11 Best Procurement Software in 2022

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Procurement processes can be complicated for businesses, and all of them are crucial for the success of the company, one of the most important is managing orders, invoices, and inventory. 

If the way you manage and track purchases, products, suppliers, vendors, and payments doesn’t work as intended or is overly complicated, everything else falls apart. Thankfully, procurement software can manage or automate those processes for you.

What is the best procurement software in 2023?

  1. SAP Ariba
  2. Coupa Procurement
  3. Team Procure
  4. Procurify
  5. Precoro
  6. Netsuite Procurement
  7. Oracle Procurement Cloud
  8. Ivalua
  9. Jaggaer
  10. Zycus Source-to-Pay
  11. Kissflow

What is Procurement Software?

Procurement software manages the e-procurement lifecycle, from purchasing materials and managing inventory to generating purchase orders and overseeing bills and payments. It helps identify inventory shortages before it impacts your bottom line, gathers data to help improve profitability, and automates reminders about purchase orders or cancellations. 

sap ariba

Procurement software takes some of the pressure off your team so they can focus on more important work. With the right procurement software, your inventory and purchasing processes will run smoothly without intervention from your team. 

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Types of Procurement Software

There are multiple kinds of procurement software. Here are the five common types: 

1. Accounts Payable Software

Accounts payable process automation keeps track of when bills are due. With accounts payable software, you can automatically monitor the status of your bills and when they need to be paid. You can also use the software to schedule payments, so you never miss an important deadline.

2. Procure-to-Pay (P2P) Software

Procure-to-pay (P2P) software is used to manage to procure and pay for goods and services, including keeping an eye on spending and ensuring compliance. P2P software helps streamline procurement and payment processes to increase efficiency and productivity.

3. Source-to-Pay (S2P) Software

Source-to-pay (S2P) software handles finding, negotiating, and contracting goods. S2P software helps your team stay on top of the procurement and purchasing processes to drive more business value and improve savings.

4. Purchasing Software

Purchasing software automates the entire source, procurement, and payment cycle. It helps users control their purchasing processes to make smarter decisions that drive efficiency. 

5. Request for Proposal (RFP) Software

RFP and RFx software is used to manage your proposals. It can create proposal templates, track outstanding proposal statuses, and even collect signatures.

What to Consider When Purchasing Procurement Software

When choosing a procurement tool for your business, here are the key things you should look out for and consider:

  • Simple UI. An easy-to-use interface will make it easier for your team to adjust and use your new tool. Choosing a simple UI can help your team get up to speed faster so you realize the true value of your software sooner.
  • Communication and collaboration tools. Keeping relevant conversations about procurement decisions or contracts in your software can ensure everyone has the information they need to make appropriate decisions. 
  • Budget insights. When purchasing new materials, you need to keep an eye on your budget. A tool with insights to your budget will make it easier to identify when you’re a risk for spending too much. 
  • Automation. Automation tools drive productivity and efficiency. Procurement software with automation tools can help you improve accuracy, reduce errors, and keep processes running smoothly.
  • Integrations. Your procurement processes impact other areas across your organization. Integrating other important tools with your procurement software can keep data updated and accurate without extra work from your team.
  • Implementation and adoption strategy. While procurement software vendors will promise quick ROI, the reality is that without a change and onboarding strategy built around the people using this new technology (employees, suppliers, vendors), your end-users will fail find value in the tool with low digital procurement adoption.
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Create personalized onboarding flows and help content for your procurement software.

11 Best Procurement Software in 2023

Here are the best procurement software applications, including review ratings, pricing, and a description of each platform and vendor.

1. SAP Ariba

  • Review Rating: 4 out of 5 stars
  • Pricing: Custom pricing

SAP Ariba is an e-procurement and supply chain cloud solution for large and midsize companies. It’s a source-to-pay tool that gives you complete control over spending, savings, and your supply chain. SAP Ariba uses innovative technology to help you optimize your procurement processes, including natural language processing for easy search and AI to educate users.

sap-ariba-screenshot-contracts

Other SAP Ariba features include: 

  • Connectivity with the SAP Business Network for greater collaboration and connection 
  • Use analytics, data sources, and integrated solutions to identify buying trends 
  • Manage global spending and compliance all in one place
coupa logo

2. Coupa Procurement

  • Review Rating: 4.1 out of 5 stars
  • Pricing: Custom pricing

Coupa is a sophisticated purchasing tool that prioritizes the customer experience. You’ll get visibility into your procurement and buying cycle to maximize spend under management, gain visibility and control, and ensure overall value.

coupa-screenshot-invoice-features

Coupa Procurement features include: 

  • Creating and managing contracts and catalogs, including approvals, punch-outs, and more. 
  • Easy-to-use buying processes for goods and services 
  • Inventory management to keep track of stockrooms and on-hand inventory 
  • Budget checks and approvals to cut down on overspending
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3. Team Procure

  • Review Rating: N/A
  • Pricing: Starts at $25 per user a month

Team Procure is a relatively new cloud procurement platform that covers everything from purchase requests and orders to supplier and warehouse management. It offers platforms and tools that fit the need of every size business and has custom API integrations to fit your unique needs.

Other Team Procure features include: 

  • Manage RFQ and e-auction bids from multiple suppliers
  • Create custom workflows to get appropriate approvals and sign-offs 
  • Track supplier performance with built-in KPIs and performance metrics
  • Track warehouse performance across multiple locations
Procurify

4. Procurify

  • Review Rating: 4.6 out of 5 stars
  • Pricing: Custom pricing

Procurify is an all-in-one spend management platform that helps companies manage their spending without slowing down processes. With Procurify, you can customize budgets in real-time, gather approvals, and even provide spending cards to make it easier for team members to buy what they need right when they need it. The Procurify mobile app also simplifies the purchasing process when team members are on the go.

Procurify

Procurify can also: 

  • Automate purchasing workflows to save your team time 
  • Manage approved vendors so your employees can make smarter purchasing decisions 
  • Integrate with your favorite business management tools 
  • Give real-time insights to keep an eye on a budget before approving a purchase, not after
Precoro

5. Precoro

  • Review Rating: 4 out of 5 stars
  • Pricing: Custom pricing

Precoro is procurement software that helps eliminate manual errors, reduce expenses, and save time. Teams can use Precoro to generate purchase orders, approve process steps, and generate reports. Precoro can also manage budgets, track inventory, and integrate with the tools you’re already using.

Precoro-screenshot

Additional Precoro features include: 

  • Product catalog for a positive eCommerce experience
  • Mobile on-the-go approval
  • Smart notifications 
  • Visual, standard, and custom reporting options with 20 filters and 120+ customizable fields
netsuite-logo

6. Netsuite Procurement

  • Review Rating: 3.9 out of 5 stars
  • Pricing: Custom pricing

Netsuite Procurement streamlines the process of buying goods and services by managing vendors all in one place. Generate real-time views into spend and vendor performance and improve communication and collaboration throughout the process. Netsuite Procurement helps increase profitability, enhance visibility, and improve relationships with partners and vendors. It’s also an Oracle suite product, meaning it has native-integration abilities with all other Oracle and Netsuite ecosystem products.

netsuite-procurement

Netsuite Procurement can also:

  • Make it easier for employees to select vendors capable of providing the quality services or goods they need
  • Track purchases and manage inventory 
  • Manage and process vendor payments with automated systems
  • Ensure vendor compliance with regulations and standards
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7. Oracle Procurement Cloud

  • Review Rating: 4.1 out of 5 stars
  • Pricing: Starts at $405 per user, per month

Oracle Procurement Cloud automates procure-to-pay, strategic sourcing, and supplier management all-in-one. It streamlines the shopping experience to improve spend management and increase business value. Manage even the most complex procurement processes to keep risk in check and ensure all your projects are moving along smoothly.

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Additional Oracle Procurement Cloud features include:

  • Optimize productivity with built-in collaboration, editing and approval workflows, and guided authoring
  • Manage and track the entire contract lifecycle and enable standards compliance
  • Use analytics to drive business value and identify new opportunities
  • Enhance supplier collaboration and build stronger vendor relationships
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8. Ivalua

  • Review Rating: 4 out of 5 stars
  • Pricing: Custom pricing

Ivalua is a single S2P platform that handles all aspects of managing supplier relationships and spending. It has automation tools to help streamline processes and free up team capacity and collaboration tools to strengthen connections with suppliers. Built-in insights can also help you and your team make better decisions.

ivalua-screenshot

Ivalua can also:

  • Provide transparency into your procurement process with end-to-end analytics across S2P
  • Secure information sharing for enhanced security while maintaining collaboration 
  • Digitize the entire S2P process for a consistent user experience 
  • Maximize your ROI and minimize risk with quick deployment and adoption 
Jaggaer-logo

9. Jaggaer

  • Review Rating: 4.5 out of 5 stars
  • Pricing: Custom pricing

Jaggaer uses a concept it calls “autonomous commerce” to help B2B brands improve their commerce experience. It uses modular solutions to create custom digital platforms that transform the entire source-to-pay spectrum. Jaggaer covers everything from analytics, category management, supplier management, sourcing, contracts, invoicing, and more.

Jaggaer-P2P-screenshot

Additional Jaggaer features include:

  • Optimized contract compliance and guided buying experiences 
  • Flexible integrations to connect with the tools you’re already using 
  • Self-service support and portals to improve efficiency 
  • Inventory management to decrease redundant purchases
zycus logo

10. Zycus Source-to-Pay

  • Review Rating: 3.6 out of 5 stars
  • Pricing: Custom pricing

Zycus allows teams to infuse the power of AI to optimize your procurement process. Zycus procurement software uses data to drive actionable insights and increase efficiency. Integrate with leading technologies to get deeper insights and build better experiences for your customers and employees — all on an easy-to-use digital procurement and S2P platform.

zycus p2p

Zycus Source-to-Pay features include:

  • Uses spend analysis to unlock potential savings 
  • Manages supplier risk and assesses performance 
  • Provides a collaborative environment with a built-in supplier network
  • Manages procurement requires and projects in one tool
Kissflow Procurement Cloud

11. Kissflow

  • Review Rating: 4.8 out of 5 stars
  • Pricing: Starts at $1,990 per month

Kissflow’s procurement software is a flexible platform that puts you in complete control of your business. It keeps things simple while still providing all the features and tools you need to optimize and improve your procurement process, including analytics, vendor management, invoice management, and purchase requests.

Kissflow Procurement Cloud

Additional Kissflow procurement features include:

  • Three-way matching to match invoices with goods receipts and purchase orders
  • Budget management and spend control with custom rules and approvals
  • Drag-and-drop customization of workflows and tools 
  • Integrations to seamlessly connect with your finance and operations software
Drive adoption of your procurement software with Whatfix’s in-app guidance and on-demand support

Getting the most of your procurement software depends on how quickly your team can get familiar with using the new systems and tools. You can drive adoption of your procurement software with Whatfix’s in-app guidance and on-demand support.

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Whatfix for procurement and S2P applications puts the information and context your employees need right within the application, guiding them precisely when they need it most. Automate your processes and boost employee productivity while ensuring you get the most out of your new procurement software investment.

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With Whatfix, teams can also understand how end-users engage with your procurement software, allowing you to understand:

  • How long it takes for employees to become proficient with your procurement software.
  • What help content is the most helpful, and what new content you should create.
  • Where there are friction points that your end-users are struggling with.
  • What features are (and aren’t) being adopted and used properly.
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