Procurement Software – 7 Most Popular Tools in 2022

With the world still reeling from the effects of the COVID 19 pandemic, it’s almost an expectation for every major business and industry to go digital. In fact, almost every business process has its own online tool or software to use. This, of course, includes procurement.

For today, we are going to take a look at some of the most popular procurement software used by procurement teams from all corners of the world. This should help you in picking the right procurement software for all your sourcing needs.

After reading this article, you should have an idea of which procurement software you want to get for your company or department.

Why is there a Need for Procurement Software?

In the years before the pandemic started, procurement experts already believed that the time was right for the procurement process to go digital. For years now, there have been hundreds of software and online tools released for procurement teams to use. This type of software varies in design and function. These tools can be bought for a good price or can be developed by SaaS businesses that offer digital solutions for sourcing needs.

The need for procurement software has never been greater because of the recent health issues caused by the COVID pandemic. Because most businesses are forced to close down their factories and warehouses, they also have no choice but to keep their working force assigned to the safety of their homes as well. Procurement software allows a procurement team to continue the process; all it takes is an online connection for the team to connect, discuss, and carry out their duties.

Editor's note:

Hi there! My name is Marijn Overvest, I'm the founder of Procurement Tactics.
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What is the Advantage of using Procurement Software?

The problem with most procurement processes is that it will sometimes take you all day just to complete every step and process. Companies that still rely on paper are spending hours upon hours listing down every important information gathered from the series of talks with the suppliers. Not to mention the long list of paperwork that needs completing. 

Finally, you have the need to get your superiors to sign your request for quotations and requests for information. Imagine how many days you have to wait or line up in his/her office all because your procurement process won’t move unless you get those signatures.

Imagine all those tasks done with just the simple click of a button.

Of course, these programs are only assisting the company with more than half of the actual procurement process. In the end, the procurement manager is still in charge of how the whole procurement system should go.

The only disadvantage with using procurement software is, perhaps, in the event of a power failure or hardware malfunction, the procurement team can’t use the procurement software. Then again, this problem can be easily solved. 

The 7 Most Popular Procurement Software to Use this 2022

Since you are already aware of the power of procurement software, it’s time to talk about the best procurement software that companies can use for this year. 

Take note that the following software comes fully recommended by our top procurement managers. If you’d like to learn why then you can check out our Negotiation Gamechanger Course for more information on procurement software and IT procurement.

But for now, here are the 7 best procurement software available for all procurement teams to use for this year 2022:

1. Kissflow Procurement Cloud 

Why choose this procurement software?

  • End-to-end procurement solution to help with your procurement process. 
  • Improved vendor relationships, thanks to the software’s ability to collect all vendor and supplier data into one platform. This makes it easier for users to set up their own metrics
  • The product software is easy to integrate with other accounting tools, ERP systems, and other business software. 

2. Approve.com

Why choose this procurement software?

  • Control and visibility that allows procurement managers to keep track of purchases and the approval process.
  • Improved vendor relationships, thanks to the software’s ability to collect all vendor and supplier data into one platform. This makes it easier for users to set up their own metrics
  • A centralized procurement space, where the user can take charge of the procurement process with just a simple push of a few buttons.

3. SMART by GEP

Why choose this procurement software?

  • Control and visibility allows procurement managers to keep track of purchases and the approval process.
  • The product’s Lifecycle guide helps the user through the entire source-to-pay lifecycle with its smart tools for sourcing and procurement. Every step of the way, it identifies opportunities to help you get more savings without sacrificing supply quality.
  • The program boasts powerful artificial intelligence and machine learning to help the user with procurement tasks.

4. Bellwether

Why choose this procurement software?

  • Great file management. The software integrates with a document management system that makes your procurement process easier.
  • Improved vendor relationships, thanks to the software’s ability to collect all vendor and supplier data into one platform. This makes it easier for users to set up their own metrics
  • The program boasts of powerful artificial intelligence and machine learning to help the user with procurement tasks.

5. Paramount Workplace

Why choose this procurement software?

  • 360-Degree View of Data gives the user all important data that is important for the company’s procurement process.
  • It comes not only keeps tabs on purchase orders, requests, and invoices but also records expenses, labor costs, and budgets
  • The program boasts powerful artificial intelligence and machine learning to help the user with procurement tasks.

6. Procurify

Why choose this procurement software?

  • Procurify is equipped with a variety of tools that optimize your eProcurement tasks. These include purchase management, expense filing, and workflow automation. It also has a great budgeting toolkit that simplifies the planning and management of expenses.
  • The software also comes with its own native mobile application for iOS and Android devices. This allows you to access your system wherever and whenever you want, which makes it great for agile teams who are always out and about.
  • A centralized procurement space, where the user can take charge of the procurement process with just a simple push of a few buttons.

7. Precoro

Why choose this procurement software?

  • End-to-end procurement solution to help with your procurement process. 
  • A centralized procurement space, where the user can take charge of the procurement process with just a simple push of a few buttons.
  • The product software is easy to integrate with other accounting tools, ERP systems, and other business software.

FAQS

What is procurement software?

Procurement software is a program designed to help procurement managers in the procurement of supplies and/or services.

Where to get procurement software?

There is a lot of procurement software for sale among companies that offer software building as a service.

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