Top 10 Procurement Software Solutions in 2023

Procurement software

Today’s highly competitive business landscape requires companies to optimize their procurement processes to stay ahead of the curve. According to research, organizations that invest in procurement automation solutions expect 21% lower labor costs. It is crucial to invest in the right procurement software and experience the benefits of automation.

However, as many procurement software solutions are available, choosing the best one can be difficult. We’ve compiled a list of the top 10 procurement software for companies. This list will provide valuable insights to improve your procurement processes and boost your bottom line.

Also, Read: What is Strategic Procurement?

List of top 10 Procurement software

While there are several procurement solutions available, here are the ten most promising ones:

• SAP Ariba 
• Coupa
• Promena
• Oracle Fusion Cloud SCM
• Tradogram
• JAGGAER
• Procurify
• Zycus
• Basware
• GEP SMART

Comparison of the top 10 Procurement system

Name	Market Segment	Free Trial	Free Version	Number of Features	Starting Price
SAP Ariba	Web-based eCommerce platforms	No	No	16	$50.00/month
Coupa	Mid-to-large-size companies	No	No	28	Contact for pricing
Promena	SMEs to MNCs	Yes	No	31	Contact for pricing
Oracle Fusion Cloud SCM	Mid-to-large-size companies	No	No	45	Contact for pricing
Tradogram	Businesses seeking cost-effective solutions	Yes	Yes	98	$24.00/month
JAGGAER	Mid-size companies to enterprises	No	No	31	Contact for pricing
Procurify	Mid-to-large organizations	No	No	83	Contact for pricing
Zycus	Mid-to-large organizations	Yes	No	90	Contact for pricing
Basware	SMBs to large enterprises	No	No	59	Contact for pricing
GEP SMART	Fortune 500 and Global 2000 enterprises	No	No	58	Contact for pricing

10 Best procurement software and tools in 2023

Let’s look at the best procurement solutions, including their key features and pros and cons.

1. SAP Ariba

SAP Ariba is a leading web-based eCommerce platform enabling suppliers and retailers to collaborate with customers and streamline their business processes. With SAP Ariba, businesses can manage their procurement processes, from sourcing to invoicing, all in one place. This cloud-based solution is designed to provide transparency and visibility into the supply chain.

SAP Ariba features and functionalities

• Cataloging/categorization
• Inventory management
• Invoice processing
• Purchase order management
• Requisition management
• Spend management

SAP Ariba pros and cons

Pros	Cons
Offers an end-to-end integration of the supply chain ecosystem	According to a user review, the user interface can be confusing
Allows organizations to conduct supplier’s financial health review	According to a user review, there may not be prompt assistance at all times

Pricing and plans

SAP Ariba comes at a starting price of $50 per month. There are no free trials or free plans.

Ratings

SAP Ariba has a rating of 3.4 out of 43 reviews on Capterra.

Also, Read: 10 Best Spend Analysis Software

2. Coupa

Coupa offers a cloud-based spend management application to help organizations gain visibility and control over their supply chains. It offers a comprehensive solution that enables companies to streamline procurement processes, manage expenses, and optimize supplier relationships.

With Coupa, businesses can drive collaboration across procurement, finance, and compliance teams to ensure that spending stays within budget and is aligned with organizational goals.

Coupa features and functionalities

• Contract/license management
• Inventory management
• Invoice processing
• Purchase order management
• Requisition management
• Spend management
• Supplier management

Coupa pros and cons

Pros	Cons
Offers a complete business expense solution, including purchase requisition approval and invoicing	According to a user review, the price tag is quite expensive
Enables process automation for several tasks, leading to time savings	According to a user review, though the software is user-friendly, a learning curve can take time

Pricing and plans

Please get in touch with Coupa to know more details about the pricing. There are no free trials or free plans.

Ratings

SAP Ariba has a rating of 4.3 out of 43 reviews on Capterra.

Suggested Read: 10 Best Spend Management Software

3. Promena

Promena is a SaaS-based procurement solution that streamlines procurement processes. Its suite of modules includes supplier base management, e-procurement, and spend analysis. 

These modules provide comprehensive solutions for supplier management, online procurement, and expenditure analysis. What sets Promena apart is its intuitive and modern UX/UI design, making it easy for users to navigate the platform and quickly access the information they need.

Promena features and functionalities

• Absentee bidding
• Auction management
• Bid management
• Budgeting/forecasting
• Collaboration tools
• Online bidding
• Sourcing management

Promena pros and cons

Pros	Cons
Offers a free demo in multiple languages, making it easy for companies to understand the software before buying it	According to a user review, slow internet speed may make it difficult to use all the software’s features
Provides a user-friendly interface and strong customer support	According to a user review, there’s a lack of dashboards on the software

 

Pricing and plans

Please get in touch with Promena to know more details about the pricing. There is a free trial but no free version.

Ratings

Promena has a rating of 5.0 out of 24 reviews on Capterra.

Suggested Read: 11 Best Billing Software for Businesses

4. Oracle Fusion Cloud SCM

Oracle Procurement Cloud is an integrated source-to-settle suite that provides businesses with a comprehensive procurement solution. The platform automates business processes, enables strategic sourcing, and improves supplier relationship management, leading to better savings and greater profitability. Organizations can make data-driven decisions that lead to improved outcomes.

Oracle Procurement Cloud features and functionalities

• Inventory management
• Order management
• Order tracking
• Requisition management
• Shipping management
• Supplier management

Oracle Procurement Cloud pros and cons

Pros	Cons
Users can access the software 24/7, anytime and anywhere	According to a user review, data management can be a tough task
Offers a rich user interface with an extensible data model	According to a user review, customer support is not responsive enough

Pricing and plans

Please get in touch with Oracle Procurement Cloud to learn more details about the pricing. There is no free version.

Ratings

Promena has a rating of 3.9 out of 9 reviews on Capterra.

Recommended Read: 10 Best Business Budgeting Software

5. Tradogram

Tradogram simplifies spend management with its user-friendly interface and configurable tools. It streamlines the entire procurement process, from purchase requisitions to invoice management. Built on the latest cloud technology, it provides companies with the best security for their procurement data. Companies can easily manage their spending, reduce costs, and improve overall efficiency with Tradogram.

Tradogram features and functionalities

• Accounting integration
• Auction management
• Audit management
• Budgeting/forecasting
• Cataloging/categorization
• Fixed asset management
• Inventory management

Tradogram pros and cons

Pros	Cons
Helpful support desk that resolves queries quickly	According to a user review, integrations with other tools were a challenge
Well-planned design and excellent reporting features	According to a user review, some user functionalities do not have video instructions and guidance

Pricing and plans

The starting price is $24 per month. There is also a free trial and free version of the software.

Ratings

Tradogram has a rating of 4.5 out of 63 reviews on Capterra.

Also, Read: What is Cloud ERP Software?

6. JAGGAER

JAGGAER offers configurable process management capabilities to help organizations manage their procurement needs. An extensive, user-friendly interface provides a powerful toolset for procurement teams to streamline processes. The software also helps drive compliance with procurement processes, ensuring all purchases are made under organizational policies and regulations.

JAGGAER features and functionalities

• Accounting integration
• Auction management
• Audit management
• Budgeting/forecasting
• Cataloging/categorization
• Fixed asset management
• Inventory management
• Purchasing & receiving

JAGGAER pros and cons

Pros	Cons
The software is easy to use and offers a rich interface	According to a user review, administrators do not have enough control over the system
The software is modular and helps meet procurement requirements	According to a user review, some features cannot be customized at the client level

Pricing and plans

Please get in touch with JAGGAER to know more details about the pricing. There are no free trials or free plans.

Ratings

JAGGAER has a rating of 4.6 out of 185 reviews on Gartner.

Quick Read: Top 6 Enterprise Payment Software

7. Procurify

Procurify allows organizations to capture unified spend data, providing a comprehensive view of the procurement processes. Organizations can automate and streamline their procurement processes, improving efficiency and reducing the risk of errors. It also leads to significant time and cost savings, besides improved transparency and accountability.

Procurify features and functionalities

• Accounting integration
• Audit management
• Budgeting/forecasting
• Cataloging/categorization
• Inventory management
• Invoice processing
• Purchasing & receiving

Procurify pros and cons

Pros	Cons
Sends notifications on the mobile app and Slack software for approvers	According to a user review, request orders are difficult to fill and need more customization
Purchase orders have an aesthetic and simplified view for easy understanding	According to a user review, there is no feature related to expense or travel requests

Pricing and plans

Please get in touch with Procurify to know more details about the pricing. There are no free trials or free plans.

Ratings

Procurify has a rating of 4.5 out of 140 reviews on Capterra.

Also, Read: 6 Best Cash Flow Management Software

8. Zycus

Zycus provides a comprehensive procure-to-pay (P2P) platform and its patented Guided Procurement System (GPS) technology. These features ensure consistent and accurate buying decisions by giving users real-time guidance and suggestions. With its advanced eInvoice and smart inbox management capabilities, Zycus automates the procurement process, eliminating manual tasks and reducing the risk of errors.

Zycus features and functionalities

• Accounting integration
• Audit management
• Budgeting/forecasting
• Cataloging/categorization
• Inventory management
• Invoice processing
• Purchasing & receiving

Zycus pros and cons

Pros	Cons
Offers easy management of expense reports	According to a user review, the software lacks tools for financial control
Offers artificial intelligence-based auto-classification capabilities in spend analysis and master data management	According to a user review, the software may not be suitable for large corporations with a global footprint

Pricing and plans

Please get in touch with Zycus to know more details about the pricing. There is a free trial but no free plan.

Ratings

Zycus has a rating of 4.0 out of 3 reviews on Capterra.

Also, Read: 10 Best Expense Management Software

9. Basware

Basware offers a suite of automated technologies to make finance and procurement processes easier. Its platform is suitable for globally operating enterprises and their suppliers across industries. Basware’s intelligent automated solutions help organizations streamline operations, reduce manual work, and optimize cash flow management.

Basware features and functionalities

• Cataloging/categorization
• Financial management
• Inventory management
• Invoice management
• Invoice processing
• Purchase order management
• Real-time data

Basware pros and cons

Pros	Cons
Enables the entire conversations about invoices on a single platform, without the need for emails or other external communication	According to a user review, the purchase order processing is not the best
Offers a convenient mechanism to review and approve invoices	According to a user review, the software is slow and not intuitive

Pricing and plans

Please get in touch with Basware to know more details about the pricing. There are no free trials or free plans.

Ratings

Basware has a rating of 4.1 out of 19 reviews on Capterra.

Suggested Read: 10 Best Travel Management Software

10. GEP SMART

GEP SMART offers a unified source-to-pay (S2P) procurement platform. The platform provides end-to-end procurement solutions for both direct and indirect spend management. GEP SMART’s advanced features related to spend analysis are designed to help organizations optimize their procurement processes and reduce costs. As a cloud-native platform, GEP SMART offers enough flexibility and scalability.

GEP SMART features and functionalities

• Cataloging/categorization
• Financial management
• Inventory management
• Invoice management
• Invoice processing
• Purchase order management
• Real-time data

GEP SMART pros and cons

Pros	Cons
Offers excellent flexibility for configuration and UI	According to a user review, the configurations take a lot of time to test and deploy
Allows easy generation of reports	According to a user review, there’s no mass approval function, and users need to scroll through a lot of information

Pricing and plans

Please get in touch with GEP SMART to know more details about the pricing. There are no free trials or free plans.

Ratings

GEP SMART has a rating of 4.6 out of 7 reviews on Capterra.

Also, Read: 9 Best Vendor Payment Management Software

What is procurement software?

Procurement software is a digital solution that automates and streamlines procurement processes. Procurement management software handles everything in sourcing, contract management, or invoicing. The software gives organizations a user-friendly interface to manage their procurement activities, giving them greater visibility and control over their spending. 

Procurement solutions also offer a range of features to help businesses optimize their procurement cycle, including spend analysis, supplier management, and e-invoicing. Organizations can reduce costs, improve efficiency, and take their procurement processes to the next level.

Types of procurement software

There are several types of procurement management software available in the market, each designed to cater to specific procurement needs. Some of the most popular types include the following:

1. E-procurement software

It streamlines the procurement process, from purchase requests to invoicing, by automating tasks and providing real-time data insights.

2. Spend management software

It offers spend visibility, analysis, and optimization to help businesses reduce costs and improve procurement strategies. 

3. Contract management software

It simplifies contract administration and tracking for all key stakeholders. 

4. Supplier management software

It helps organizations manage their supplier relationships effectively. 

Depending on your procurement needs, you can opt for one or a combination of these types of procurement software.

Also, Read: What Is Spend Analytics in Procurement?

Importance of procurement software

Procurement software plays a crucial role in the modern-day business world. Its importance can be assessed through its role in providing automation, visibility, and control over the entire procurement process. The software helps companies optimize their procurement activities, a critical function impacting the bottom line. 

Automating and streamlining procurement processes also helps companies reduce manual work, eliminate errors, and get real-time data insights. The data can help improve the purchasing process and overall procurement efficiency. Procurement management system also gives businesses greater visibility and control over their spending, reducing the risk of fraud and errors.

What are the benefits of using a procurement software

Here are some advantages of using a procurement solution:

1. Enhanced efficiency

It automates manual processes like data entry, order placement, and invoice processing. It helps eliminate time-consuming activities and allows you to focus on more strategic tasks and reduce errors.

2. Improved visibility

You can get real-time visibility into your procurement process. Furthermore, you can track spending, monitor supplier performance, and generate reports that give insights into your procurement operations.

3. Better supplier management

It helps you manage your supplier relationships more effectively. You can track supplier performance metrics like on-time delivery and quality of goods or services. The data will allow you to negotiate better contracts.

4. Cost savings

Automating manual processes and optimizing procurement operations will help you save costs across your organization.

5. Improved compliance

You can ensure compliance with internal policies and external regulations with procurement management software. Use the software to set up an automated approval process and audit trails to ensure that all procurement activities are in compliance with your organization’s policies.

Also, Read: How to Form a Successful Procurement Plan?

How does procurement software work?

Here’s how a procurement solution typically works:

1. Requisition

The procurement process begins with a request from a user within the organization for goods or services. The user creates a requisition in the procurement management software, specifying what they need, the quantity required, and any other relevant information.

2. Approval workflow

The requisition is then routed through an approval workflow according to the organization’s procurement policies. Depending on the dollar value or the purchase type, the department head or a finance manager may need to approve the requisition.

3. Purchase order

Once the requisition is approved, a purchase order is generated in the procurement solution. It includes the details of the requested goods or services, the delivery date, and the price agreed upon with the supplier.

4. Supplier management

The software provides a centralized platform for managing contact details, contracts, and performance metrics. The information can help identify the best suppliers and manage relationships with suppliers.

5. Receiving and invoicing

When the goods or services are received, the procurement team can use the procurement management platform to match the purchase order with the invoice from the supplier. It ensures the invoice is accurate and organization only pays for what was received.

6. Analytics and reporting

The software provides spend analytics and reporting tools that allow the organization to track spending, monitor supplier performance, and identify opportunities for cost savings.

Quick Read: Centralized and Decentralized Purchasing

How to choose the best procurement software?

Here are some key factors to consider when evaluating procurement solutions:

1. Functionality

Start by identifying the most important features and functionality for your organization’s procurement needs. Some common features include purchase requisitions, supplier management, purchase orders, receiving and invoicing, analytics and reporting, and integration with other systems.

2. User experience

Look for software that is intuitive, easy to use, and has a clean user interface. You want user-friendly software, so your team can quickly learn how to use it and become more productive.

3. Integration

Does the procurement solution integrate with your organization’s existing systems, such as your ERP or accounting software? Integration can streamline processes and reduce errors by eliminating the need for manual data entry.

4. Security

The software involves sensitive information related to supplier contracts, pricing, and payment details. Ensure the software has robust security measures to protect your organization’s data.

5. Support

Look for a procurement management solutions provider that offers excellent customer support. You want to ensure that you have access to help when you need it and that any issues are resolved quickly.

6. Pricing

Finally, consider the pricing model. Some vendors charge a flat fee, while others charge based on the number of users or transactions. Ensure you understand the pricing model and that it fits within your budget.

Also, Read: The Comprehensive Guide to Balance Sheet

Features to consider when choosing procurement software

Here are some features to consider when choosing procurement software:

1. Purchase requisitions

Check if the solution allows the creation and management of purchase requisitions. Your team can request the goods and services and ensure the procurement process is initiated correctly.

2. Supplier management

A supplier database where you can manage supplier information and performance metrics is a must. You can identify and manage preferred suppliers and ensure you work with reliable vendors.

3. Purchase orders

Check the software to see if you can easily create, approve, and manage purchase orders within the procurement solution. It can ensure your organization is ordering the right products at the right price and from the right supplier.

4. Receiving and invoicing

Does the software allow you to track goods and services received and match them against purchase orders and invoices? It can help you manage the entire procurement process, from requisition to payment, and reduce errors.

5. Analytics and reporting

Look for features like analytics and reporting capabilities to track spending, identify savings opportunities, and measure procurement performance. You can get valuable insights into your procurement processes and get the ability to make data-driven decisions.

6. Integration

Lastly, look for the integration capabilities with other systems like accounting software. Integrations can help you streamline your processes.

Bottom line

There are many procurement solutions for companies available on the market today that can help streamline and automate procurement processes. We’ve provided a list of the top 10 procurement software solutions, each with unique features and benefits.

Evaluating your organization’s specific needs and requirements is important before choosing a solution. Choosing the right procurement solution will allow you to improve efficiency and reduce costs.

FAQs