It does not matter whether you own a small-scale or large-scale business, services and materials keep it running. Procurement managers maintain business performance by requesting proposals, managing contracts, managing purchase orders, and sourcing vendors.
When a procurement process is performed correctly, it gives your business a solid boost. Though procurement is a strategic and key function of a business, it can be time-consuming and complicated at times.
To help you choose the best procurement management software to make your business stand out, this read presents five credible tools from which to benefit. Moreover, you will learn to select a trustworthy tool, considering a few important factors.
In this article
Part 1. What Should You Look for in a Procurement Management Tool?
Before exploring the tools to manage your procurement process, let’s first look at the factors you should consider when selecting an effective procurement management solution.
- Ease of Use: Each feature should be easy to navigate, and users of all skill levels should be able to use it easily.
- Features: Always choose a tool that best meets your industry needs. Whether you need help with your construction management business, IT development, or real estate project management, there are various procurement management solutions to choose from.
- Vendor List Management: A good tool always comes with the ability to manage the contract lifecycle effectively. Ensure that supplier management and contract management features are considered.
- Templates: Creating new docs from scratch is a time-consuming job; therefore, select the tool that offers ready-to-use templates for different purposes, such as checklists, inventory, RFQs, and more.
- Integrations: It is always better to choose a procurement management tool that can work perfectly when integrated into other apps or software you already use.
- Budgeting: Managing your money usually becomes a primary concern. Therefore, you should consider features like spend visibility and spend analysis. A good tool must also have an effective invoice-processing feature.
- User Reviews: Make sure you go through top-rated software review websites (such as Capterra, G2, Trust Radius, and other authoritative sites) to select the best tool for procurement management.
Part 2. Top 5 Procurement Management Software to Try in 2024
Below is a list of the top procurement management tools, presenting their features, pros, cons, pricing, and user reviews. Let’s look at how each tool can help you manage your procurement processes and take your business to the next level.
1. Wondershare EdrawMind
EdrawMind is an unmatchable utility designed to craft a variety of compelling diagrams for various purposes. The mind maps created in this software let you manage the complete procurement process, including overseeing acquiring services, goods, materials, and products required for effective and efficient operations of your business. Give it a try if you want to streamline business operations.
Features
- It offers an elegant UI design.
- You can access both the desktop and online versions.
- EdrawMind holds a collection of over 15,000 built-in templates.
- It features unmatchable real-time collaboration.
- This tool allows you to organize, expand, and summarize notes while creating procurement management mind maps.
People Like It For
- A free trial version.
- Compatibility with iOS, Android, Mac, Windows, and Web.
- Multi-language support, including Chinese, English, Arabic, German, and more.
People Dislike It For
- Some users say the personal cloud does not work well when using multiple devices.
Pricing
- A free trial is available.
- Individuals: $59 per year (subscription plan), $118 (lifetime plan), and $245 (lifetime bundle plan).
- Team and Businesses: $335.75
- Education: $35 (semi-annual), $49 (annual plan), and $79 (2-year plan).
Rating
- G2: 4.6 (as of June 2024)
- Capterra: 4.5 (as of June 2024)
2. Precoro
It is the leading procurement contract management software. Its top features include controlling, contract management, ordering, requesting, and approving procurement. Precoro is fully customizable, so you can automate anything you want. It lets you track orders and generate POs automatically in real-time. In addition, it crafts documents automatically and performs a three-way matching.
Features
- It allows you to customize purchase orders based on locations and departments.
- It features automated, paperless RFQs and RFPs.
- Precoro lets you set budget limits and manage bulk uploads automatically.
- You can integrate this tool with other apps, such as QuickBooks, NetSuite, and Xero.
- It has the ability to restrict user access and manage multiple countries, offices, and currencies on a single account.
People Like It For
- It helps businesses cut down unnecessary expenses.
- Precoro automates routine procurement tasks and saves time.
- It makes the system transparent with a centralized tracking of budgets, approvals, and purchases.
People Dislike It For
- Sometimes, integrating it with other apps becomes difficult.
- Lots of manual entries while importing data.
Pricing
- A free trial is available.
- Starts from $249 per month (core plan)
- Starts from $999 per month (automation plan)
- Individually tailored pricing for suite
Rating
- G2: 4.7 (as of June 2024)
- Capterra: 4.8 (as of June 2024)
3. Kissflow
If you are looking for a top tool for procurement management to automate purchase orders, look no further than Kissflow. It is super simple and fully customizable. This tool lets you generate automatic purchase orders, approve invoices, and track purchase requests from a mobile application. The granular permissions provide you with a full control over all the actions of your procurement team members.
Features
- It simplifies vendor management and onboarding.
- Kissflow enables you to customize anything you want, like report formats, data fields, approval workflows, and more.
- It helps you enjoy a centralized contract repository by setting up custom approval workflows.
- The inventory management feature helps you stay on top of your re-ordering and tracking game.
- It tracks and controls your company’s spending and helps you make better decisions for future spending.
People Like It For
- It can be integrated with other apps like DocuSign and Xero.
- This tool is trusted by more than 1,000 global procurement leaders, including Zomato, FTI, Amerant, and more.
- Auto 3-way matching.
People Dislike It For
- Some users have claimed that integrating Kissflow with Google Drive is not always smooth.
- Complex data exporting.
Pricing
- A 7-day free demo is available
- Starts from $1,500 per month (basic plan)
- Custom pricing for enterprises
Rating
- G2: 4.8 (as of June 2024)
- Capterra: 4.8 (as of June 2024)
4. Procurify
Regarding supplier management, Procurify is considered among the best procurement management software. It is a complete solution for supplier management, spending control, and other business processes. With Procurify, you get real-time visibility into all these operations. It not only locks down your company’s spending but also manages procure-to-pay completely.
Features
- It allows integration with ERP or an accounting tool you use.
- This tool enables you to make customized expense approval workflows.
- It features analytical reporting in real-time.
- This tool offers secure on-cloud hosting and supplier management.
- Purchase order management, travel management, and purchase approval routing are a few more features of Procurify.
People Like It For
- Quick approvals and easy purchasing.
- It is available for Android and iOS.
- 24/7 in-app and live support for users.
People Dislike It For
- According to some users, setting up Procurify is a little harder.
- Sometimes, it may get stuck with the “orders received” option.
Pricing
- You need to contact the management for pricing information.
Rating
- G2: 4.6 (as of June 2024)
- Capterra: 4.6 (as of June 2024)
5. GEP Smart
It comes with a range of functions, including but not limited to source-to-contract, materials management bill, and direct procurement. Say goodbye to traditional tools, as GEP Smart has everything you need in a single platform. Incorporating AI, Big Data, and Robotic Process Automation makes GEP Smart a powerful procurement management tool.
Features
- It features an AI-assisted, powerful spending analysis to control your expenses.
- GEP provides you with complete visibility into your cost savings in real-time.
- With an effective contract management function, this software reduces the paper, effort, and time required to craft, manage, and track contracts.
- It speeds up your source-to-pay tasks, such as invoice management, purchase order processing, strategic sourcing, and more.
- It helps you design a compliant procurement process tailored to your needs.
People Like It For
- Ease of use.
- Value for money.
- Good customer support service.
People Dislike It For
- Some users have claimed that it is difficult to navigate.
- Sometimes, it offers a slow processing speed compared to other similar utilities.
Pricing
- Contact management for pricing
Rating
- G2: 4.4 (as of June 2024)
- Capterra: 4.6 (as of June 2024)
Summing It Up
If you want to improve your approval processes and streamline workflow, choosing one of the best procurement management software solutions will help you get over the line. The discussion above has presented a few things to consider in a top-tier procurement management tool.
Though lots of downloadable and e-procurement software are available in the market, the right selection becomes a tough nut to crack. This guide has listed the top tools to boost your procurement management process like a pro. Try any of the above-listed tools to take your procurement processes to the next level.
