Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy
Best Procurement Tracking Software 2025
What is procurement tracking?
- Procurement tracking is the process of monitoring and managing procurement activities.
- Procurement tracking involves overseeing activities, analyzing data for efficiency and cost-effectiveness, and aiding of decision-making processes.
- Procurement tracking helps organizations ensure they adhere to internal purchasing policies and external regulations.
Best Procurement Tracking Software 2025
There are several procurement tracking software available online that provides great help when it comes to managing procurement processes effectively. This software offers many features that are essential to execute the key elements of procurement tracking. Here are a few useful procurement tracking software:
1. Procurify
Procurify is equipped with a variety of tools that optimize your Procurement 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 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.
2. Paramount Workplace
Paramount Workplace Offers a 360-degree View of Data and gives the user all important data that is important for the company’s procurement process.
It 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.
3. Coupa
Coupa offers functions such as Procure to Pay, which allows for automation and centralization of procurement processes from requisitioning and purchasing to receipt of goods and services, as well as processing payments.
Sourcing and contract management enables businesses to manage their sourcing activities such as choosing suppliers, negotiation, and contract management.
Analytics and Reporting allow businesses to gain insight into their activities and spending patterns that aid in identifying cost-saving opportunities.
4. Kissflow Procurement Cloud
Kissflow Procurement Cloud provides end-to-end procurement solutions to help with your procurement process. It also helps improve 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 metrics. The product software is easy to integrate with other accounting tools, ERP systems, and other business software.
5. ProcureDesk
ProcureDesk is a versatile procure-to-pay solution that simplifies procurement workflows for businesses of all sizes. It offers features like automated approval workflows, vendor catalog integration, and real-time budget management, making procurement more transparent and efficient.
The software also includes spend analysis tools, which help identify cost-saving opportunities. Its seamless integration with popular accounting systems ensures smooth financial processes. With its user-friendly dashboard, teams can quickly adapt and take charge of their procurement tasks, ensuring compliance and efficiency across all stages of the process.
6. Precoro
Precoro is a cloud-based procurement software that automates and streamlines purchasing, approval workflows, and supplier management.
It is designed to reduce errors and improve efficiency by providing real-time visibility into procurement activities. Precoro supports multi-currency transactions, making it a valuable tool for businesses with international operations.
Its intuitive interface allows users to generate and manage purchase orders, track budgets, and monitor supplier performance. The platform integrates seamlessly with various ERP systems, ensuring that procurement and financial data are synchronized for optimal business operations.
7. Tradogram
Tradogram is a procurement management software designed for businesses looking for a comprehensive and customizable solution. It offers tools for real-time spend visibility, supplier management, and workflow automation.
Tradogram’s budget management features enable users to allocate and monitor funds across departments effectively. It supports contract management and vendor performance tracking, helping businesses maintain strong supplier relationships.
With its flexible and user-friendly interface, Tradogram is ideal for companies in industries like manufacturing, construction, and retail, offering tailored features to meet specific needs.
8. Order.co
Order.co is a procurement platform that automates the entire procurement process from requisition to payment. The software provides real-time visibility into organizational spending, helping businesses maintain control and accountability.
Order.co simplifies inventory management, enabling users to keep track of stock levels and supplier orders effortlessly. The platform’s integration capabilities with accounting systems make it a reliable solution for companies seeking to optimize their procurement and financial workflows. Its analytics and reporting tools provide actionable insights, enabling smarter purchasing decisions.
9. Tipalti Approve
Tipalti Approve is a procurement solution that automates invoice processing, approval workflows, and spend control. It is designed to help businesses maintain compliance and streamline financial operations.
The platform features supplier management tools that make it easy to onboard, evaluate, and monitor vendor performance. Tipalti Approve also includes spend analysis capabilities, allowing businesses to track and control expenses effectively.
Its seamless integration with financial and ERP systems ensures that procurement data is accurately reflected in company accounts, reducing errors and improving efficiency.
10. ProcurementExpress.com
ProcurementExpress.com is an intuitive procurement management tool that helps businesses manage purchase orders, budgets, and supplier interactions.
The platform offers customizable workflows and approval processes, allowing teams to tailor the system to their needs. Real-time reporting capabilities give users a clear view of spending patterns, enabling data-driven decision-making.
ProcurementExpress.com is designed for quick implementation, making it a perfect solution for small to medium-sized businesses looking to optimize their procurement operations without significant downtime or disruption.
11. Pipefy
Pipefy is a process automation platform tailored for procurement departments seeking efficiency and scalability. It provides customizable workflows that help automate repetitive tasks like purchase requisitions and approvals.
Pipefy integrates seamlessly with existing ERP and accounting systems, ensuring a unified approach to procurement and financial management. The software’s AI-driven tools enhance decision-making by providing insights into vendor performance and spending trends.
Its centralized platform simplifies team collaboration, making it a go-to choice for companies aiming to streamline their procurement processes.
12. JAGGAER
JAGGAER is a versatile procurement platform that spans the entire source-to-pay spectrum, designed for both small and large enterprises.
It integrates easily with ERP systems and focuses on supplier collaboration and spend analysis. With a robust set of analytics and automation features, JAGGAER helps teams optimize procurement for strategic savings and improved vendor relationships.
Why is Procurement Tracking Important?
To stay at the forefront of today’s rapidly evolving business environment, procurement tracking plays a crucial role in monitoring the procurement process.
Procurement Tracking allows businesses to track and improve their procurement activities and have a transparent outlook of their procurement process.
Procurement Tracking also enables managers and businesses to minimize costs, prevent and mitigate risks, and essentially identify issues and problems early on in the procurement process.
Benefits of Procurement Tracking
Procurement tracking offers great benefits to businesses as it allows for a more structured procurement process all while providing transparency and information used to aid procurement professionals in strategic procurement decision-making.
Here are some of the benefits that procurement tracking provides:
1. Enhanced Efficiency
Procurement tracking is a tool that enables organizations to streamline their procurement procedures, eliminating inefficiencies. By tracking key performance indicators (KPIs) such as order cycle time, supplier performance, and on-time delivery, businesses can identify areas that need improving, optimize the allocation of resources, and minimize or avoid delays. This approach promotes efficiency throughout the whole procurement process.
2. Cost Savings
Cost savings are achieved through a number of means, by accurately and promptly monitoring the procurement process. By applying historical data on pricing, quantities, and terms, it enables organizations to negotiate favorable terms with suppliers.
Furthermore, it enables businesses to implement strategic sourcing practices, strengthen their suppliers, and bargain volume of discounts through monitoring expenditure patterns and identification of cost drivers. These cost reductions are a great contributor to the improvement of an organization’s financial position.
3. Risk Mitigation
In risk management, procurement monitoring plays a key role. Organizations can find possible risks and take proactive measures to reduce them in the framework of thorough monitoring of supplier performance, quality control as well as compliance with contractual obligations.
In order to minimize possible supply chain disruptions, timely identification of supplier issues or interruptions can speed up the process by way of searching for alternate suppliers or amending terms and conditions.
4. Data-Driven Decision Making
Procurement monitoring gives us a wealth of data, which can be analyzed to determine what is happening. Organizations can obtain visibility of trends in procurement and supplier performance, as well as demand patterns with the use of modern analytical tools and technologies.
This insight allows decision-making to be based on data which leads to more informed choices in supplier selection, contract negotiations, and procurement strategies.
5. Transparency
Transparency and responsibility in the procurement process are promoted through the tracking of contracts. It is designed to give a complete overview of the procurement activities to stakeholders, including management, auditors, and regulatory authorities.
Transparency is also conducive to reducing the risk of fraud, enhancing compliance with regulatory requirements, and promoting trust between stakeholders. It provides an opportunity for organizations to prove that they comply with sustainability and ethical sourcing standards.
Procurement Tracking: Key Elements
Just like the procurement process, procurement tracking involves key elements as well. These elements are the main focus of monitoring the procurement process of your company and are the factors that determine whether the procurement is efficient and feasible. The key elements are typically:
1. Purchase Orders
Purchase orders are where the monitoring of the creation and approval of purchase orders comes in. It typically looks for details such as supplier information, item descriptions, quantities, prices, or arrival dates.
2. Supplier Performance
The quality, timeliness, and adherence to contractual commitments of suppliers shall be monitored. Tracking Key Performance Indicators (KPIs), conducting supplier evaluations, and maintaining supplier scorecards can be a part of this process.
3. Budget and Cost Control
Procurement expenditures, monitoring variations in the cost and identifying opportunities for savings, and avoiding unnecessary costs shall be monitored in accordance with the approved budget. It also ensures that the procurement process is aligned with financial targets and objectives.
4. Delivery and Logistics
The status of goods and services purchased, such as their delivery timelines, transportation times, or receipt is monitored. This allows for the identification and implementation of measures to mitigate any delays or obstacles in the supply chain by organizations.
5. Contract Management
Contract management is tracking the contractual lifecycle, including contract creation, renewal, and termination dates. Compliance with the agreed terms and conditions of a contract, as well as respect for the obligations arising from it, shall also be monitored. Documents concerning the contracts shall also be undertaken.
6. Compliance and Risk Management
Throughout the procurement process, monitoring compliance with the applicable legislation and regulations is crucial. This includes checking standards of ethics, legal requirements, supplier diversity, and minimizing any risk that may arise in connection with the procurement activities.
7. Performance Metrics and Reports
Involves data collection and analysis of key procurement metrics such as cost saving, supplier performance, timeliness of the delivery, or the effectiveness of the entire process. These data and inputs are used for the creation of reports and insights that aid in identifying trends, and areas that need improving or support strategic decision-making.
Implementing Effective Procurement Tracking
To harness the full benefits and potential of procurement tracking, organizations should consider the following key steps:
1. Define Clear Objectives
In order to be in line with the company’s overall purchasing strategy, clearly identify the objectives and targets of procurement monitoring. It shall include the identification of key performance indicators and metrics that will be monitored and analyzed.
2. Invest in Technology
Leveraging procurement software or enterprise resource planning ERP systems offering a robust tracking and reporting capability. These tools allow for automated, integration to suppliers and visibility in procurement data at any time.
3. Establish Data Governance
In order to guarantee the accuracy, integrity, and security of data, a Data Governance Framework shall be established. Specifies data ownership, develops standards on data quality, and enforces policies and procedures for the collection, storage, and access of data.
4. Regular Monitoring and Analysis
In order to detect trends, patterns, and areas for improvement, continuous monitoring and analysis of procurement data is required. To monitor performance against targets and to take corrective action where necessary, KPIs and metrics shall be regularly reviewed.
Conclusion
This article sheds light on the significance of procurement tracking in the business environment. It outlines the definition of procurement tracking, its importance, key elements involved, and the steps to implement effective tracking.
Furthermore, the article emphasizes the benefits of procurement tracking, such as enhanced efficiency, cost savings, risk mitigation, data-driven decision-making, and transparency in the procurement process. The inclusion of related courses and recommended procurement tracking software enhances the practical value of the content.
Now that you’ve finished the whole article, I have created a free-to-download editable procurement benchmarking template. It’s a PowerPoint file you can use to analyze the effectiveness of the different processes in your procurement. I even created a video where I’ll explain how you can use this template.
Frequentlyasked questions
What is Procurement Tracking?
Procurement Tracking is the process of monitoring and managing procurement activities. It involves systematically tracking, recording, and analyzing data or metrics relating to procurement activities to improve efficiency, and cost-effectiveness, comply with business policies and procedures, and ultimately aid in important business decision-making.
Why is procurement tracking important?
Procurement tracking allows businesses to track and improve their procurement activities and have a transparent outlook of their procurement process. It enables managers and businesses to minimize costs, prevent and mitigate risks, and essentially identify issues and problems early on in the procurement process.
How to implement procurement tracking?
Procurement tracking can be done by focusing on the business objectives such as data security, monitoring data, and making reports. There is also software available that allows for easy and effective procurement tracking.
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.
