Procurement is one of the biggest cost centers in an organization — representing as much as 30-50% of revenue — yet often, support for procurement practices falls behind the investment of other major functions. While many organizations wait until the last possible juncture to implement an automated procurement process, doing this can result in overspending, a lack of transparency in spending, and frustration for accounts payable staff trying to keep up with manual processing.
The better course of action is to implement a procurement solution before it becomes a problem. Not only can this ease the burden on your stakeholders, but it can also:
- Power strategic sourcing and better supplier relationships
- Surface cost savings and improve profitability
- Stabilize your supply chain and inventory management
- Automate cumbersome contract management processes
- Help procurement teams introduce business process improvements
If you’re starting to feel the friction of inefficient manual processes, it’s time to begin the evaluation process. There are an array of solutions out there, each with distinct strengths and advantages, so we’ve curated data on some of the best procurement solutions for growing organizations to help make the selection process easier. These procurement tools are rated by trusted software marketplace G2, and each consistently rates high (above 4 stars) for form and functionality.
Further reading: Learn more about what procurement is and why procurement is important to your business.
5 Best Procurement Software Solutions
The best procurement software options available today include:
This guided B2B marketplace allows users across departments and locations to order the goods they need from a curated catalog of approved vendors. Order is reported as a solid mid-market tool, specifically helpful for organizations that buy for many departments or distributed locations. Order improves the procure-to-pay process with full order management, invoice processing, integrated payment, and data reporting functionality.
Order’s G2-verified reviewers are enthusiastic about the ease of ordering through the platform. Features such as dynamic search, past order favorites, and user-based item searches make it easy to get the items you need — whether you’re placing a first-time order or replenishing your most-requested items.
Ease-of-use is consistently mentioned as one of the platform’s standout features. Users enjoy having all their preferred vendors in one place in a curated marketplace, which makes purchasing fast and easy. The intuitive UI makes it easy for new users to begin using the product. Quality of customer service also earns consistent praise. The customer support team is reported as highly responsive to questions or support requests such as custom product additions or shipping issues.
While the UI is user-friendly and stable, some customers report a desire for more robust filtering functionality when searching for products.
Planergy is a SaaS-based procurement and spend management system that gives businesses more control over their financial operations. The Planergy platform, regarded by users as one of the best options for small business users, helps organizations administer their procure-to-pay cycle and manage inventory effectively.
Reviewers find Planergy most useful for its extensive integration options. The platform offers easy solutions for linking between many top accounting and ERP platforms including Quickbooks, Oracle, SAP, and Microsoft Dynamics. In addition, it scores high with users for its supplier information and supplier management functionality.
Planergy consistently garners ratings of 9 or above (of 10) in all general categories from G2’s verified users. The platform is reported as being easy to set up and use. Multiple reviewers noted the responsiveness of the customer support staff who helps users with setup and issues.
Several reviewers found issues with the flexibility of the platform’s search features. Rigid search parameter rules mean that small issues such as typos or syntactical changes may result in cases of zero returned search hits. Other users reported other minor glitches in the search function, particularly the inability to retain search parameters when paging back from a completed search result.
Procurify is a purchasing platform that streamlines your purchasing process and workflows. It helps organizations speed up the approval process and remove budgetary bottlenecks. With its simple procurement system, Procurify lets buyers submit purchase requests through a dynamic interface. The system keeps user spending on track through real-time, customizable budgets.
Procurify offers distinctive features such as a virtual and physical spending card system. Using this system, organizations can issue cards to every employee, apply balances to those cards for corporate spending, and maintain full visibility into spend practices by user. The card also allows organizations to realize between 1% to 3% cashback for purchases made on any physical or virtual card.
Procurify users point to ease of use, flexible and speedy approval workflows, and ease of doing business as the major selling points for this platform. This platform is ideal for mid-market organizations whose procurement software needs are beginning to outpace less robust vendor management solutions.
Users report that some of the platform’s accounting and budgeting features could use improvement. In addition, catalog functionality is limited to simple ordering. Analytics and important data such as order duplication or trend/usage reporting are not available via the catalog.
Precoro is an e-procurement software tool that aims to simplify users’ procurement processes and user experience. Where other systems lean heavily into integrations that communicate to a wider array of tools, Precoro delivers on a promise of easy onboarding with short implementation times and out-of-the-box functionality for users that want to get up and running quickly. It also offers more robust features and plenty of integrations to meet the needs of advanced users.
Users enjoy the Precoro platform for its accessibility and financial insights, giving it high ratings on its visibility, spend management, and purchasing automation functionality. The company focuses on delivering complete freedom from paper-based and manual processes in order to save time and money. This flexibility makes Precoro a solid mid-market solution that serves a variety of business needs. Many reviewers commented on the useful spend analysis capabilities of the system.
Some reviewers pointed out limitations regarding flexibility improvements for building purchase orders. While Precoro offers integrations, some users experienced issues with implementing these successfully.
The Coupa Procurement module is one component of the Coupa Business Spend Management (BSM) suite of tools and services. This large procurement tool, serving enterprise customers in the healthcare, retail, and education space, offers a host of use cases including procurement of goods, services, and administration of contingent worker spending.
The platform offers guided buying as a feature, and some of its top features as reported by users are purchasing functionality, spend visibility, and procurement sourcing. It is useful for organizations seeking an enterprise-class, all-in-one solution with a modular approach.
The Coupa Procurement platform receives high marks for fast processing time and easy generation of POs and purchase requisitions.
Some users describe the UI as needing a steep learning curve. Some users reported reliability issues, and others pointed to stiff reporting functionality that requires workarounds to increase visibility.
If you’re ready to take the next step with an automated procurement platform, begin your evaluation process with a live demo of the Order platform today.