Obtaining ingredients for your production is not a simple task as you need to determine the necessary components you need to purchase to mold your product. For this reason, experts developed procurement software to help you, businesspeople, spend and track your corporate spendings leading to more improved budgeting and forecasting. Continue reading below for more information.


12+ Procurement Software

1. Smart by GEP

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Rating: 4.6/5

Price: Custom

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2. ProcurementExpress.com

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Rating: 4.7/5

Price: FREE

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3. SAP Ariba Procurement

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Rating: 4.4/5

Price: Custom

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4. Coupa

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Rating: 4.7/5

Price: Custom

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5. Procurify

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Rating: 5/5

Price: Custom

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6. Precoro

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Rating: 5/5

Price: $29/month

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7. Tradogram

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Rating: 5/5

Price: FREE

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8. Jaggaer

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Rating: 4.7/5

Price: Custom

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9. Tradeshift

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Rating: 4.7/5

Price: Custom

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10. AvidXchange

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Rating: 4.5/5

Price: Custom

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11. Bellwether

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Rating: 4.7/5

Price: Custom

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12. Zycus

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Rating: 4.8/5

Price: Custom

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13. Fraxion

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Rating: 5/5

Price: Custom

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What Is Procurement Software?

Procurement is the process of obtaining the ingredients needed for your manufacturing process. Including sourcing, negotiating terms, purchasing items, receiving and inspecting goods as needed, and keeping detailed records of all process steps. Procuring contains numerous processes which can be more challenging if executed manually. Luckily, you can now use procurement software that provides innovative features and functionalities. Using procurement software provides accurate data analysis giving you ideas that can improve forecasting and decision-making processes. Given its provided results, you can better understand your cash flow, ensuring high-quality financial plans. Such software has alert and notification features that remind you of procuring tasks.

Benefits

Procurement software offers numerous benefits and advantages that will undeniably give an impressive contribution to your procurement processes. It helps you capture, analyze, and understand your procurement flow, leading you to determine the necessary and unnecessary ingredients. Due to this function, you can ensure that you can buy more while reducing costs.

Features

Various platforms offer different features and functionalities. Other platforms can have a free version and have advanced features only accessible via a membership plan. Some platforms may offer no free version but allow a free trial over a certain period. Numerous platforms can present more. Since not all software is compatible with your methods or can not meet your satisfaction. It is advisable to research and assess them first before actually purchasing the software. That way, you will not have regrets and avoid wasting money from wrong buyings. The following are valuable features most users recommend:

 

Top 10 Procurement Software

1. Smart by GEP

Smart by GEP includes approval workflow, budgeting/forecasting, completion tracking, electronic signature, and more innovative features. GEP has annual revenue of $1,210.5 million and 3,969 employees.

2. SAP Ariba Procurement

SAP Ariba Procurement includes discount management, inventory management, shipping management, returns management, and innovative features and functionalities. SAP Ariba has annual revenue of $649 million and 4,476 employees.

3. Coupa

Coupa includes inventory management, supplier management, sourcing management, invoice processing, license/contract management, and more innovative features. Coupa has annual revenue of $397.4 million and 2,741 employees.

4. AvidXchange

AvidXchange includes mobile payments, billing & invoicing, cash management, online payments, data security, and more innovative features. AvidXchange has annual revenue of $162.6 million and 1,251 employees.

5. Jaggaer

Jaggaer includes receiving/putaway management, sourcing management, invoice processing, requisition management, and more helpful features. Jaggaer has annual revenue of $162.4 million and 1,120 employees.

6. Tradeshift

Tradeshift includes workflow management, a self-service portal, spend analysis, data import/export, and more advanced features. Tradeshift has annual revenue of $93.6 million and 720 employees.

7. Procurify

Procurify includes cash management, PO reconciliation, expense tracking, compliance management, fraud detection, and many more advanced features. Procurify has annual revenue of $18.7 million and 129 employees.

8. Precoro

Precoro includes an audit trail, performance metrics, purchase order management, receipt management, recurring payments, and more valuable features. Precoro has annual revenue of $3.8 million and 26 employees.

9. ProcurementExpress.com

ProcurementExpress.com includes bid management, cataloging/categorization, multi-currency, compliance management, budget management, and more valuable features. ProcurementExpress.com has annual revenue of $3.1 million and 24 employees.

10. Tradogram

Tradogram includes auction management, approval workflow, fixed asset management, spend management, and many more innovative features. Tradogram as annual revenue of $1.3 million and nine employees.

FAQs

What is procurement in ERP?

ERP or enterprise resource planning is a process where you plan on what resources you need to purchase to proceed with the manufacturing process flawlessly. Good enterprise resource planning improves your procurement management as ERP determines the necessary ingredients you need to purchase. High-quality ERP and procurement management ensure cost-effective spending.

What exactly are procurement systems?

A procurement system is a solution that most manufacturing companies use nowadays. The procurement system enables the automatic processing of critical aspects, saving you more time from manual procurement planning and calculations. It provides statistical analysis that helps you decide what to prioritize and what factors matter the most. With the procurement system, you can improve speed and obtain a clear picture of your procuring processes.

Why is procurement software crucial?

As you know, manual processes take too much of your time and can give inaccurate data analysis, leading to wrong decisions. With procurement software, you improve your procurement management dramatically. Not only that, but you can also enhance supply chain planning. Since procurement software provides hi-tech features, you can rely on them to develop your management.

The procurement process is one of the most essential and critical operations in a business. It is the action where you obtain the necessary goods and services for your products. Poor-quality procurement management can lead to delay and profit loss. That is why using procurement software is the best choice to ensure you avoid such incidents. Determine the necessary ingredients with procurement software. Choose yours wisely.


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