Procurement software helps organizations automate the process of purchasing. With these software, businesses are able to handle most procurement-related activities online, including raising and approving purchase orders, selecting and ordering products, receiving and matching orders and invoices, and finally making payments. There are departments dedicated to procurement and they use procurement products to coordinate order shipments for optimal capacity, or to engage with suppliers bidding for business. The primary advantages provided by procurement software are the reduction in time and effort spent managing purchases, increased coordination with vendors, and the ability to leverage economies of scale.
Steps involved in a Procure-to-pay Software
- Identification of Requirement
- Authorization of Purchase Request
- Approval of Purchase Request
- Identification of Suppliers
- Inquiries/Receipt of the Quotation
- Selection of the Vendor
- Purchase Order Acknowledgement
- Advance Shipment Notice
- Goods Receipt
- Invoice Recording
- 3-Way Match
- Payment to Supplier
Today’s article will talk about the best Procurement softwares in 2022. The article will discuss the ABCs of each product. The order of the article is decided on the basis of features and reviews by many first hand users. Without further ado, let’s get right to it!
- SAP Ariba – Digitally transform your business with SAP Ariba solutions.
About SAP Ariba
With just a web browser and a user-friendly interface, with Ariba, one can work with your trading partners using market-leading SaaS solutions for spend management, collaborative finance management, and sales acceleration management all integrated on a single platform. These solutions are available by subscription and on-demand, so there’s no software installation or maintenance hassle.
SAP Ariba Features
- Contract Management Platform Features – Contract Creation, Contract Templates, Contract Editing, Contract Attachments, Contract Collaboration, Approval Process, Notifications & Reminders, Contract Database, Integrations / APIs, Reporting & Dashboards.
- Analytics – Visibility and Performance
- Integration – AccountingPayments
- Invoice Processing – Approvals
SAP Ariba Video Support – https://www.youtube.com/user/AribaSpendManager
- Coupa Procurement – Purchasing Sophistication Meets Consumer-Like Experience.
About Coupa Procurement
With Coupa’s strategic procurement solutions and tools, procurement can deliver on their core mission, i.e. increasing user and supplier adoption to realize optimum savings. Besides that, Coupa’s flexibility and configurability helps procurement partners with the business to drive greater value. And the ability of Coupa’s procurement tools to integrate with multiple ERPs, allows procurement to team with IT to deliver an intuitive, consistent purchasing experience to every employee
Coupa Procurement Features
- Powerful & Easy e-Procurement
- AP Automation, Compliance
- Travel & Expense Management
- Streamline Payments & Discounts
- Spend Analysis
- Strategic Sourcing
- Contract Management
- Contingent Workforce
- Supplier Management
- Treasury Management
- BSM Platform
- Community Intelligence
- Source Together
- Open Business Network
Coupa Procurement Video Support – https://www.youtube.com/user/CoupaSoftware
- Jaggaer – A modern, convenient online shopping experience with robust tools for governance and process compliance.
Jaggaer automates processes like supplier management, procurement and accounts payable with web-based, integrated and intuitive solutions that deliver real efficiencies and savings.
- Spend Analytics
- Category Management
- Supplier Management
- Inventory Management
- Supply Chain Collaboration
- Quality Management
Jaggaer Video Support – https://www.youtube.com/channel/UCLQu3VtyXmWHQ-f1jwQGmVw
- SAP Litmos – Training in the now.
About Oracle Procurement
Oracle Procurement Cloud provides an efficient, effective, and influential procurement organization that helps keep costs under control by selecting the best suppliers, enforcing policy and managing supplier risk. Oracle Procurement Cloud is a complete solution for businesses of any size for direct or indirect spend. Collaboration with suppliers is easy through Oracle’s document sharing and increased information accuracy for deeper insights. Employee request management is also streamlined through Oracle Self Service Procurement Cloud with built-in spend controls.
Oracle Procurement Features
- Sourcing – Collaborate, Streamline and Analyze
- Contracting – Standardize, Improve Visibility and Ensure Compliance
- Procure-to-Pay – Streamline Processes, Simplify Shopping and Enforce Negotiated Pricing
- Supplier Management – Manage Qualifications, Improve Information Accuracy and Enable Supplier Collaboration
Oracle Video Support – https://www.youtube.com/channel/UCYWpdhhdmTkqWxeyVdqHf2w
- SAP Fieldglass – External Talent Marketplace.
About SAP Fieldglass
SAP Fieldglass is a provider for services procurement and external workforce management. The software is a cloud-based, open Vendor Management System (VMS) that helps organizations find, engage, manage, pay, and unlock more value from this growing external workforce, irrespective of the geographical location.
SAP Fieldglass Features
- Future focused platform
- Connected ecosystem
- Seamless, end-to-end experience
- Contingent workforce management
- Services Procurement
- Worker profile management
- External Talent marketplace
SAP Fieldglass Video Support – https://www.youtube.com/user/FieldglassInc
- Precoro – Procurement Software Which Saves Your Time and Money.
Precoro is an innovative Procurement and Spend Management software which helps companies to fully eliminate manual workflow and thus save bulks of time and money. Teams use Precoro to eliminate manual work and streamline their purchasing processes, thus saving time and money, and ultimately focus on more pressing matters.
- Purchase Requests
- Purchase Orders
- Approval Workflow
- Budget Management
- 3-way match
- Supplier Management
Precoro Video Support – https://www.youtube.com/channel/UC5KqKdWWccP4GN9A4qnMS2w
- BuyerQuest – Procure-to-Pay Software Solutions.
BuyerQuest is a next-generation procurement solution that brings the eCommerce shopping experience to the Enterprise level. End users or customers make better, informed buying decisions while enabling tighter trading relationships with suppliers, thanks to BuyerQuest. BuyerQuest delivers a wonderful employee buying experience, reduces procurement process friction, drives contract compliance and saves money.
BuyerQuest Products and Integrated Catalogs
- SAP Ariba
- SAP SRM
- IBM Maximo
- Oracle ERP
BuyerQuest Video Support – https://www.youtube.com/channel/UCtzaBgsGV063wr9UhtjM16Q
- Tradeshift – Let’s get digital.
Elevate with a network solution for automating the heck out of accounts payable processes. Go paperless and touchless with Tradeshift for the whole order-to-pay cycle. One can automate invoices by capturing them digitally and get Artificial Intelligence to do the rest. Pairs well with pleasing suppliers, kicking butt and impressing CFOs.
- Supply chain solutions
- B2B marketplace and procurement
- B2B payables automation
- Supplier analytics and collaboration
- Working capital for your supply chain
- Spend management for B2B virtual credit cards
- Connect with buyers
Tradeshift Video Support – https://www.youtube.com/user/tradeshift
- Basware – Simplify Operations, Spend Better.
Basware solutions work across the business to business cloud to allow companies to work together more efficiently. Their mission is to arm you with 100% spend visibility and actionable data. They reinforce this by delivering best-in-class purchase-to-pay solutions over the world’s largest open business network, so one can maximise efficiency and get smart about spending.
Basware e-Procurement Features
- Guided Purchasing
- Actionable Analytics
- Strategic Sourcing
Basware Video Support – https://www.youtube.com/user/BaswareCorporation
- Vroozi Procurement Platform – Fully Automated Procure-to-Pay Platform.
Vroozi is the leading cloud-based business purchasing and AP automation platform. This fully automated procure-to-pay solution helps you grow faster and more profitably by digitizing your purchases, vendor invoices, expenses and payments. Vroozi is procurement for the modern workforce. Its highly-intuitive, user-friendly platform saves financial leaders time and money, while increasing spend controls and boosting efficiency. Vroozi is designed for high-growth organizations who want to empower their employees, automate AP and purchasing, and maintain spend visibility from anywhere, at any time.
- Simplify the way you buy.
- Leave paper invoicing in the past.
- Payments for the Modern World.
- Give your employees a marketplace they will actually use.
- Make smarter financial decisions.
- Realize more savings. Create more procurement value.
- Simplify expense reporting.
Vroozi Video Support – https://www.youtube.com/user/TheVroozi
- MHC Software – Flexible Solutions for the Modern Enterprise
MHC Software (MHC) is a provider of enterprise content automation and document management software solutions. MHC’s proprietary solutions accelerate customers’ digital transition journeys, allowing them to significantly increase productivity by converting manual and paper-based processes into highly-automated digital processes by providing features like leveraging web forms, workflow automation, OCR capture automation, flexible and dynamic content creation, and powerful self-service document access.
MHC Software Functionalities
- Content Management
- Document Creation & Distribution
- Workflow Process Automation
- Self-Service Document Delivery
- Web Forms
- Financial Transactions
- Punchout Integration
MHC Software Video Support – https://www.youtube.com/user/MHCWebinars
- PRM360 – Simplified Procure-to-Pay Suite.
PRM360 is a product of Acads360 India Pvt Ltd and is a robust cloud-based procurement software solution that can help automate and streamline the procure-to-pay processes while cutting costs and mitigating risks. Be it creating requisitions, sourcing, inventory management, tracking purchase orders, or ensuring supplier compliance, PRM360 can do it for you while making the procurement process as easy as e-shopping for end users.
- Easier Business Flow with existing Infrastructure and Practices.
- Increased Engagement with Sales and Marketing teams for Overall Growth.
- Technical Integration with different Applications.
- Consolidation of Agreements, Contracts and Invoices seamlessly under the Cloud.
- Transparency of Pricing and Tender Details.
- Lower Infrastructure Cost and quick Implementation.
- Faster Turnaround time for Procurement related transactions.
- Flexible and Scalable Solution.
- Detailed Analytics for driving Informed Decisions with Calculated Risks.
- Reduction of Processing Costs to almost 25-50%
PRM360 Video Support – https://www.youtube.com/channel/UCoZNSvWHy4e0-tsaT3IbxPw
Hope the article helps you in selecting the best Procurement Software that’s best for you and your corporation. Analyse your requirements and select the platform which best suits your needs.