickly navigate the platform.

7. Procurify

Procurify is a cloud-based procurement solution purpose-built for creative teams. Focusing greatly on spend management and workflow optimization, this software allows users to centralize their processes and maximize their resources. What’s more, it comes with real-time analytical reporting on procurement processes so that you can turn data into actionable intelligence and cut down the time it takes to decide on critical matters.

This platform also can support location-based projects, which is great for businesses with multiple branches. With this, you can automatically route approval processes to the right people as well as organize all your procurement documents accordingly. To top it all off, it has an open API so that you can combine the platform with your existing systems. This way, you can easily streamline your operations.

Price Range: Procurify only offers pricing plans on a by-quote basis. If you would like to learn more about their subscription rates, be sure to get in touch with the vendor.

Why Choose Procurify?

1. Proactive eProcurement. Procurify is equipped with a variety of tools that optimize your eProcurement tasks. These include purchase management, expense filing, and workflow automation. It also has a great budgeting toolkit that simplifies the planning and management of expenses.
2. Highly customizable system. This platform is built for flexibility, allowing you to set custom user roles and determine location-based calculations. It also provides users with customizable modules to help them get exactly the kind of tools that they need for their operations.
3. Native mobile application. Procurify comes with its own native mobile application for iOS and Android devices. This allows you to access your system wherever and whenever you want, which makes it great for agile teams who are always out and about.

8. Precoro

You can realize full control over your organization’s procurement workflow with Precoro. This reliable software ensures that you can complete every procurement-related task on one interface for maximum efficiency. This efficacy also extends to your inventory. That is because the main aim of the solution is to make certain that you always have enough raw materials–never low stock, never overstock.

This effectiveness can be seen in the integration and automation capabilities of Precoro as well. The platform can connect with your favorite accounting applications via its robust APIs. This offers you a comprehensive view of your finances, which includes your procurement cash flow.

Additionally, this solution saves you time by automatically entering the necessary information on form fields. The blanket PO feature has a hand in making this happen. Thus, you have more time to spare for critical jobs.

Price Range: Precoro offers four pricing plans that are suitable for businesses of any size. The Small package starts at $29/user every month; the Medium plan goes for $24/user each month, and the Large starts at $19/user per month. Meanwhile, the Enterprise subscription comes in a price quote basis. Therefore, you have to get in touch with the vendor for pricing.

Why Choose Precoro?

1. Effective inventory. Precoro always keeps an eye on your inventory so that you always have updated numbers to ensure that your raw materials are always in stock.
2. Automatic data entry. Keying in information is a time-consuming task, but Precoro saves you from this by entering data in form fields when necessary.
3. API integration. Precoro connects with third-party solutions, especially with accounting platforms, to give you a full overview of your finances.

9. AvidXchange

AvidXchange is an accounts payable software equipped with a top-of-the-line procurement management system. Catering to businesses in the US, this solution aims to eliminate paperwork, reduce processing times, as well as control purchasing costs by providing comprehensive tools for its users. These include modules for accounts payable, purchase ordering, payment processing, and workflow automation.

In addition to the above mentioned, this platform also lets you zero in on your spending patterns by monitoring frequently purchased products as well as the whos, whats, whens, and whys of each transaction. This is even monitored in line with your vendor management efforts so that you will be able to tell when it’s time to find new suppliers for your operations.

Price Range: AvidXChange offers plans that are transaction-dependent and quote-based. For more information, be sure to get in touch with their representatives.

Why Choose AvidXchange?

1. Procure-to-pay processing. AvidXChange centralizes processes from procurement to payment. This means you will be able to do everything from vendor selection and procurement requisition to purchase processing and invoice reconciliation.
2. Vendor management. This solution is equipped with a vendor management system where you can review existing contracts and manage transactions with suppliers. It even comes with a sourcing assessment tool that will help you find new vendors according to your business objectives.
3. Robust security tools. AvidXChange also keeps your procurement data safe through its comprehensive security features. Aside from having SSAE 16 facilities and performing regular backup procedures, they also offer a variety of disaster recovery options so that it is easy to retrieve your data.

10. Tradogram

Next on our list of the top procurement software is Tradogram. Hundreds of businesses use it because of its easily navigable interface and robust set of tools. With this at your disposal, you can streamline the procurement process and take control from managing suppliers to controlling costs to maximizing expenses. It also comes with tailor-made purchasing management that can support multiple locations and groups, making it great for companies with multiple offices.

What sets it apart from its competitors, however, is its best-in-class spend management functionalities. These include tools for expenditure analysis, cost issue forecasting, and supplier management. With this, it is easier for you to understand your procurement process and all the expenditures related to them.

Also, Tradogram allows users to create a supplier database where they can manage their approved vendors, check out information on trading partners, as well as review transactions with particular suppliers. These provide you with easier access to critical supplier information and allow your employees to know which companies to tap in case they need to make new purchase orders.

Price Range: Tradogram offers a free plan for small businesses that only handle ten purchase orders per month. If you have more advanced requirements, they also offer paid plans–the Premium plan at $15/user/month and the Enterprise plan that is available by quote.

Why Choose Tradogram?

1. All-in-one procurement. Tradogram serves as a centralized hub for your procurement processes. It can assist you with multi-level management, approval automation, inventory management, report building, as well as budgeting. It also comes with vendor management features that will help you assess potential suppliers and manage existing contracts.
2. Strategic spend management. This software has a spend management module that covers everything, ranging from sourcing and contract management to supplier and order management. It can also forecast expenditures for easier budgeting.
3. Built-in communication. This platform comes with an instant messaging feature that can be accessed by your employees and your suppliers. This way, it is easier to coordinate without having to rely on third-party communication applications.

11. Coupa

Coupa brings all goods and services procurement from different departments and branches into a single cloud experience. For end-users, this means getting the ease of online shopping applied to their tasks, while for approvers and administrators, it allows visibility, control, monitoring and management of your company’s procurement spend in a timely and efficient manner.

With its modern and easy-to-use interface, Coupa helps simplify the purchasing process from start to finish, with each step tracked in real-time to find out where bottlenecks in the approval line happen. As budget figures prominently in the procurement, the dashboard shows you whether there’s enough budget available for your purchase as well its impact on your purchasing goals. This gives you the important information you need before you stamp your approval to proceed.

Price Range: Coupa does not offer a free trial, but encourages interested parties to view a live demo scheduled regularly. Actual costs of the software are made available on a per request basis.

Why Choose Coupa?

1. Modern design experience. The intuitive and friendly design allows users to keep using, and maybe even explore further the features of the software. The increased interaction increases utilization and ensures you get the most of what you paid for.
2. Simplified purchasing process. Coupa guides users throughout the entire purchasing process. It even helps bring up preferred products and services so buyers are made aware of special discounts or other promotional activities.
3. Anytime/anywhere approval. Tired of the excuse “I’ll look at it when I get to the office.” Coupa lets managers approve purchases via email and mobile — anytime and anywhere. The status of the requisition can be viewed anytime as well.

12. Orderhive

Orderhive may be an all-in-one inventory management tool for ecommerce businesses, but it offers a robust purchase management module, making it a great addition to our list. With this, you can track supplier lead times, control costs, and monitor the PO lifecycle as efficiently as possible. This platform serves as a communication hub for you and your supplier for more seamless coordination on delivery times and quantities.

Another great thing about Orderhive is that it is not limited to procurement management and inventory tracking. The software solution offers all the tools you need for workflow automation, invoicing, and shipping. It even comes with a built-in multichannel sales system and analytics features to help you completely streamline your operations. In case there are additional applications that you require, it also works with nearly 200 third-party integrations for your convenience.

Price Range: Orderhive offers straightforward procurement software pricing plans that are dependent on the number of users you have and the number of warehouses you are managing. Rates may cost anywhere between $99/month to $299/month, and they also offer a quote-based plan for enterprises.

Why Choose Orderhive?

1. Kanban philosophy. Orderhive was created to give you a full view of your operational processes in one convenient dashboard. With its Kanban layout, you can easily filter your dashboard to see active assignments, pending tasks, and real-time reports at a glance.
2. Completely centralized platform. Offering a system that goes beyond procurement management, this platform centralizes all of the tasks related to your ecommerce business. Be it order processing, shipping, purchasing, or invoicing, this has it all. It can also integrate with a wide variety of third-party systems like PayPal, Stripe, Xero, and QuickBooks.
3. Built-in multichannel sales management. Orderhive comes with its own multichannel sales management module. This will allow you to manage inventory levels according to your transactions from multiple online marketplaces.

13. QuickBooks Commerce

QuickBooks Commerce, formerly TradeGecko, is primarily an inventory management software created for small and medium-sized businesses. However, it also comes with procurement software features and supply chain management tools that will allow you to keep your processes in order. With this, you can track inventory and sales performance, forecast demand, maximize resources, as well as improve relationships with suppliers. What’s more is that it can consolidate data from multiple sources, making it ideal for multiregional distributors. Mobile teams can even access the entire system on your iOS or Android device using their native application.

Price Range: QuickBooks Commerce is available in different types of SMB and enterprise pricing packages depending on the number of users and ecommerce channels you have. Rates range from $39/month to $999/month. It is also being offered in custom plans, which are available by quote.

Why Choose QuickBooks Commerce?

1. Robust purchase order feature. QuickBooks Commerce is equipped with a purchase order system that will help you see your supplier and purchase order information at a glance. All you have to do is set up the workflow and input the necessary data once and automate the process in the future.
2. Smart point-and-click technology. While QuickBooks Commerce prides itself on having a comprehensive back-end system, it is also known for being easy-to-use. They have a smart point-and-click interface that even technically averse users will find quick to navigate.
3. Completely integrated architecture. Another great thing about QuickBooks Commerce is that it is built for scalability and flexibility. It is integrated with accounting systems, ecommerce solutions, CRM platforms, and even shipping solutions. It has an open developer API that makes it even more extensible.

14. SAP SRM

SAP SRM is an on-premise supplier relationship management tool trusted by hundreds of large enterprises and medium-sized companies worldwide. Coming from an industry leader, this software solution offers nothing short of best-in-class functionalities that will improve the procure-to-pay process. From catalog management and centralized contract management to compliance management and supplier management, this can provide you with everything you need. One downside to this platform, however, is that because it is not cloud-hosted, you won’t be able to access it on your mobile devices.

Price Range: SAP SRM is only available on a price quote basis. If you are interested in investing in this platform, don’t hesitate to get in touch with the vendor’s representatives for more information.

Why Choose SAP SRM?

1. Supplier coordination. SAP SRM comes with features that facilitate coordination between you and your key suppliers. It allows you to properly document all your business transactions as well as gives you a bird’s eye view of your supplier relationships so you can further optimize your processes.
2. Centralized contract management. It is built to keep all of your contracts in one place. This way, you get a clear view of all the modifications made to each agreement you have with suppliers, stay up-to-date on your existing policies, and even reinforce compliance management.
3. Data-driven procurement. SAP SRM offers a wide range of operational reporting tools. With these at your disposal, it is easier to evaluate your purchasing behavior and get actionable insights that will help you promote a more data-driven procurement process.

15. SellerCloud

SellerCloud is a sales management software designed for small to mid-market online retailers. While primarily created to synchronize multichannel selling operations, this platform also comes with a full purchase order management functionality. With it, you can monitor inventory levels, automatically reorder stocks, as well as perform predictive purchasing based on previous sales records. Furthermore, SellerCloud lets you see across your active sales channels and marketplaces so that you can manage orders and inventories from a single interface.

Price Range: SellerCloud has a minimum monthly cost of $500 until the per-order charges exceed $500 and carries an implementation fee of $2000 for training. Standard order processing ranges from $0.05/order to $0.25/order, while Fulfilled by Amazon order processing may cost anywhere between $0.02/order to $0.10/order. Do note that the lower rates apply for businesses that need to handle more orders monthly.

Why Choose SellerCloud?

1. End-to-end PO management. SellerCloud comes with a comprehensive purchase order management tool. It covers everything from tracking inventory and recording product costs to automated purchasing and stock updating so you can cut down on manual tasks as well as operational costs.
2. Vendor invoice reconciliation. SellerCloud makes it easier for users to match invoices against received inventory. With this, you can ensure that all your purchase orders are processed correctly and that your company is protected from procurement fraud.
3. Predictive purchasing. Demand for products can fluctuate, so to help you make sure that you are stocking up accordingly, SellerCloud offers predictive purchasing. This tool allows you to reorder inventory items based on sales data from previous seasons so that you don’t accidentally overstock on products.

16. SAP Ariba

Another product from SAP that managed to land on our list is SAP Ariba. This online procurement platform is touted as one of the world’s leading business commerce networks. Built for both buyers and suppliers, this software solution comes with a wide variety of tools that will help you track supply availability, monitor costs, manage compliance and assess expenditures. The software even comes with its own network of suppliers, which is great if your company is looking to source new vendors for your procurement process. It also integrates with your existing back-office system, so you don’t have to worry about finding new platforms that are compatible with this software.

Price Range: SAP Ariba offers custom pricing plans to its clients. To get a quote, be sure to get in touch with the vendor.

Why Choose SAP Ariba?

1. Diverse network of suppliers. SAP Ariba comes with its own network of suppliers. By accessing this, it is easier to find vendors who can provide you with the goods and services you need while minimizing the risks and costs related to evaluating a new pool of suppliers.
2. Powerful spend management solutions. This platform offers a wide variety of spend management solutions, but it prides itself on generating comprehensive reports on spending habits, contract efficiencies, and related data. With this, you can easily find ways to optimize your workflow and even negotiate better deals in the future.
3. Contract compliance management. Another nifty thing about SAP Ariba is that this tool allows you to review contracts in line with industry standards and existing purchasing policies. By doing so, you will be able to stay up-to-date on the latest purchasing regulations and reinforce compliance management.

17. Oracle Procurement Cloud

Oracle Procurement Cloud is a software solution that brings together workflow automation and social collaboration to accelerate procurement processes. It serves as an all-in-one platform where users can tackle vendor sourcing, assessment, negotiation, and management with ease. With this, it is easier to zero in on which suppliers will provide you with the best deals and which ones will help you achieve your objectives. Furthermore, it comes with transactional business intelligence tools that will aid you in making smarter business decisions down the road.

Price Range: Oracle Procurement Cloud offers various plans depending on the modules you’ll be needing for your procurement process. Prices range from $650/user/month to $575/user/month.

Why Choose Oracle Procurement Cloud?

1. Supplier qualification management. Oracle Procurement Cloud aims to help you forge strong relations with the right companies. This is why it has a supplier qualification management tool that lets you gather information on vendors based on your company’s objectives and compliance requirements. By doing so, it is easier to evaluate whether or not you should pursue certain business partnerships.
2. Built-in social collaboration. This software is equipped with a conversational stream where all team members can share information about procurement transactions. With this, you and your staff can easily discuss contracts, incoming purchase orders, or any other aspects of your business without exiting the system.
3. Transactional business intelligence. Oracle Procurement Cloud comes with its own BI system that is tailored for procurement transactions. With this, you can generate graphical award analysis, transactional assessments, and similar reports as seamlessly as possible.

18. Oracle Fusion Procurement

Next on our list is Oracle Fusion Procurement. Similar to the previous product we discussed, this platform is designed to help companies spend smarter and find the best possible deals from suppliers. However, this platform offers a modular suite of procurement applications that focus on eSourcing and universal contract management. Moreover, it is equipped to help you identify your sourcing priorities so that you can find your ideal vendors in the most efficient manner possible.

Price Range: Oracle Fusion Procurement is only available on a by-quote basis, so be sure to get in touch with the vendor for more information.

Why Choose Oracle Fusion Procurement?

1. Smart sourcing. Oracle Fusion Procurement reinforces smart sourcing using its state-of-the-art analytics features, which will help you determine the best opportunities for your company. It also allows users to create watchlists, depending on their objectives, so that the system can screen new suppliers automatically.
2. Handy supplier portal. If you want to improve supplier communication, this platform provides users with a supplier portal. Through this, your partner vendors can manage information by themselves so that you get up-to-date information at all times. Moreover, they can use this portal to acknowledge your order requests as well as provide you with notices on shipping.
3. Procurement contract management. It can be challenging to ensure that you are compliant with industry standards as you create procurement contracts. To help you out, Oracle Fusion Procurement offers a contract management module. With this, you get access to customizable contract templates that can speed up the process of drafting agreements.

19. IBM Emptoris

IBM Emptoris is a contract lifecycle management tool created for large enterprises and medium-sized businesses. However, we decided to add this to our list of best procurement software because it aims to help users foster stronger relationships with suppliers while maximizing their budgets for purchase orders. Using this, they can simplify the creation of agreements with vendors, monitor the efficiency of their purchasing processes, as well as reduce operational risks.

Price Range: IBM Emptoris only provides its pricing plans upon request, so be sure to contact the vendor to ask for a quote.

Why Choose IBM Emptoris?

1. Performance monitoring and analysis. IBM Emptoris allows its users to monitor the different aspects of their transactional performance. With this, it is easier to evaluate whether or not your contracts, your budget process, or your inventory usage are profitable.
2. Simplified contract management. It can be tricky to manage your agreements with suppliers. This is why IBM Emptoris allows you to perform contract management, renegotiation, and renewals. Using these, you get complete visibility on all the aspects of your terms and conditions.
3. Supplier analysis. IBM Emptoris will allow you to find the most suitable suppliers with its robust selection of supplier analysis tools. These include auction management, multi-stage negotiations, as well as bidding management. However, this is only available as part of the IBM Emptoris suite.

20. eBuy

eBuy by Berkeley Laboratory is aimed primarily at companies, businesses, academic institutions, and research departments that desire easy access to an assortment of common office materials, lab, and computer equipment. This online ordering solution is accessible round-the-clock, which means you can check for available items and place your orders wherever and whenever you want. With eBuy, you won’t be burdened by complicated paperwork for procuring essential supplies, and orders typically get delivered within a few days. More importantly, all suppliers are contracted by Berkeley Laboratory, which means they have undergone strict screenings for quality assurance.

Price Range: eBuy does not offer its pricing information publicly. If you are interested in investing in this program, be sure to get in touch with the vendor.

Why Choose eBuy?

1. Easy search options. It features various search options and categorization of items by type to make it easy for users to find the items they want.
2. Sustainable procurement. The company makes an effort to seek out green suppliers and mainly contracts local vendors as part of its small business program. This way, you can ensure that you are procuring sustainable products, and, as a bonus, you can help out your community.
3. Fast and hassle-free ordering. One of the greatest things about eBuy is that it lets you easily find the supplies you need, and you can place your orders anytime. With this, you can lessen downtime and accelerate purchasing processes.

Getting Down to Assessing the Best Procurement Software for Your Organization

There are plenty of options to choose from if you want to have a good procurement software solution for your company. It all boils down to assessing which ones meet your specific requirements and fall within your budget. Checking demos and signing up for free trials of applications on this list of 20 best procurement software can also help you choose the most suitable one for your company.

If you are still having difficulties getting that shortlist or picking the right one, we suggest you give Kissflow Procurement Cloud a try. The application covers just about everything you need in a procurement solution.