9 best procurement software solutions for 2023

Procurement software, sometimes referred to as purchasing management software, manages the process of purchasing goods and services, negotiating with vendors, and optimizing for cost savings. 

Procurement software is built to help manage the whole procurement lifecycle. This involves everything from prospecting for internal needs, creating purchase orders, approving purchase requisitions, and tracking invoices. 

With procurement software, it’s easier to finalize deals and log transactions to enforce transparency and centralize the procurement lifecycle. That’s probably why the global procurement management software industry’s market size is expected to reach over $13 billion by 2030. 

Learn how to consolidate your SaaS stack, build an efficient purchasing process, and negotiate better pricing with our SaaS buying guide.

The benefits of procurement software

As you look through procurement solution options, it’s helpful to know the benefits of integrating one into your workflow.

Some of the upsides of using a procurement solution include—

• Shortening your procurement lifecycle
• Consolidating and centralizing your invoices and POs
• Optimizing vendor negotiations
• Effectively managing your contract details
• Improving your supply chain management efforts
• Improving ethical procurement practices by increasing transparency
• Decreasing human error by accurately automating the logging of key data
• Leveraging data and analytics to make additional improvements to your procurement system

Features to look for in procurement software

• Data and analytics features: Most procurement software comes with its own data and analytics tools to help procurement teams run data analyses with purchase categorization features, contract analysis tools, business KPI generators, and cash flow data. However, if you’re only in need of the basics, like procurement solutions that track and display expenses, you can go with a procurement solution that only offers the essentials. 

• Expense management: A big part of procurement management is ensuring you stay on top of your expenses. Otherwise, you run the risk of overspending and throwing off your procurement budget. A robust procurement tool should easily track expenses and spending. The best solutions show you where you could be cutting costs.

• Contract tracking, storage, and management: A procurement solution should always keep you informed regarding vendor contract renewal dates, where your contracts are stored, and if they need to be updated. 

• Vendor management tools: Much like you want procurement software that helps you manage your contracts, it’s best when it also enables you to manage vendors. This might include an internal database with prospective vendors to vet when a new need arises. Some procurement solutions also provide vendor portals where they can update their capacity and availability. 

• Policy and compliance enforcement tools: Make it easy to access, establish, and follow company policies and guidelines concerning procurement by choosing a tool that enables you to enforce them. These features allow you set workflows, permissions, and automated triggers. 

• Scalable procurement processes: As you establish workflows like contract lifecycle management and order management, you’ll want to ensure you onboard a scalable procurement software solution that grows alongside your company. Key features to look for are integrations, different use cases, and automated data entry tools.

9 Best procurement software solutions

[1] Vendr

Vendr is a SaaS purchasing management platform designed to help organizations save on software expenses. Its tools are hands-on approaches to the end-to-end software purchasing process — including everything from discovery to renewal. 

With Vendr, you can run commercial negotiations and contract renewal management while taking care of the legal and security implications that come with it. With its detailed reports and analytics, you can access crucial spend data, vendor deals, and sourcing tools that give teams insight into relevant market prices. 

Top features

• Offers data-backed software recommendations for an informed purchasing process
• An automated SaaS management system of record
• Approval workflows to ensure security and compliance

Best for

Businesses that need to automate their software procurement process. 

Pricing

1. Starter - $36,000 per year starting price
2. Growth - $78,000 per year starting price
3. Enterprise - $120,000 per year starting price

[2]  SAP

SAP enables you to transform your procure-to-pay process by accelerating the purchasing lifecycle through guided buying, invoice management, and an ERP integration for invoice management. SAP uses catalog features that turn the procurement process into a consumer-like experience. 

Once plugged in, employees can browse through the SAP catalog and easily make informed purchases from preferred suppliers. SAP manages indirect, direct, and services spending while being customizable enough to meet individual market requirements. 

Top features

• Offers touchless invoice processing to ensure an error-free vendor experience
• Enables users to safely make one-off purchases from vetted suppliers
• Comes with collaborative tools to validate and approve purchase requests

Best for

SAP is best for businesses looking for a highly customizable procurement solution with plenty of automation features. 

Pricing

Contact the SAP sales team to get a custom quote.

[3] NetSuite

NetSuite enables teams to handle just about every aspect of the procurement process. It enables them to communicate with vendors, collect quotes, and track all production and delivery notes. 

Not only that, it’s optimized for cost control through tracking cost per item from purchase orders to ensure there aren’t hidden expenses or surprise payments due. NetSuite is a robust procurement platform that improves visibility, centralizes all key procurement data, and accurately tracks procurement expenses. 

Top features

• Real-time views into procurement purchase performance
• Consolidates key data, such as expenditures by department, into one central dashboard
• Easily links procurement receipts and billing documents with corresponding vendors

Best for

Growing organizations with an increasingly complex procurement process that want to centralize their systems. 

Pricing

Contact the NetSuite sales team to get a quote.

For more info check out our full guide on Netsuite features and functionality,as well as our Netsuite pricing guide for insights on plans and discounts.

[4] Team Procure

As a cloud-based procurement suite of tools, Team Procure leverages e-auction and e-procurement software to process purchasing electronically. What does this mean exactly?

Key tasks like bid collection, bid comparisons, approvals, strategic sourcing, supplier evaluations, and delivery tracking all happen digitally from one platform. Within the same platform, teams can analyze purchase insights while saving time and increasing transparency for everyone involved.

Manage a lot of RFQs? You can speed up the offer collection process by creating streamlined procurement workflows that begin and end online. Throughout the bidding process, Team Procure enables you to compare vendors and analyze bids. 

Best features

• Digitizes internal purchase requests for instant PR collecting and processing
• Integrates into your existing ERP system
• Prepares comparison Excel charts for your most promising supplier bids

Best for

Best for medium and large-scale organizations. 

Pricing

Contact Team Procure to request a demo and learn more. 

[5] Procurify

Designed to track, approve, and report company spending, Procurify puts you in control of all your procurement motions in one dashboard. Procurify offers the features you would expect, but it focuses on simplicity instead of an overly complex approach to procurement. 

With Procurify on board, you prevent purchasing bottlenecks, create multi-level approval processes, and improve overall turnaround times. With its custom approvals, you can ensure no procurement process goes unsupervised. 

Best features

• An intuitive and user-friendly dashboard without a steep learning curve
• Comes with a mobile-app option
• Gives real-time visibility into procurement budgets to compare with current spend
• Provides physical and manual spending cards
• Integrates with tools like Slack and Quickbooks

Best for

Organizations that want to streamline and simplify their existing procurement process. 

Pricing

Contact the Procurify team to learn more about its pricing options. 

[6] Zoho Procurement

As a procurement solution, Zoho Procurement is highly customizable. With it, you can automate workflows, customize the step-by-step procurement process, regulate the creation and submission of requisition forms, and control your purchasing budgets. 

Zoho is built with both control and speed in mind. Once onboarded, your team can leverage the platform to quicken invoice processing by easily matching purchase orders with invoices. This decreases payment errors and enables your team to position themselves for possible spot discounts from vendors. 

Top features

• Controls and minimizes maverick spending
• Digitizes and streamlines the creation of purchase orders
• Leverages its vendor database to establish and grow supplier relationships

Best for

Businesses that want to prioritize customization and optimize for speed or those that may already be using other tools within the Zoho ecosystem. 

Pricing

Zoho procurement offers a 15-day free trial. Otherwise, its pricing plans are—

• Professional - $25 per user per month billed annually
• Ultimate - $400 a month billed annually

[7] Precoro

With Precoro, you get all the standard procurement features — including supplier management, budget management, smart notifications, mobile apps, and even custom approval features. So what makes Precoro stand out in a sea of other procurement options?

Its suite of supplier management tools is promising. With supplier portals, they can do a lot of the management that comes with updating capacity, submitting bids, and updating their key data. Precoro’s supplier management tool keeps a running list of all your supplier contracts and reports on supplier performance to communicate with stakeholders. 

Top features

• Offers a robust catalog of products and services
• Easily manages purchase requests
• Offers more than 120 fields to create custom reports
• Integrates with accounting software for budget and spend accuracy

Best for

Best for procurement teams dealing with warehouse management that want to minimize error-prone workflows. 

Pricing

• Small (for fewer than 20 users) - $25 a user per month
• Large - Contact the Precoro sales team

[8] Proqura

Proqura claims to reduce costs by an average of 12% across spend categories. How? By allowing procurement teams to create customized reports with the insight data that matters. 

Proqura ensures you have a record of all your procurement motions in one place, so any piece of key data is easily searchable and retrievable at a moment’s notice. Its built-in approval and workflow features ensure you can set up a procurement process according to your internal compliance policies. 

Top features

• Easily evaluates and compares vendor offers
• Matches bills and authorizes payments
• Reduces costs and establishes complete visibility of all business spend

Best for

Organizations interested in onboarding e-procurement features for a digital-first end-to-end procurement process. 

Pricing

Get started using Proqura for free, or sign up for a demo to learn more. 

[9] Corcentric

Consider Corcentric as a possible solution if you’re primarily trying to optimize for company cash flow. Instead of letting procurement run you, Corcentric puts you in the center of your procurement efforts with tools built for spend, risk, and compliance management. Plus, it comes with a supplier catalog system that procurement teams can access to fulfill POs with up-to-date vendor data.

Corcentric’s standout feature is probably its built-in contract solution. With it, employees with special procurement permissions can browse the vendor catalog, make purchases, and automate the management and creation of contracts with embedded contract integration. It’s a time-saving feature that shortens the purchasing process and may save you additional resources. 

Top features

• Offers procurement advisory services
• Automates the requisition process through P2P requisition workflows
• Reduces costs by accurately matching POs against authorized users

Best for

Organizations looking to enhance cash flow by refining their procurement practices with a digital solution. 

Pricing

Get a custom quote by contacting the sales team. 

Do more with Vendr

Procurement teams are tasked with the goal of creating results and creating real financial impact across their organizations. With platforms like Vendr, it’s as if you’re cloning your procurement team: It automates vendor management and ensures you’re scoring the best deals. 

As your list of internal applications grows, onboard Vendr to automate the cost optimization process and increase your organization’s savings year over year. 

Take our free savings analysis to see how much you can save with Vendr. 

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