17 Best Procurement Software Reviewed In 2024
Best Procurement Software Shortlist
Here’s my shortlist of the best procurement software:
Our one-on-one guidance will help you find the perfect fit.
Procurement software is a valuable asset for any company, helping teams reduce costs and streamline purchasing processes. However, choosing the right procurement software can be difficult with so many options available.
Using my experience in finance and accounting software, I have tested and compared several top procurement tools. My in-depth reviews will guide you in finding the best software to meet your specific needs, and I’m confident that the list below will help you discover the right solution for your business.
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Best Procurement Software Summary
This comparison chart summarizes pricing details for my top procurement software selections to help you find the best one for your budget and business needs.
| Tools | Price | |
|---|---|---|
| Tipalti | From $447/month | Website |
| Kissflow Procurement Cloud | From $1500/month | Website |
| GEP SMART | Pricing upon request | Website |
| Coupa | From $11/user/month | Website |
| Tradogram | From $198/user/month | Website |
| Bonfire | Pricing upon request | Website |
| Procol | Pricing upon request | Website |
| Medius | Pricing upon request | Website |
| Fraxion | Pricing upon request | Website |
| Basware | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose Procurement Software
It’s easy to get bogged down in long feature lists and complex pricing structures. To help you stay focused as you work through your unique software selection process, here’s a checklist of factors to keep in mind:
| Factor | What to Consider? |
| Scalability | Will the software grow with your business? |
| Integrations | Does it integrate with your existing systems? |
| Customizability | Can you tailor the software to meet your specific needs? |
| Ease of Use | How quickly can your team learn to use the software? |
| Budget | Does the software fit within your financial constraints? |
| Security Safeguards | Does it offer robust security features to protect your data? |
| Vendor Support | What kind of customer support does the vendor provide? |
| Reporting | Does it offer comprehensive reporting and analytics |
Best Procurement Software Reviews
Below are my detailed summaries of the best procurement software that made it onto my shortlist. My reviews offer a detailed look at the key features, pros & cons, integrations, and ideal use cases of each tool to help you find the best one for you.
Tipalti offers an advanced payment automation solution tailored for growing businesses, focusing on simplifying accounts payable, mass payments, procurement, and expense management.
Why I picked Tipalti: Tipalti automates invoice processing and manages global payments across more than 120 currencies. It integrates efficiently with popular accounting software like Oracle NetSuite, QuickBooks, and Microsoft Dynamics, enabling finance teams to focus on growth. The platform also includes AI-driven approval workflows and advanced purchase order management. Additionally, the Tipalti Card offers enhanced control over corporate spending.
Standout features & integrations:
Features include automated invoice processing, AI-driven approval processes, and global payment capabilities in 120 currencies. You can also manage supplier information and automate purchase order matching. The platform offers a self-billing module to ensure compliance.
Integrations include NetSuite, QuickBooks, Microsoft Dynamics, Xero, Sage Intacct, SAP, BlackLine, Bill.com, Expensify, and Zoho Books.
Pros and cons
Pros:
- Scalable mass payments
- Global payment capabilities
- AI-driven approval processes
Cons:
- Complexity for small businesses
- Learning curve
Kissflow Procurement Cloud is a flexible source-to-pay platform that adapts to unique business needs. It provides strategic sourcing, procure-to-pay, supplier management, contract management, inventory management, invoice automation, and spend analytics.
Why I picked Kissflow Procurement Cloud: Kissflow Procurement Cloud uses low-code and no-code tools for easy customization and rapid deployment. It automates procurement processes, enhancing visibility and operational efficiency. With its user-friendly interface and reliable customer support, it’s a preferred choice for many organizations. Plus, the platform can be fully implemented within eight weeks, enabling faster adoption.
Standout features & integrations:
Features include strategic sourcing, procure-to-pay, supplier management, contract management, inventory management, invoice automation, and spend analytics. You can also customize workflows to fit your specific needs using low-code and no-code tools.
Integrations include SAP, Oracle, Microsoft Dynamics, QuickBooks, Xero, NetSuite, Salesforce, Zoho CRM, HubSpot, and Slack.
Pros and cons
Pros:
- Flexible customization
- Rapid deployment
- Comprehensive spend analytics
Cons:
- Initial setup complexity
- Limited offline access
GEP SMART is a global provider of AI-powered procurement and supply chain solutions, serving industries such as automotive, life sciences, and retail. Its key offerings include procurement management, supply chain management with GEP NEXXE, and advanced analytics powered by GEP QUANTUM.
Why I picked GEP SMART: GEP SMART offers integrated solutions combining strategy, software, and managed services, tailored to meet unique business needs. Its tools are designed to enhance operational efficiency and profitability. The software also emphasizes customer-centric solutions that promote resilience and sustainability in supply chains, leveraging deep industry expertise to support strategic and financial objectives.
Standout features & integrations:
Features include tools for procurement management, supply chain management, and advanced analytics. With GEP SMART, you can manage procurement more efficiently. GEP NEXXE helps you streamline your supply chain operations, and GEP QUANTUM offers advanced analytics to support decision-making.
Integrations include SAP, Microsoft Dynamics, Coupa, Ariba, Workday, NetSuite, Salesforce, JD Edwards, and Infor.
Pros and cons
Pros:
- AI-driven solutions
- Industry-specific expertise
- Comprehensive toolset
Cons:
- Complex implementation
- Limited user community
Coupa is an advanced spend management platform designed for businesses to better manage their procurement, expenses, and payments. It primarily serves finance and procurement teams, offering tools to enhance their control over company spending and supplier interactions.
Why I picked Coupa: Coupa offers an all-in-one platform that integrates procurement, invoicing, and expense management. It allows users to easily track and manage spending while ensuring compliance with company policies. Additionally, the platform provides real-time insights into spending trends and supplier performance, helping identify cost-saving opportunities through its advanced analytics.
Standout features & integrations:
Features include procurement management, expenses tracking, and invoicing automation. You can also benefit from real-time analytics and reporting tools that provide insights into your spending patterns.
Integrations include SAP, NetSuite, Workday, Microsoft Dynamics, Salesforce, Amazon Business, Alibaba, Slack, and Docusign.
Pros and cons
Pros:
- Real-time analytics
- Comprehensive spend visibility
- Compliance tracking
Cons:
- Steep learning curve
- Requires regular updates
Tradogram is an all-in-one procurement management software that streamlines purchasing processes and improves spend visibility. It serves industries such as education, healthcare, and manufacturing.
Why I picked Tradogram: Tradogram offers supplier management, budget tracking, and customizable purchase orders to streamline procurement activities. It enables control over inventory and enforcement of budget policies directly within the platform. Plus, the intuitive interface promotes efficient collaboration between teams and suppliers.
Standout features & integrations:
Features include supplier management, budget tracking, and customizable purchase orders. You can control inventory and manage budgets within the platform. The software also supports procure-to-pay and strategic sourcing.
Integrations include QuickBooks, Xero, SAP, Microsoft Dynamics, NetSuite, Dropbox, Box, Google Drive, and OneDrive.
Pros and cons
Pros:
- Customizable purchase orders
- Supplier management tools
- Budget tracking
Cons:
- Limited advanced features
- No mobile app
Bonfire is an eProcurement platform designed for public sector organizations, improving procurement processes across industries such as municipal services, higher education, and healthcare. It provides tools for faster RFP creation, digitized procurement, and enhanced vendor participation.
Why I picked Bonfire: Bonfire streamlines procurement tasks through collaborative document management and automated RFx scoring. It includes contract management tools for efficient handling, with a strong focus on security and compliance to meet industry standards. The platform also provides 24/7 vendor support and free RFP templates, ensuring smoother procurement operations.
Standout features & integrations:
Features include collaborative document management, automatic RFx scoring, and contract management. You can streamline your procurement processes with Bonfire's digitization tools. It also offers strong security and compliance features.
Integrations include SAP Ariba, Oracle Procurement Cloud, Microsoft Dynamics 365, Coupa, GEP SMART, Jaggaer, Ivalua, Proactis, SynerTrade, and Basware.
Pros and cons
Pros:
- Emphasizes vendor diversity
- 24/7 vendor support
- Free RFP templates
Cons:
- Vendor portal can be confusing
- Limited customization options
Procol is a procurement software that streamlines sourcing and procurement processes for businesses. It supports procurement teams by managing suppliers, conducting auctions, and providing insights into sourcing activities.
Why I picked Procol: Procol simplifies sourcing through data-driven insights and automation. It offers real-time insights and data-driven tools to optimize sourcing and supplier management. The software also enables businesses to make informed decisions with features like cost analysis, market benchmarking, and automated workflows, leading to more efficient and transparent procurement processes.
Standout features & integrations:
Features include data-driven insights, AI-based bid detection, centralized supplier management, and mobile-first design. You can access detailed performance analytics and manage auctions efficiently. Plus, automating sourcing tasks helps your team save time and reduce manual efforts.
Integrations include SAP, Oracle, Microsoft Dynamics, QuickBooks, Xero, FreshBooks, Sage, NetSuite, Coupa, and Ariba.
Pros and cons
Pros:
- Mobile accessibility
- Detailed analytics
- AI-based bid detection
Cons:
- Initial setup time
- Learning curve
Medius is an advanced eProcurement software that automates and streamlines the procurement process for businesses. It’s ideal for companies seeking to improve cost control, compliance, and operational efficiency in their purchasing activities.
Why I picked Medius: Medius automates the entire procure-to-pay process, offering real-time spend analysis and budget control through customizable dashboards. Key features include automated requisitions, approvals, and purchase order generation, reducing manual tasks and minimizing errors. The software integrates smoothly with ERP systems and supports multi-currency transactions for international suppliers. Additionally, it ensures compliance with procurement policies through automated policy enforcement and detailed audit trails.
Standout features & integrations:
Features include automated buying processes, sophisticated search capabilities for easy item discovery, and real-time spend analysis. Your team can use these tools to reduce costs, minimize maverick spending, and improve purchasing control. Medius also offers automated invoice matching to purchase orders, ensuring timely payments and reducing manual processing.
Integrations include SAP, Microsoft Dynamics, Infor, Sage, IFS, Workday, QuickBooks, Epicor, and NetSuite.
Pros and cons
Pros:
- Full visibility of spending
- Real-time spend analysis
- Automated invoice matching
Cons:
- Steep learning curve
- Dependence on internet connectivity
Fraxion is a procure-to-pay software designed for mid-sized companies, with a focus on proactive spend management. It serves industries such as agriculture, education, government, and healthcare, offering key functions like purchase requisitions, budget control, accounts payable automation, and spend analytics.
Why I picked Fraxion: Fraxion optimizes budget management and enforces policy compliance by automating purchasing and accounts payable processes, ensuring precise and accountable spending. The PunchOut feature enhances daily spend management, while integration with financial systems streamlines auditing and reporting processes.
Standout features & integrations:
Features include automated purchasing workflows, budget control, and mobile access for on-the-go management. You can also benefit from spend analytics and complete visibility into your procurement processes. Accounts payable automation helps maintain compliance and reduces manual errors.
Integrations include Sage, NetSuite, SAP, Microsoft Dynamics 365, QuickBooks, Xero, Workday, Coupa, and Salesforce.
Pros and cons
Pros:
- Strong approval management
- PunchOut for spend management
- Smooth financial integrations
Cons:
- Requires training
- Limited offline features
Basware is a cloud-based purchase-to-pay and e-invoicing solution that helps businesses manage spend, reduce costs, and forecast growth. Its primary users are finance leaders and procurement professionals who need to automate their invoice and procurement processes.
Why I picked Basware: Basware focuses on purchase-to-pay automation, featuring touchless invoice processing and smart coding. With global compliance capabilities and extensive ERP integrations, it ensures efficient operations. The system also efficiently manages high invoice volumes, reducing errors and lowering costs. Additionally, advanced AI and machine learning technologies further enhance the efficiency of financial operations.
Standout features & integrations:
Features include touchless invoice processing, smart coding, and compliance solutions. You can rely on its global compliance capabilities to meet various regulatory requirements. The system's ability to integrate with over 250 ERP systems makes it versatile for different business needs.
Integrations include SAP, Oracle, Microsoft Dynamics, NetSuite, QuickBooks, Sage, Infor, Workday, JD Edwards, and Coupa.
Pros and cons
Pros:
- Advanced AI features
- Global compliance coverage
- High invoice processing accuracy
Cons:
- Limited customization options
- Requires technical knowledge
Other Procurement Software
Here are some additional procurement software options that didn’t make it onto my shortlist, but are still worth checking out:
- Jaggaer
Best for comprehensive supplier management
- ClickUp
Best for tracking purchase requests
- Procurify
Best for quick implementation and user-friendly design
- Precoro
Best for unlimited approval workflows
- Zoho Creator
Best for customizable procurement automation
- SPS Commerce
Best for EDI compliance and partner onboarding
- Ivalua
Best for a comprehensive source-to-pay platform
Procurement Software Selection Criteria
When selecting the best procurement software to include in this list, I considered common buyer needs and pain points like managing supplier relationships and ensuring compliance with procurement policies. I also used the following framework to keep my evaluation structured and fair:
Core Functionality (25% of total weighting score)
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Manage vendor relationships
- Automate purchase orders
- Track inventory levels
- Ensure compliance with procurement policies
- Generate procurement reports
Additional Standout Features (25% of total weighting score)
To help further narrow down the competition, I also looked for unique features, such as:
- Predictive analytics for spend forecasting
- AI-driven supplier recommendations
- Blockchain for transparent transaction history
- Integration with IoT for real-time inventory tracking
- Customizable procurement workflows
Usability (10% of total weighting score)
To get a sense of the usability of each system, I considered the following:
- Intuitive user interface
- Customizable dashboards
- Mobile accessibility
- Minimal learning curve
- Responsive design
Onboarding (10% of total weighting score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Availability of templates
- Interactive product tours
- Availability of chatbots
- Availability of webinars
Customer Support (10% of total weighting score) To assess each software provider’s customer support services, I considered the following:
- Availability of 24/7 support
- Availability of a dedicated account manager
- Fast response times
- Comprehensive knowledge base
- Availability of support in multiple languages
Value For Money (10% of total weighting score) To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Flexible subscription plans
- Transparent pricing structure
- Availability of a free trial
- Inclusion of all core features in base pricing
Customer Reviews (10% of total weighting score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Overall satisfaction rating
- Frequency of software updates
- Quality of customer support
- Ease of integration with other tools
- Feedback on user experience and interface design
Trends In Procurement Software
In my research, I sourced countless product updates, press releases, and release logs from different procurement software vendors. Here are some of the emerging trends I’m keeping an eye on:
- Artificial Intelligence (AI) and Machine Learning: These technologies are increasingly used to automate routine tasks and support more informed decision-making. For instance, AI can improve demand forecasting through predictive analytics.
- Sustainability Focus: There is a growing focus on sustainable procurement practices, including the use of software to track and report sustainability metrics. Vendors are developing tools that help companies ensure their suppliers meet environmental and social standards.
- Advanced Analytics: Procurement software is utilizing big data to deliver deeper insights into spending patterns and supplier performance. Platforms like GEP SMART provide advanced analytics to help companies optimize their procurement strategies.
- Blockchain Technology: Blockchain is being used to enhance transparency and security in supply chains, as it helps verify the authenticity of goods and ensures compliance with contracts.
- Risk Management: Amid increasing global uncertainties, risk management features are becoming increasingly critical. Many procurement software solutions now include tools for assessing and mitigating supplier risks. SAP Ariba, for example, offers strong risk management capabilities within its platform.
What Is Procurement Software?
Procurement software is a tool that helps businesses manage purchasing processes and supplier relationships. Procurement managers, finance professionals, and supply chain managers generally use these tools to save time and reduce costs.
Features including purchase order management, supplier tracking, and spend analysis are often a part of procurement software to help with organization, efficiency, and cost control. Overall, these tools ensure smoother and more efficient procurement operations.
Features of Procurement Software
When selecting procurement software, keep an eye out for the following key features:
- Supplier Management: Manages supplier information, performance, and relationships to ensure reliable sourcing.
- Purchase Order Management: Automates the creation, approval, and tracking of purchase orders to streamline the procurement process.
- Spend Analysis: Provides insights into spending patterns and identifies cost-saving opportunities.
- Contract Management: Centralizes the storage and management of procurement contracts to ensure compliance and mitigate risks.
- Requisition Management: Facilitates the creation and approval of purchase requisitions to ensure proper authorization before purchasing.
- Invoice Management: Automates the processing and matching of invoices with purchase orders and receipts to ensure accurate payments.
- Catalog Management: Maintains an organized repository of approved products and services to simplify the ordering process.
- Supplier Evaluation: Assesses supplier performance based on predefined criteria to ensure they meet quality and delivery standards.
- Analytics and Reporting: Offers detailed reports and dashboards to monitor procurement activities and make data-driven decisions.
- Integration Capabilities: Ensures smooth connectivity with other enterprise systems like ERP and accounting software for cohesive operations.
Benefits of Procurement Software
Implementing procurement software provides several benefits for your team and your business. Here are a few you can look forward to:
- Time Savings: Automates repetitive tasks like purchase order creation and approval workflows.
- Cost Reduction: Identifies cost-saving opportunities by analyzing spending patterns and supplier performance.
- Improved Accuracy: Reduces errors by standardizing procurement processes and minimizing manual data entry.
- Better Supplier Management: Centralizes supplier information, making it easier to track performance and manage relationships.
- Enhanced Compliance: Ensures adherence to procurement policies and regulatory requirements through automated checks and balances.
- Increased Visibility: Provides real-time insights into procurement activities, helping you make informed decisions.
- Simplified Reporting: Generates detailed reports on procurement metrics and KPIs, aiding in performance evaluation and strategic planning.
Costs and Pricing of Procurement Software
Selecting procurement software requires an understanding of the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in procurement software solutions:
Plan Comparison Table for Procurement Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0/user/month | Basic procurement, limited integrations, and basic reporting |
| Personal Plan | $5-$25/user/month | Advanced procurement, custom integrations, enhanced reporting, and email support |
| Business Plan | $30-$75/user/month | Comprehensive procurement, workflow automation, premium integrations, and support |
| Enterprise Plan | $80-$150/user/month | Full procurement suite, advanced analytics, dedicated support, and custom SLAs |
Procurement Software FAQs
Here are some answers to common questions about procurement software:
How does procurement software integrate with existing ERP systems?
Procurement software usually offers integration capabilities with ERP systems through APIs or pre-built connectors. This helps ensure that data flows smoothly between your procurement software and ERP, avoiding duplicate entries and manual data entry. You should check with your vendor to confirm compatibility and inquire about any additional costs involved in setting up these integrations.
What kind of support can we expect from procurement software vendors?
Support options vary by vendor and usually include email, live chat, and phone support. Some vendors provide 24/7 support, while others have set hours. Many also offer extensive online resources, such as FAQs, tutorials, and user forums. It’s important to confirm the available support channels and their accessibility before making a purchase.
Can procurement software handle multi-currency and multi-language requirements?
Many procurement software solutions offer multi-currency and multi-language support, making them ideal for businesses operating across different countries. Users can typically set default currency and language preferences, ensuring the software accommodates global procurement needs.
How customizable is procurement software for unique business processes?
Most procurement software provides a variety of customization options to meet unique business needs. Typically, you can customize workflows, approval processes, and user permissions, with some solutions offering custom fields and reports. It’s advisable to discuss your specific requirements with the vendor to determine the level of customization available.
What are the common security features in procurement software?
Procurement software generally includes security features like data encryption, user authentication, and role-based access controls. Advanced solutions may also comply with industry standards such as GDPR and SOC 2. These security measures help safeguard sensitive procurement data from unauthorized access.
How do procurement software updates and upgrades work?
Vendors typically provide regular updates and upgrades to improve functionality and address any issues. These updates may be automatic or require manual installation, depending on the vendor. It’s important to verify whether updates are included in your subscription or come with additional costs. Regular updates help ensure your software stays up-to-date and secure.
What’s Next?
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