10 Best Procurement & Requisition (E-Procurement) Software 2021

Review and comparison of the top Procurement and Requisition Software with pricing to help you select the best E-Procurement Software:

Organizations are always looking for a way to manage every aspect of their business smoothly. From finance to marketing, businesses are in a constant search for solutions that make these incredibly vital functions colossally simpler. The procurement department is one of these vital functions that have to be competently managed for a business to thrive.

The purchase and maintaining of inventory are crucial operations that must be executed with uncompromising efficiency. Unfortunately, these are also tasks that are extremely tedious to execute. This tutorial explains what is e-procurement software and why many businesses today are flocking towards the convenience that Procurement software provides.

What Is Procurement Software

Procurement Software (E-Procurement Software)

Procurement software, also commonly known as e-procurement, serves to automate the entire purchase system of an organization. It does so to simplify the administration process and cut costs associated with procurement dramatically.

It empowers the procurement department by allowing them to monitor everything that is being ordered, ensuring accurate approvals before orders are placed, and also making sure they get the best value for their combined orders.

Managers can also use such software to effectively manage vendors throughout all departments of an organization. Thus, ensuring they get the best rates at acceptable terms and conditions. Suffice to say, robust procurement software is fundamental for businesses to compete in a rapidly advancing world.

So in this article, we will be listing 10 of the best Procurement solutions that are guaranteed to add immense value to your daily operations. We compiled this list based on our own experiences with the tools.

Suggested Reading =>> Best Warehouse Management Software

Pro-Tips:

  • First, the solution you opt for must have user-friendly software that endorses simplicity. It must create purchase orders in compliance with the fulfilled items. It should be able to verify the purchase order and automatically send it to the vendor via fax or e-mail.
  • It must allow end-to-end vendor management. The software must help in the creation and execution of inventory-related transactions.
  • It must also allow you to sign documents online via the electronic signature tool and be able to manage and archive relevant documents securely.
  • The software should also help in gathering data and delivering analytical reports that can help managers strategize and improve profitability.
  • Finally, it must streamline the entire administration process by providing a platform that enables smooth approval or rejection of purchase orders by relevant personnel.

Fact Check: In a recent report published by Statista, the procurement software business is expected to bring in an estimated $5.99 billion in revenue by 2021. The industry is also expected to grow steadily at a rate of 2.3% in the coming years.

Market Research Forecast

[image source]

Frequently Asked Questions

Q #1) What is Procurement Software?

Answer: It is basically the process of obtaining goods and services for commercial purposes by a business entity. As businesses are often engaged in the purchase of goods on a large scale, procurement is a term closely associated with the business.

Q #2) What are the benefits of using robust procurement software?

Answer: Good procurement software helps in the faster approval of purchase orders, improved relationships with vendors, cost reduction, improved contract management, and increased productivity among many other merits.

Q #3) What are the most common features one can expect from Procurement Software?

Answer: The most common features a Procurement Software will offer are Enterprise Purchase Order Management, OCR enabled Invoice capture, Centralized Invoice matching, Efficient Reporting metrics, Dynamic Workflow, and much more.

=> Contact us to suggest your listing here.

List Of E-Procurement Software

Here is the list of procurement management software:

  1. Paramount WorkPlace (Recommended)
  2. TYASuite Procurement to Pay
  3. Kissflow Procurement Cloud
  4. ProcurePort
  5. Coupa
  6. Bellwether
  7. GEP
  8. ProcurementFlow
  9. Precoro
  10. PurchaseControl

Comparing Best Procurement Management Software

NameBest ForRatingsFees
Paramount WorkPlaceBusinesses of All Sizes 5/5Contact for Pricing
TYASuite Procurement to paySmall and Med-Sized Enterprises4/5Contact for Pricing
KissFlow Procurement CloudMed-Sized and large enterprises4/5Starting at $1990 per month
ProcurePortAutomated Capture and Organization of Documents4.5/5Starting at $199/month
CoupaSmall and Med-Sized Businesses.4/5Contact for Pricing

Let us review the procurement management software below.

#1) Paramount WorkPlace (Recommended)

Paramount WorkPlace is best for businesses of all sizes.

paramount

Paramount WorkPlace offers a procurement and requisition tool that emphasizes automation, efficient management of orders, and ease-of-use for employees. The solution takes care of the entire procurement lifecycle for you. It helps users request for products and services, create purchase orders, allow managers to establish approval rules as well as instantly approve these requests from anywhere.

Moreover, the solution accurately records invoices and sends them to ERP for payment for an enhanced purchasing experience.

It has a sleek UI, which is easy to navigate and operate by any employee. It also enables real-time integration with a supplier’s online catalog, thus expediting the order process and reducing purchase costs by up to 85%.

The tool also allows seamless real-time integration with ERP applications like Microsoft Dynamics, Acumatica, Blackbaud, Sage-ERP, Sage Intacct, and Netsuite among many others for an enhanced user experience.

Paramount WorkPlace comes with a Guided Buying Catalogs feature that provides users with an intuitive and comprehensive interface to select items to buy and submit them for approval with just a few clicks. Users across the organization can shop for goods and create requisitions, without the need to search for the best supplier and price.

Furthermore, in the absence of a PO, Paramount WorkPlace allows you to initiate payment to vendors through a check request. You can easily initiate a check request using scanned invoices and rest assured as the check requests follow assigned approval rules.

The tool also allows managers to implement any approval rule they desire at any point of time in the procurement process, even when creating a purchase order. You can easily track, manage, organize and route requests for the creation of purchase orders.

Features:

  • Mobile App Shopping, Entry, and Approvals
  • Purchase Order Management
  • 360° view of all KPI’s and metrics
  • Spend Control
  • Seamless Real-Time Integrations to all major ERPs
  • Check Request to Initiate Payments without PO
  • Guided Buying Catalogs and PunchOut Capabilities
  • Unlimited Approval and Routing Rules
  • OCR Invoice Capture with AI
  • Self-Service Vendor Portal

Verdict: Paramount allows managers to automate the entire procurement process and effortlessly streamline it across the entire organization. It is also simple to use for any employee, thanks to its comprehensive UI and tons of intuitive features. Suffice to say, Paramount WorkPlace is an ideal solution to efficiently manage a company’s procurement activities.

Free Demo Available

Price: Contact Paramount WorkPlace team for pricing.


#2) TYASuite Procurement To Pay

Best for small and mid-sized enterprises.

TYASuite Procurement to Pay

TYASuite is one of the most powerful procurement software in wide use today. A lot of its success depends upon its ability to effectively manage vendors, expedite PO approvals, and reduce operational costs by almost half.

The software provides a centralized secure database that can harbor employee, client, and supplier data. The tool is also perfect when it comes to automated PO processing. It empowers users by helping raise PO’s for multiple vendors with just one click. It can flawlessly track PO’s and notify you in real-time of the PO’s progression in the procurement chain.

The software can also be used to generate invoices in any desirable format. It further simplifies the invoicing process by automatically deducting TDS and calculating GST. As far as payment resolutions go, TYASuite makes faster clearance possible because of its affiliation with multiple payment partners.

Features:

  • Powerful data security
  • Smart purchase and requisition processing
  • Automated PO creation and management
  • Comprehensive payment ecosystem
  • Smart invoicing

Verdict: TYASuite is a procurement solution that promotes cost-effective and time-efficient management of a company’s purchase system. It does so with the help of a comprehensive UI and a number of advanced features.

Free Demo Available

Price: Contact for custom pricing.

Website: TYASuite Procurement To Pay


#3) KissFlow Procurement Cloud

Best for mid-sized and large enterprises.

kissflow

KissFlow is another in line with great cloud procurement software that allows users to create, review, and manage procurement requests without a hassle. The tool focuses on considerably reducing the time it takes to approve purchase orders.

You can easily create purchase requests with the help of custom templates, distribute them to stakeholders for smooth collaboration and track their status in real-time. The software also goes one step further by offering insightful reports and analyses that aim to improve your PO fulfillment strategy.

The purchase orders created on this software can be accessed anywhere and thus approved on the go without wasting any time. It also helps optimize your company’s expenses by arming you with approval workflows and rules.

Features:

  • Custom creation of purchase requests
  • Access to insightful reporting metrics
  • Automated distribution and tracking of purchase orders
  • Customizable workflows

Verdict: KissFlow scores valuable brownie points because of its robust customizing features. You can create purchase requests and workflows with remarkable ease. The software also works to considerably reduce waiting time for approvals, thanks to real-time tracking and cloud-based PO management.

Free Demo Available

Price: Starts at $1990/month

Website: KissFlow Procurement to Pay


#4) ProcurePort

Best for businesses of all sizes.

procurepot

ProcurePort is a procurement solution that depends on the cloud to deliver services on-demand to its users. It emphasizes its strengths on three main factors. They are contract management, spend analysis, and reverse auction. The software itself is very simple to use and relatively more affordable than other tools of its nature.

ProcurePort simplifies the purchase process with a number of useful features. It automates the process of gathering information on vendors and their quotes. The information you source can be compared side-by-side on the tool to take advantage of the best rates in the market.

Its spend analysis module is another thing to rave about. The software provides a visualized depiction of your organization’s spending. Thus, arming you with the insight needed to control spending and route it in a much more lucrative direction.

Features:

  • Reverse auction
  • Contract management
  • Spend analysis
  • Side-by-side quote comparisons

Verdict: ProcurePort harnesses the power of the cloud to simplify and automate the procurement process for its users. It is a comprehensive software that can work for organizations of all sizes and is also relatively affordable. This makes it an ideal choice for small start-ups struggling with their purchases.

Price: Starting at $199/month

Website: ProcurePort


#5) Coupa

Best for small and mid-sized enterprises.

coupa

One can argue that no other tool works as effectively as Coupa does to offer visibility and control over one’s entire procurement system. Coupa is a cloud-based solution that comes pre-integrated to do just that.

The solution focuses on all major aspects of a business wherein money is spent by a company’s employees. The solution effectively simplifies the entire procurement and requisition process by offering a slew of robust features.

The software basically guides the employees throughout the purchase process and eliminates any chances of rogue spending. This effectively increases savings. Employees also get to compare items from different suppliers to get the best deal for their orders.

Features:

  • Inventory management
  • Open business network
  • Supplier information management
  • Spend analysis and management

Verdict: Coupa is a software ideal for businesses who seek more control and transparency over their procurement software. It is useful in simplifying the purchase process and making sure any unnecessary spending is eliminated.

Price: Contact for pricing

Website: Coupa


#6) Bellwether

Best for small and mid-sized businesses.

Bellwether

Bellwether is an e-procurement solution that works effectively in the management of purchases and inventory. The software can be used on-premise or hosted on the cloud and works particularly well to help businesses control their spending.

Bellwether is phenomenally easy to use, thanks in large part to its sleek and user-friendly UI. It is also extremely smart when it comes to creating, management and tracking purchase requests. It focuses on centralizing both the invoicing and purchasing processes to reduce costs dramatically.

The software completely automates the online purchase process, thus making the process more efficient and affordable. It also ensures there is transparency across all departments of the organizations when it comes to corporate spending.

Features:

  • Inventory management
  • Invoice matching
  • Fast approvals
  • Automated purchasing process

Verdict: Bellwether allows users to improve their purchase and inventory management process by a long mile. It also helps businesses gain major control over their own spending. The improved efficiency Bellwether offers can help companies save a lot of money.

Free Demo Available

Price: Contact for pricing

Website: Bellwether


#7) GEP

Best for large enterprises.

GEP

GEP is a huge name in the procurement consultancy industry. They combine strategy and consultancy services with their robust software to help companies manage their procurement and supply chain. As far as their software goes, it offers a unique source-to-pay experience, one powered by a smart AI.

It provides an end-to-end procurement solution to deliver competent direct and indirect spend management in a single platform. It unifies the entire procurement process under one platform and eliminates the need for multiple tools to execute different aspects of the process.

It also works phenomenally well on mobile, has a marvelous UI that is both easy on the eyes and simple to use. The solution also provides useful analytical reports to have a better understanding of one’s purchase system.

Features:

  • Full Robotic process automation
  • Mobile-friendly
  • Big data analytics
  • Centralized procurement process

Verdict: GEP is one of the big names in the industry when it comes to procurement services and is an ideal option for large enterprises with a huge scale of operations. The software eliminates the need to have multiple tools to manage the requisition process by bringing everything a business needs under one robust software.

Free Demo Available

Price: Contact for pricing.

Website: GEP


#8) Procurement Flow

Best for small and mid-sized businesses.

Procurement Flow

Procurement Flow is blessed with a beautiful UI that instantly grabs your attention. It manages to hold that attention by providing users with a completely digitized procurement workflow. The software provides end-to-end procurement services without a hiccup.

It automatically creates and stores purchase requests in a secure fashion. The software also makes sure the PO’s are registered irrespective of how they conclude procurement. The workflow along with the requests made can be customized according to your needs.

The tool also allows purchasers to split their PR’s into multiple categories. Depending on this, the PR’s can be processed separately or in a group. The requests can then be split between RFI’s, RFP’s or PO’s. Procurement Flow also works best when it is enabling collaborations between members of a procurement team. This leads to efficient and fast execution of the entire process.

Features:

  • Modern and attractive UI
  • Split purchase requests into groups
  • Centralized procurement process
  • Collaborate on the process with team members

Verdict: Procurement Flow works spectacularly to simplify the procurement process for employees and managers of a company. It provides a ton of useful features that expedite approvals and organize purchase requests in an apt fashion.

Free Demo Available

Price: $119/month for 1 Buyer, $306/month for 3 buyers, $528/month for 7 buyers.

Website: Procurement Flow


#9) Precoro

Best for small and mid-sized businesses.

precoro

Precoro allows users to streamline their procurement process to save both money and time precious to a business. The software focuses on the creation and management of purchase requests, invoices, and inventory. It provides users with a solution so simple to use that it effectively reduces approval time for purchase orders and expedites its progression in the procurement process.

It automates the requisition process with utmost competency and ensures there are fewer to no errors in the processing of purchase requests or orders. It also makes sure that every single aspect of the workflow is efficiently executed without any issues.

The system is also intuitive enough to allow you to keep a constant eye on your procurement system. You can easily track your PO’s and make sure they are fulfilled on time. Apart from this, the tool is very simple to use and requires no technical knowledge to be operated with ease.

Features:

  • Automated Procurement and Requisition
  • Customizable workflow
  • Robust reporting metric
  • Real-time tracking of PO’s and purchase requests

Verdict: Precoro continues the tradition of simple, efficient, and agile procurement services that are desperately needed by businesses, especially small and mid-sized enterprises. It is customizable, easy to use, and simplifies the procurement process for all relevant parties in the organization.

Free Demo Available

Price: Small – $25/month per user, Medium – $24/month per user, Large – $19/month per user

Website: Precoro


#10) Planergy

Best for small and mid-sized enterprises.

Planergy

Planergy is a cloud-based procurement solution that focuses on the fast and easy processing of purchase requests. It offers a platform that encourages employees to order approved goods and services from vendors within an acceptable budget.

Planergy enables users to create purchase requests in no time depending on the vendor information fed to it. There are absolutely no errors when it comes to the creation of PO’s on Planergy as all crucial aspects of the information are accurately field automatically. This allows faster approval of PO’s.

The tool also provides a centralized processing system, thus ensuring greater visibility and transparency throughout the process. All relevant personnel has access to relevant data pertaining to procurement from any location. They also have the power to monitor requests and track conversations from anywhere.

Features:

  • Automated Purchase and Requisition
  • Full transparency
  • Real-time tracking of PO’s
  • Faster approval

Verdict: Planergy works because it provides a smart solution that automates the procurement process in an efficient manner. The cloud-based solution allows all relevant personnel to track purchase requests and access crucial data from anywhere in the world. It is a tool worth checking out if you belong to a small or medium-sized organization.

Price: Contact for pricing

Website: Planergy


Conclusion

As we mentioned before, the procurement process can prove to be a nightmare, especially for small businesses working with limited manpower. Errors in the creation of purchase orders can result in regretful losses. Therefore, one must have robust end-to-end procurement software in place, for efficient management of a business’s purchase system.

A good procurement solution can simplify the purchase process, avoid any unnecessary confusion, improve productivity, improve relationships with vendors, and save both time and money. Needless to say, procurement needs the grace of automation, and the tools listed above are all capable of making this often tedious task considerably more tolerable.

As for our recommendation, if you are looking for a simple procurement solution that saves operational costs and expedites the purchase process, then look no further than Paramount WorkPlace. On the other hand, end-to-end solutions like KissFlow and Coupa are also fantastic in their offering of efficient procurement and inventory management services.

Research Process:

  • We spent 13 hours researching and writing this article so you can have summarized and insightful information on what procurement software will best suit you.
  • Total procurement software researched – 30
  • Total procurement software shortlisted – 10
=> Contact us to suggest your listing here.