Top 15 best software tools for Procurement Management

When performed correctly, the procurement process helps businesses boost their bottom line. However, even though procurement is a crucial and strategic business function, it can also be a complex and time-consuming process.

The rise of procurement software tools has made it easier than ever for leaders to manage processes efficiently and effectively. And, with the increase in the number of procurement management systems in the market, businesses are tasked with choosing the right solution from a large pool of contenders.

To help you decide on the best procurement software solution for your business, here we provide an overview of the 15 top procurement software tools -- including noteworthy features, pricing, and customer ratings -- what procurement management software does, how it helps you in your day-to-day, and the features to look out for. 

15 Best procurement management software tools 

1. Precoro 

Precoro is a procure-to-pay system aimed at small and mid-sized businesses. The tool automates purchasing processes, simplifies sourcing activities, and provides complete visibility into business spending.  

The platform instantly converts requests into orders, enables businesses to customize workflows, and supports mobile, on-the-go approvals. To help manage budgets, users can create budgets for departments, locations, and other custom fields and set budget limits. 

The tool provides warehouse management functionality, stock tracking, and stock transferring, as well as three-way matching of purchase orders, invoices, and receipts. To facilitate better supplier relationships, users can also create and manage supplier portals and lists, set up infinite product catalogs, manage contracts, and receive reports on supplier performance.

Precoro noteworthy features

• Automated purchase order creation
• Customizable approval workflows
• Supplier, contract, and spend management functionality 
• Visual, standard, and custom reporting options 

How customers rate Precoro

• G2 rating: 4.7/5 (as of April 2023)
• Capterra rating: 4.8/5 (as of April 2023)

Precoro pricing 

Precoro offers two pricing tiers: The small plan for less than 20 users costs $35/month/user, and the large plan for more than 20 users is quote-based depending on the business’s needs. 

Both plans include access to all features, lifetime updates, and premium support from experts. 

2. Procurify 

Procurify is an all-in-one spend management tool with a dedicated procure-to-pay solution that enables businesses to track and pay invoices from a single platform, create custom budget categories based on departments, account codes, or a combination of both, and access real-time data visualizations. 

Procurify promotes cross-team collaboration with configurable purchasing approval workflows, centralizes communication for every request, and enables managers to request and approve on the go with the Procurify mobile app. 

The platform supports consolidated purchase requisitions, catalogs, purchase orders, and vendor information, and enables businesses to save money with preferred rates via catalogs of pre-approved products. 

Procurify noteworthy features

• Purchase order management 
• Centralized requests, approvals, and real-time budgets
• Customizable approval workflows 
• Automated accounts payable processes

How customers rate Procurify 

• G2 rating: 4.6/5 (as of April 2023)
• Capterra rating: 4.5/5 (as of April 2023)

Procurify pricing 

Procurify operates a quote-based model that takes into account the number of users, complexity of processes, and integration needs of the business. 

Plans start from $2,000/month and include unlimited purchase orders, approvals, and bills paid for up to 50 users. 

3. TravelPerk

TravelPerk is a business travel management platform that helps companies procure the best travel services, including booking trips and making travel arrangements at the best rates possible. 

As well as access to the world’s largest travel inventory for flights, accommodation, rail, and car rentals, businesses benefit from VAT recovery that helps them save up to 25% on business travel expenses.

TravelPerk is perfect for small to enterprise-level businesses, and enables streamlined trip approvals and expense reporting, while also automating travel policy compliance and providing world-class traveler safety features. 

TravelPerk noteworthy features

• An intuitive, user-friendly online booking platform that stores all traveler data, preferences, and loyalty points to use whenever needed
• Integrated travel policy and approval flows to streamline booking processes
• A simplified travel expense process with real-time expense reports
• TravelPerk’s FlexiPerk add-on allows users to cancel their travel plans up to two hours before departure with a guaranteed refund of 80% 

How customers rate TravelPerk

• G2 rating: 4.6/5 (as of April 2023)
• Capterra rating: 4.8/5 (as of April 2023)

TravelPerk pricing

TravelPerk offers four pricing plans. All plans have access to the 7* customer care support team with a target 15-second response rate, and customers can add an unlimited amount of travelers or administrators to the platform. 

Here’s a summary of TravelPerk’s pricing tiers: 

• Starter: The first 5 bookings each month are free, with a 5% booking fee thereafter. This plan offers access to consolidated invoicing, unlimited cost centers, one policy and approval workflow, and travel restrictions information and alerts.

• Premium: Priced at $99/month with a 3% booking fee, this plan offers savings of up to 25% with VAT-ready invoices and an automated user setup.

• Pro: Priced at $299/month with a 3% booking fee, the Pro plan provides unlimited policy and approval workflows, unlimited budgets by cost center, custom reports and insights, and access to negotiated rates.

• Enterprise: This tier is designed for enterprise businesses that want customized features. To find out more, get in touch with an expert. 

4. Coupa 

Coupa is a spend management tool with a dedicated procurement module that helps businesses manage all aspects of their procurement process, including sourcing, contract management, purchasing, invoicing, and spend management.

The platform guides users through buying processes, tracks budgets, provides a centralized area for supplier price comparison, and embeds purchase request policies into the buying experience. 

Its Community Intelligence tool also analyzes real-time spend data and applies Artificial Intelligence (AI) to provide insights for businesses to become more efficient. 

Coupa noteworthy features

• Purchase order management 
• Touchless accounts payable process with automatic two-way and three-way matching
• AI-powered fraud controls 
• AI-optimized sourcing decisions  

How customers rate Coupa

• G2 rating: 4.2/5 (as of April 2023)
• Capterra rating: 4.3/5 (as of April 2023)

Coupa pricing 

Pricing varies depending on the specific needs and requirements of each business. Coupa offers a flexible pricing model based on a per-user/month subscription model. To obtain a quote, contact Coupa directly. 

5. SAP Ariba

SAP Ariba is an e-procurement and supply chain management solution for large and midsize organizations. As a source-to-pay tool, businesses have total control over spending, savings, and their supply chain. 

The platform provides a comprehensive suite of procurement applications, including sourcing, contract management, purchasing, invoicing, and spend management. 

SAP Ariba also provides a centralized quarterly trends dashboard that displays the results of the last five completed quarters for better strategic insight. The tool also allows for seamless interaction between clients and vendors to improve collaboration and contract negotiation. 

SAP Ariba noteworthy features

• Global network of suppliers from over 190 countries
• Automated purchasing lifecycle
• Combined sourcing, contracting, and supplier lifecycle management
• Advanced analytics and reporting capabilities

How customers rate SAP Ariba

• G2 rating: 4/5 (as of April 2023)
• Capterra rating: 3.9/5 (as of April 2023)

SAP Ariba pricing 

Like many enterprise-level solutions, SAP Ariba does not provide public pricing information. To obtain a quote, contact SAP Ariba directly. 

6. GEP Smart

GEP Smart is a source-to-pay procurement platform aimed at large businesses for direct and indirect procurement activities. The tool is also a mobile-native procurement platform, and functions such as spend analysis, sourcing, purchase order processing, and invoice management are powered by AI. 

The AI-driven platform also helps users connect with the right suppliers by learning sourcing patterns and other behaviors, while the “Opportunity Finder” feature enables users to search and analyze spend data for cost-cutting opportunities.

GEP Smart noteworthy features

• Robotic process automation performs repetitive, time-consuming tasks
• Big data analytics 
• Supplier onboarding and performance monitoring
• Supplier portal for centralized relationship management 

How customers rate GEP Smart

• G2 rating: 4.4/5 (as of April 2023)
• Capterra rating: 4.6/5 (as of April 2023)

GEP Smart pricing 

GEP Smart does not provide public pricing information. To obtain a quote, contact GEP Smart directly.

7. Oracle Procurement Cloud

Oracle Procurement Cloud is a fully integrated, cloud-based procurement suite that supports direct and indirect sourcing, automates purchase order creation from approved requisitions, and provides a consumer-like, guided shopping experience.

The platform provides multiple dashboards across multiple procurement functions, including invoicing, requisitions, and supplier management that generate reports with dynamic graphs. Oracle Procurement Cloud also offers advanced analytics and reporting capabilities for optimized and real-time visibility into procurement operations.

Oracle Procurement Cloud noteworthy features

• Purchasing module that manages the process from requisition to receipt
• Supplier portal for centralized relationship management 
• Automated purchase order creation from approved requisitions
• Advanced analytics and reporting

How customers rate Oracle Procurement Cloud

• G2 rating: 4.1/5 (as of April 2023)
• Capterra rating: 4.2/5 (as of April 2023)

Oracle Procurement Cloud pricing 

Oracle does not provide public pricing information. To obtain a quote, contact Oracle directly.

8. NetSuite 

NetSuite’s procurement solution helps businesses manage vendors in one place and provides features such as sourcing management, purchase, and invoice management. 

The platform’s vendor portal is a centralized place for vendors and buyers to communicate and collaborate, while its mobile scanners that can be set to “force scan” capture accurate and relevant data from orders. 

Netsuite’s simple workflows help streamline procurement activities, and the vendor scorecard tracks vendor performance and quality. 

NetSuite Procurement noteworthy features

• Advanced purchasing capabilities 
• Real-time procurement analytics 
• Vendor management functionality 
• Compliance monitoring 

How customers rate NetSuite Procurement

• G2 rating: 4/5 (as of April 2023)
• Capterra rating: 4.1/5 (as of April 2023)

NetSuite Procurement pricing

NetSuite does not provide public pricing information. To obtain a quote, contact NetSuite directly.

9. RFP360

RFP360 is a sourcing software tool designed to help businesses issue any type of RFx for strategic sourcing and procurement projects. 

Users can publish RFx, invite vendors, collect proposals, and evaluate responses all from within the RFP360 platform, while vendors can use the tool’s response features to answer and ask questions and submit proposals. 

RFP360’s comparison tools make it easy for users to establish clear vendor scoring criteria and conduct side-by-side evaluations. To help businesses gain valuable insights, the platform also provides data trends that inform reporting, auditing, and forecasting. 

RFP360 noteworthy features

• Advanced RFP creation functionality 
• Bid tracking 
• RFP analytics and reporting
• Workflow automation  

How customers rate RFP360

• G2 rating: 4.4/5 (as of April 2023)
• Capterra rating: 4.5/5 (as of April 2023)

RFP360 pricing

RFP360 does not provide public pricing information. To obtain a quote, contact RFP360 directly.

10. ProcurementExpress.com

ProcurementExpress.com is a purchasing software tool that enables businesses to manage their procurement activities from a single dashboard. 

Users can turn their online shopping carts into draft purchase orders, rate supplier quality, deploy a branded e-procurement supplier portal, and customize budgets. 

The platform also enables users to create categorized expense flows for company reporting, provides an offline mobile app, and helps businesses manage and plan annual spend that hasn’t been paid for yet. 

ProcurementExpress.com noteworthy features

• Purchase order approval with multi-level approval routing
• Defined rules and workflows
• Customizable purchase order forms 
• Advanced reporting  

How customers rate ProcurementExpress.com

• G2 rating: 4.7/5 (as of April 2023)
• Capterra rating: 4.7/5 (as of April 2023)

ProcurementExpress.com pricing 

ProcurementExpress.com offers four pricing tiers but does not advertise specific pricing information publicly. All pricing tiers offer a free trial. 

• Basic: Suitable for teams managing up to $10,000/month. 

• Small business: Suitable for teams managing up to $1 million/month. 

• Standard: Suitable for teams managing up to $10 million/month. 

• Enterprise: Suitable for teams managing up to $50 million/month. 

11. Bellwether Purchasing Software

The Bellwether Purchasing Software platform is a procurement tool that streamlines purchasing and inventory management activities. 

The platform provides features to help procurement teams speed up processes, including automated requisitions and purchase orders, auto three-way matching, inventory management, pre-purchase approvals, and spend analytics and reporting. 

Bellwether Purchasing Software noteworthy features

• Automated and customizable approval workflows 
• Customized reporting 
• Pre-purchase approvals 
• Approvals can be made from any device 

How customers rate Bellwether Purchasing Software

G2 rating: 4.6/5 (as of April 2023)

Capterra rating: 4.8/5 (as of April 2023)

Bellwether Purchasing Software pricing 

Bellwether Purchasing Software does not provide public pricing information. To obtain a quote, contact Bellwether Purchasing Software directly.

12. PRM360

PRM360 is a procure-to-pay software platform powered by AI that helps businesses manage the entire procurement life cycle, improve transparency, and reduce procurement costs. 

Users can benefit from automatic vendor quotations, validation by PRM360’s systems, an online bidding process, and online approvals for clearances. All invoice management processes, including verification, validation, and reconciliation, are automated for speed and ease. All invoices are also automatically three-way matched to requisitions and purchase orders and are routed to the right stakeholders.

PRM360 noteworthy features

• Online bidding process
• Automatic invoice reminders
• Quotation comparison reporting   
• Vendor portal  

How customers rate PRM360

• G2 rating: 4.8/5 (as of April 2023)
• Capterra rating: 5/5 (From one user review, as of April 2023)

PRM360 pricing

PRM360 does not provide public pricing information. To obtain a quote, contact PRM360 directly.

13. Varis 

Varis is a consumer-like procurement platform that provides a marketplace of trusted suppliers and functionality that enables users to create curated marketplaces that include their existing contracts and pre-negotiated contracts.

With pre-negotiated supplier agreements, strategic sourcing, and automated three-way matching, the platform helps businesses save time and money, and identify cost-saving opportunities. 

Varis noteworthy features

• Pre-purchase approvals 
• Large supplier marketplace 
• Pre-negotiated contracts

How customers rate Varis

• G2 rating: 4.7/5 (as of April 2023)
• Capterra rating: 5/5 (From one user review, as of April 2023)

Varis pricing 

Varis does not provide public pricing information. To obtain a quote, contact Varis directly.

14. Tradeshift Pay 

Tradeshift Pay is an e-procurement management solution. The platform helps users streamline procurement processes by engineering strategic sourcing operations, organizing and managing contracts, and tracking transactions. 

The solution also provides features for data and invoice management, budget oversight, and supplier relationship management, and also enables users to evaluate their procurement processes to identify barriers and increase efficiencies. 

Tradeshift Pay noteworthy features

• E-invoicing 
• Source-to-contract support
• Pay-to-purchase support 

How customers rate Tradeshift Pay

• G2 rating: 3.8/5 (as of April 2023)
• Capterra rating: 4/5 (From two user reviews, as of April 2023)

Tradeshift Pay pricing

Tradeshift Pay does not provide public pricing information. To obtain a quote, contact Tradeshift Pay directly.

15. Jaggaer

Jaggaer is an e-procurement software tool aimed at B2B companies that want to improve their commerce experience. 

The tool comprises modular SaaS solutions to create custom solutions for businesses and offers supplier and category management, sourcing and contract management, spend analytics, and automated accounts payable support. 

Jaggaer noteworthy features

• Optimized contract compliance
• Guided shopping tools
• Self-service support 

How customers rate Jaggaer

• G2 rating: 4.4/5 (as of April 2023)
• Capterra rating: 4.5/5 (From one user review, as of April 2023)

Jaggaer pricing 

Jaggaer does not provide public pricing information. To obtain a quote, contact Jaggaer directly.

What is procurement software?

Procurement software is a type of business software designed to streamline and automate many of the manual processes involved in the overall procurement process. It helps organizations purchase goods and services in a more efficient, cost-effective, and transparent way.

Procurement software tools help businesses manage the entire source-to-pay cycle, including purchasing goods and materials, managing inventory, generating purchase orders and invoices, managing suppliers, and analyzing spend. 

How can procurement management software help me in my day to day?

The benefits of procurement systems have a direct impact on a business’s profitability. Here are just a few benefits of using procurement management tools to manage business processes:

1. Automated procurement processes: Businesses can optimize procurement processes through the automation of tasks, which in turn speeds up the entire procurement life cycle, and reduces workloads.

2. Enhanced spend visibility: Procurement software tools provide real-time visibility into spending by tracking purchases and expenses across departments, locations, and projects. This helps businesses quickly identify cost savings opportunities and make more informed procurement decisions.

3. Improved relationships with suppliers: Procurement software tools also help organizations improve their relationships with suppliers and vendors by facilitating enhanced communication and collaboration between them, making it easier to negotiate contracts and pricing, track shipments, and manage disputes.

4. Better compliance and risk management: Businesses can better enforce policies and procedures by using procurement software, in turn ensuring compliance, minimizing and mitigating risks, and preventing supply chain disruptions.

5. Mobile functionality: Many procurement software systems also have native mobile apps, enabling businesses to manage procurement activities while on the go. 

What features should I look for in procurement management software?

When evaluating procurement management software tools, there are several key features you need to consider:

• Purchase order management: The top procurement management tools help you automate the creation, approval, and tracking of purchase orders. 

• Inventory management: To help you manage your inventory levels and monitor stock, look for a tool that offers inventory tracking, reorder management, and real-time visibility into inventory levels.

• Invoice management: Look for tools that offer automated invoice processing and matching, and the ability to create and manage payment schedules.

• Supplier management: The best tools enable you to create and maintain a supplier database, track supplier performance, communicate with suppliers, and manage and negotiate contracts.

• Reporting and analytics: Tools that provide dashboards, customizable reports, and analytics tools will help you identify trends, monitor spending, and optimize procurement activities.
• Third-party integrations: The best procurement management software enables integrations with your existing tech stack, particularly with accounting solutions, ERP systems, and e-commerce platforms.