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Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy

Procurement Software – 7 Most Popular Tools in 2024

Key take-aways

  • Procurement software becomes indispensable, enabling remote work and collaboration.
  • Many procurement software options are designed to seamlessly integrate with other essential business tools
  • Potential disruptions like power failures are a downside for the software, but manageable with proper contingency plans.

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 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-19 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.

The 7 Most Popular Procurement Software to Use this 2024

Since you are already aware of the power of procurement software, it’s time to talk about the best 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 tools and IT procurement.

But for now, here are the 7 best procurement software available for all procurement teams to use for this year 2024:

1. Kissflow Procurement Cloud 

Why choose Kissflow Procurement Cloud?

  • 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 Approve?

  • 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 SMART by GEP?

  • 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 Bellwether?

  • 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 Paramount Workplace?

  • 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 Procurify?

  • 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 Precoro?

  • 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.

Procurement Expert’s Advice on Procurement Software

For this article, we asked an experienced procurement expert to share her insights to help answer common questions about Procurement Software.

Faiza Iftikhar
Co-Founder, Procura
Pakistan

LinkedIn Profile: linkedin.com/in/faiza-iftikhar

1. Can you give us an example of how to use procurement software effectively?

  • Select the right software.
  • Ensure seamless data integration.
  • Centralize supplier data.
  • Analyze spending for cost reduction.
  • Implement e-procurement.
  • Manage contracts within the software.
  • Utilize analytics for insights.
  • Foster supplier collaboration.
  • Monitor compliance.
  • Continuously optimize processes for efficiency and savings.

2. What do most procurement professionals get wrong about using procurement tools?

Many procurement professionals underutilize procurement software, missing out on potential cost savings and efficiency improvements. Inadequate data integration and training are common pitfalls.

3. What tips can you give procurement professionals utilizing procurement tools?

For effective procurement software usage:

  • Choose the right software.
  • Ensure data quality.
  • Train your team well.
  • Integrate with existing systems.
  • Utilize advanced features.
  • Encourage supplier collaboration.
  • Enforce compliance.
  • Leverage analytics.
  • Keep the software updated.
  • Continuously improve processes.

In Conclusion

In the evolving landscape of business, the adoption of procurement software has become not just a necessity but a strategic imperative. The aftermath of the COVID-19 pandemic has accelerated the digital transformation of procurement processes, leading to a surge in the use of diverse software solutions.

These tools not only streamline operations but also play a significant role in enabling remote work, fostering collaboration, and ensuring the continuity of procurement processes.

As businesses continue to navigate the challenges and opportunities in the digital era, the adoption of procurement software emerges as a transformative force, empowering organizations to stay agile, efficient, and responsive to the dynamic demands of the modern business landscape.

Frequentlyasked questions

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.

How does centralized data management improve vendor relationships?

Procurement software collects and organizes vendor and supplier data in one platform, improving relationships through streamlined and accessible information.

About the author

My name is Marijn Overvest, I’m the founder of Procurement Tactics. I have a deep passion for procurement, and I’ve upskilled over 200 procurement teams from all over the world. When I’m not working, I love running and cycling.

Marijn Overvest Procurement Tactics