Procurement software solutions are designed to streamline the purchasing processes of businesses. However, the vast array of procurement software options available on the market can make selecting the most suitable solution for a business challenging.
To help you find the right fit, see the detailed
- procurement software comparison, evaluating key areas such as deployment, purchase order management, approval process control, supplier management, contract management, invoice processing, and reporting capabilities based on our experience,
- the evaluation of top 10 procurement tools in the market based on publicly available information.
Main findings of procurement software comparison
Procurement software comparison test and our limitations
The procurement software solutions we evaluated—Tradogram, Pipefy, and Odoo—offer comprehensive functionalities for core procurement activities, such as purchase order management. However, the primary challenge we faced during testing was the use of synthetic procurement processes, which may not fully capture the intricacies of actual business operations.
For organizations looking to adopt one of these tools, we advise conducting trials with real procurement data from your operations. Relying solely on synthetic data can result in an incomplete understanding of the software’s true capabilities in handling complex procurement scenarios. To ensure the software meets your organization’s unique needs, it’s important to test it under real conditions, assessing how well it performs in a practical, everyday context.
At AIMultiple, we were unable to assess the integration capabilities of any procurement software solution due to the absence of accounting or enterprise resource planning (ERP) software within our organization. Therefore, we strongly recommend that you carefully consider integration capabilities when selecting procurement software for your company.
Focus points of the benchmark testing
AIMultiple conduct procurement software comparison by testing tools in terms of deployment, purchase order management, approval process control, supplier management, contract management, invoice processing, and reporting capabilities
Deployment
Deployment refers to the process of installing and configuring procurement software within an organization to ensure it integrates seamlessly with existing systems. AIMultiple tests deployment by evaluating the ease of installation and the level of technical support provided during the setup phase.
The deployment options, including cloud, on-premises, and hybrid models, may determine how the procurement software integrates with existing systems and adapts to the organization’s IT infrastructure.
Purchase order management
Purchase order management involves the creation, tracking, and approval of purchase orders within a procurement system. We test this feature by assessing how efficiently the software generates purchase orders, monitors their status, and manages related communications with suppliers.
The flexibility of purchase order lines, whether fixed or customizable, allows procurement teams to tailor orders to meet specific business needs and enhance procurement efficiency.
Approval process control
Approval process control ensures that the entire procurement process is properly authorized according to company policies before any transactions are finalized. AIMultiple evaluates this feature by examining the procurement solutions for the flexibility of the approval workflows, the ease of setting up approval hierarchies, and the system’s ability to enforce compliance.
Supplier management
Supplier management is the process of managing relationships and transactions with suppliers to ensure quality, cost-effectiveness, and timely delivery. We test supplier management by reviewing the software’s capabilities in adding supplier to the system, managing contracts, and facilitating communication between buyers and suppliers.
The inclusion of real-time communication features, such as live chat, facilitates instant collaboration between suppliers and the firm, improving supplier relationship management and responsiveness.
Contract management
Contract management involves the creation, storage, and monitoring of contracts to ensure compliance and effective negotiation with suppliers. AIMultiple assesses this feature by testing the software’s ability to create and store contracts, as well as, capability to provide communication channels for negotiation.
Procurement software products that supports negotiation management enables firms to effectively negotiate terms, such as pricing and delivery schedules, directly within the system, ensuring favorable agreements.
Invoice processing
Invoice processing refers to the management of incoming supplier invoices, including verification, approval, and payment. We test invoice processing by uploading invoices, matching them with purchase orders, and checking the system’s accuracy in flagging discrepancies and automating payment workflows.
Automated tax calculation within the procurement software ensures accurate financial operations by seamlessly applying relevant tax rates to transactions, reducing manual entry errors.
Analytics & Reporting
Analytics & Reporting in procurement software provides insights and data visualization for informed decision-making. AIMultiple tests analytics and reporting by analyzing the depth of data provided, the customization of reports, and the ease of generating actionable and detailed insights.
Detailed findings of our tests:
Tradogram
Tradogram is designed with a clear, easy to use interface that provides straightforward steps, making it easy to navigate. Its strong emphasis on supplier management enhances procurement efficiency and supplier relationship management.
Deployment
Figure 1. Deployment of Tradogram
Tradogram demonstrates an exemplary deployment experience as a cloud-based procurement platform. Creating an account from their website is enough to be able to start using the software. This streamlined setup process allows procurement teams to quickly begin utilizing the platform without requiring extensive technical support or complex configurations, contributing to overall procurement efficiency.
Purchase order management
Figure 2. Creating purchase orders with Tradogram
Tradogram centralizes the purchase order management process under the responsibility of a single individual, the company admin. This role oversees the entire procurement process, from order creation to closure. While this approach simplifies the purchasing process, it may place a heavy reliance on the administrator, potentially limiting flexibility within procurement teams.
Approval process control
In Tradogram, the approval process is managed by the company procurement process admin, and the system does not automatically enforce additional approval workflows. This lack of automated approval workflows could pose challenges for organizations with stringent compliance and risk management requirements, as it may bypass critical checkpoints within the approval process.
Supplier management
Figure 3. Sending purchase order to the supplier in Tradogram
Tradogram’s procurement management tools closely intertwine supplier management and contract management. The platform requires users to add suppliers with detailed contact information, facilitating supplier relationship management. The software enhances procurement operations by providing real-time collaboration tools, including a live chat feature, which fosters communication between the procurement team and suppliers. Additionally, the platform supports negotiation processes by offering an environment conducive to discussing terms for goods and services.
Figure 4. Tradogram fosters supplier management and negotiation
Contract management
Figure 5. Contract sent to supplier via Tradogram
Tradogram seamlessly integrates contract management into its supplier management features. Upon concluding negotiations and finalizing prices, the procurement software automate processes of generating contract, streamlining the contract lifecycle management process. This integration ensures that all contractual agreements are properly documented and stored within the system, contributing to robust procurement data management and compliance.
Invoice processing
One notable limitation of Tradogram is its approach to invoice processing. The platform does not require supplier invoices to be uploaded, which may hinder the ability to perform automated matching of invoices with purchase orders and to flag discrepancies. This could lead to manual processes and potential manual data entry errors, affecting the overall procurement efficiency and accuracy of accounts payable processes.
Analytics & Reporting
Figure 6. Tradogram provides activity logs summarizing procurement information provided in reports
Tradogram excels in providing detailed insights into procurement activities. The platform generates comprehensive reports that offer visibility into key aspects of the procurement process, including the amounts ordered, delivered, invoiced, and paid, all presented in a currency-based format. This feature enables businesses to gain complete visibility into their procurement spend, identify cost savings opportunities, and optimize financial planning.
Pipefy
Pipefy offers a highly flexible procurement platform, allowing for extensive customization, though this flexibility might feel overwhelming. However, it supports users with exemplary purchase order pipelines and comprehensive training videos to guide new users.
Deployment
Figure 7. Deployment of Pipefy
Similar to Tradogram, Pipefy offers an exceptionally easy deployment experience as a cloud-based procurement platform. This ease of deployment ensures that procurement teams can quickly start utilizing the platform, which is particularly beneficial for organizations seeking to enhance procurement efficiency.
Purchase order management
Figure 8. Creating purchase order with Pipefy
Pipefy provides a highly flexible approach to purchase order management, allowing different roles within the procurement process pipeline, including administrators (super admins), members (members), and guests (external and internal guests). While this flexibility offers significant cost savings by tailoring the system to specific procurement tasks, it also presents a potential challenge by granting users considerable freedom, which could lead to inconsistencies in how procurement processes are managed.
Figure 9. Different roles in Pipefy
Approval process control
Figure 10. Approval processes of Pipefy
Pipefy includes a more structured approval process. The system requires permissions to approve purchase orders throughout the pipeline by including the approval dates in each step. This feature supports compliance and risk management by ensuring that approval workflows are documented and adhered to, reducing the likelihood of unauthorized transactions within the procurement operations.
Supplier management
Figure 11. Supplier selection within Pipefy
Pipefy does not mandate the addition of suppliers with contact details for procurement activities. Instead, the pipe administrator can manually enter all procurement-related information. While this offers flexibility, it also introduces the risk of manual data entry errors, which could impact the accuracy and reliability of supplier relationship management and the overall procurement process.
Contract management
Figure 12. Summary of activities related to a purchase order with Pipefy
Pipefy’s approach to contract management is more passive compared to Tradogram. Although the platform does not require formal contracts with suppliers, it provides a form of contract lifecycle management by automatically generating summaries based on the actions of the pipeline administrator. This feature can be useful for tracking the progression of procurement activities, but it may not fully meet the needs of organizations with stringent contract management requirements.
Invoice processing
Pipefy’s invoice processing capabilities are limited. The platform does not require supplier invoices to be uploaded, which could hinder the effectiveness of the accounts payable process. During testing, AIMultiple uploaded unrelated invoices to the system, and Pipefy failed to match them with the corresponding purchase orders or accurately flag discrepancies. This limitation could lead to manual processes, reducing the efficiency of invoice processing and increasing the risk of errors.
Analytics & Reporting
Pipefy provides basic reporting capabilities that summarize the procurement process, including details such as the title, creation time, and creator of the processes. While this offers a general overview of procurement activities, it may lack the depth and customization needed for detailed spend analysis or to identify cost savings opportunities. As a result, procurement teams may find it challenging to gain complete visibility into their procurement data for strategic decision-making.
Odoo
Odoo, an open-source procurement software, is less flexible and comes with a steeper learning curve, requiring users to invest time in mastering the platform. However, the company addresses this by offering attentive customer support. The procurement management software provides strong invoice processing capabilities.
Deployment
Odoo is deployed on-premises, which introduces a learning curve compared to cloud-based solutions like Tradogram and Pipefy. However, despite the initial complexity, the installation process is relatively straightforward. The Odoo team is aware of this challenge and provides robust customer support to assist users in overcoming the learning curve, which helps mitigate initial deployment difficulties and supports seamless integration with existing business systems.
Purchase order management
Figure 13. Creating purchase order with Odoo
Odoo offers an intuitive interface for managing procurement processes. The software facilitates the creation of fixed procurement orders with relative ease. While it may not provide the flexibility found in some other procurement software solutions, its straightforward design allows users to efficiently manage purchase orders and track their status throughout the procurement process.
Approval process control
Figure 14. Approval of purchasing order with Odoo
In Odoo, the approval process is streamlined through automated email notifications. The system generates approval requests via email and can capture approvals based on responses to these emails. This approach simplifies the approval workflow by integrating with existing email systems, although it may not offer the same level of customization and control as some other procurement management tools.
Supplier management
Odoo does not provide built-in communication channels for interacting with suppliers. This limitation means that users must manage supplier interactions outside the platform, potentially affecting the efficiency of supplier relationship management and collaboration. The absence of integrated communication tools may also limit the system’s effectiveness in facilitating real-time interactions with suppliers.
Contract management
The procurement management software does not include features for direct communication with suppliers within the system. As a result, contract management processes, including negotiation and agreement, must be conducted outside of Odoo. This lack of integration may impact the overall procurement efficiency and complicate the management of supplier contracts.
Invoice processing
Figure 15. Invoice creation with Odoo
Odoo effectively handles invoice processing by accurately reading and interpreting key details such as price, quantity, and date from uploaded invoices. Additionally, the system supports manual invoice creation and automatically calculates taxes. This capability enhances the accuracy of accounts payable processes and reduces manual tasks associated with invoice verification and processing.
Analytics & Reporting
Figure 16. Virtualization of purchase with Odoo as a pie chart
Odoo provides robust analytics and reporting features, including virtual reports that utilize line, pie, and bar charts. These visualizations support spend analysis and financial planning by offering clear insights into purchasing data.
Comparison of top 10 procurement software
Table 2. Features summary
*N/A means that the vendor doesn’t publicly share its pricing. The pricing information is effective as of July 1, 2024.
Disclaimer: ❌ means that the AIMultiple team couldn’t identify public evidence about a specific feature.
Table 3. Market presence summary
| Software | User Ratings* | # of Employees** | ||
|---|---|---|---|---|
| PairSoft | 3.7 out of 109 reviews | 156 | ||
| SAP Ariba | 3.5 out of 1119 reviews | 121,440 | ||
| Tipalti | 4.5 out of 460 reviews | 1,284 | ||
| Pipefy | 4.5 out of 539 reviews | 484 | ||
| Procurify | 4.6 out of 362 reviews | 192 | ||
| Precoro | 4.2 out of 374 reviews | 101 | ||
| JAGGAER | 4.0 out of 88 reviews | 1,366 | ||
| EYVO eBuyerAssist | 4.9 out of 106 reviews | 24 | ||
| GEP Smart | 4.5 out of 58 reviews | 5,893 | ||
| Tradogram | 4.2 out of 81 reviews | 17 |
*Based on data from leading B2B review platforms
**Based on data from LinkedIn
Ranking: Vendors are sorted based on the number of reviews across the B2B review platforms, excluding sponsored vendor, PairSoft, at the top.
Inclusion criteria:
- All vendors featured in this list employ over 15 individuals.
- All the procurement software listed in the table above offer features such as invoice processing, spend management, and supplier management. For more detailed information regarding these features, see core features of the procurement software.
Table 4. Pricing summary
| Software | Free Version | Subscription Basis | Start-up | Small Business | Medium-Sized Business |
|---|---|---|---|---|---|
Pipefy1 | ✅ | Monthly & Annually | Free | N/A | N/A |
SutiProcure2 | ❌ | Monthly | $100.00* | $280.00 | N/A |
Precoro3 | ❌ | Annually | $249.00 | $249.00 | $999.00 |
Fraxionn4 | ❌ | Annually | N/A | $399.00** | $749.00** |
EYVO eBuyerAssist5 | ❌ | Monthly | $39.95 | $399.50 | N/A |
Tradogram6 | ✅ | Monthly & Annually | Free | $168.00 | N/A |
Disclaimer: N/A means that the vendor doesn’t publicly share its pricing for these specific tiers. The pricing information is effective as of July 24, 2024.
*Minimum pricing starts from 100.00 USD/month
**Pricing is contingent on company size and may vary depending on individual customer requirements.
Ranking: Vendors are sorted based on the number of employees.
Inclusion criteria: All vendors featured in this list employ over 15 individuals. None of the vendors offer a trial period.
We use the following assumption in this table:
- Start-ups: procurement software is used by 1 user for at most 5 processes per month
- Small business: procurement software is used by 10 users for at most 100 processes per month
- Medium-sized business: procurement software is used by 25 users with the assumption of the requirement of more advanced features
- Enterprise: procurement software is used by at least 50 users with the assumption of the requirement of more advanced features. None of the procurement software publicly provide pricing for enterprises.
PairSoft
PairSoft focuses on inventory management, providing procurement managers tools to maintain optimal stock levels and streamline the approval process. This procurement management software integrates with existing ERP systems such as Blackbaud AP or NetSuite AP module. PairSoft focuses on serving non-profit organizations as evidenced by 30 case studies with non-profit organizations.7
User reviews
✅ PairSoft integrates well with platforms like Raiser’s Edge, allowing fundraising staff to view and add documents for a comprehensive overview of constituents.8
Figure 17. A user review on PairSoft
✅ The software supports attaching digital or scanned documents to records, which are automatically assigned metadata for easy searching.
❌ Users have reported customer support issue since the company was acquired, making it difficult to get assistance when needed.
Tradogram
Tradogram offers procurement capabilities with a focus on inventory management. Its free version allows procurement teams to experience its core features, making it accessible to smaller procurement organizations. The platform supports supplier management and real-time visibility into the procurement process.
Pricing plan: The procurement automation software provides a free basic plan with limitations on the number of users and transactions. Two paid plans are designed for larger teams and offer
User Reviews
✅ Most users find the system intuitive and easy to use, requiring minimal training.
Figure 18. A user review on Tradogram
❌ Unit of measure settings can complicate the procurement process when they’re not necessary for operations.
❌ Users would like the ability to disable unnecessary features to streamline workflow.9
EYVO eBuyerAssist
EYVO eBuyerAssist includes both inventory and contract management features. Although it does not offer a free version, it can be a choice for procurement managers seeking to manage the entire procurement lifecycle, from strategic sourcing to supplier management and contract lifecycle management.
Figure 19. Pricing plan of EYVO eBuyerAssist
Source: EYVO eBuyerAssist10
Pricing plan: Pricing of this cloud-based platform is tailored based on the number of users and required features, with options for small to large enterprises. The options vary depending on lots of factors such as ERP system integration, feature sets, integrated currencies, and the level of customer support provided.
User Reviews
✅ File attachments for requisitions, purchase orders, and contracts provide a 360-degree view of purchasing transactions, aiding in decision-making and audit processes.
❌ Constant updates and new features may cause confusion among users who are not expecting the changes, although the updates are valuable and show the company’s commitment to product development.
Figure 20. A user review on EYVO eBuyerAssist
GEP Smart
GEP Smart is a procurement platform that offers both inventory and contract management. This procurement management software integrates procurement capabilities, including predictive analytics and real-time visibility, allowing users to make informed decisions. GEP Smart provides a unified source-to-pay system that supports complete control over the procurement process.
User reviews
✅ GEP Smart invests in new technology trends such as AI, Machine Learning, and digital adoption, demonstrating a commitment to innovation.
❌ Improvement is needed in the turnaround time for data enrichment.
Figure 21. A user review on GEP Smart
JAGGAER
JAGGAER offers inventory management capability but lacks contract management. JAGGAER’s integration with ERP systems and procurement tools makes it a choice for managing supplier relationships and procurement activities.
User reviews
✅ JAGGAER allows organizations to procure services from multiple entities and suppliers in one place, simplifying the procurement process.
❌ Reassigning tickets can be time-consuming, especially with long lists of PQs or SCs. A batch reassignment feature would be beneficial.11
Figure 22. A user review on JAGGAER
SAP Ariba
SAP Ariba procurement software provides inventory management and contract management capabilities. These features help procurement teams manage supplier relationships and maintain full visibility over their supply chain operations.
User reviews
✅ Configuring approval workflows in SAP Ariba is straightforward compared to other applications, aiding in smoother operations.
❌ Businesses with unique procurement processes might find it challenging to adapt the platform to their specific requirements.
Pipefy
Pipefy is a procurement software that focuses on contract management rather than inventory management. It offers a free version, making it an ideal choice for smaller businesses. Pipefy’s strength lies in its ability to automate approval processes and manage supplier contracts efficiently, thus streamlining procurement operations and ensuring compliance.
Figure 23. Pricing plan of Pipefy
Source: Pipefy12
Pricing plan: Pipefy procure-to-pay software offers procurement teams a free plan with basic features, suitable for small teams or individuals. For more advanced needs, including enterprise-level security and support, Pipefy provides two tiered pricing plans that can be customized based on the organization’s requirements. The vendor does not publicly disclose pricing of options currently.
User reviews
✅ Users appreciate having everything in one place, eliminating the need for Excel sheets and improving version control.
Figure 24. A user review on Pipefy
✅ Reporting is easy and customizable, and the workflow and project tracking features help teams operate more efficiently.
❌ Some users found the initial setup challenging, especially for unique requests. However, the Pipefy team was helpful in finding creative solutions to meet these needs.13
Precoro
Precoro offers both inventory and contract management capabilities. This procurement software supports procurement teams in managing purchase orders, supplier relationships, and procurement processes. Precoro’s integration with financial systems and its focus on ensuring compliance and reducing maverick spending make it a tool for achieving procurement excellence.
Figure 25. Pricing plan of Precoro
Source: Precoro14
Pricing plan: Precoro uses a tiered approach with a focus on providing solutions for different procurement needs. This procurement software emphasizes automation and spend analytics to optimize purchasing processes. Their pricing model starts with basic functionality and moves up to comprehensive solutions with advanced automation and integration options in three different options.
User reviews
✅ Precoro is praised for its affordability, making it accessible to businesses with varying budget constraints.15
❌ While Precoro covers the procure-to-pay process effectively and offers budget control visualizations and fast approval notifications, limited features of performing some business transactions e.g, adjustments of credit notes and inventory write-offs is a drawback for users needing comprehensive inventory management features.
Figure 26. A user review on Precoro
Tipalti
Tipalti focuses on AP automation and invoice processing but does not include inventory or contract management capabilities. Tipalti’s integration with accounting systems provides real-time visibility and control over financial transactions.
User review
✅ The platform significantly speeds up approval times, enhancing workflow efficiency and reducing bottlenecks.
✅ Users appreciate the user friendly interface and ease of navigating around the system.
❌ Users report that the dashboard and reporting functionalities need improvement, including the addition of necessary fields.
Figure 28. A user review on Tipalti
Procurify
Procurify is a procurement software that includes both inventory and contract management features. Procurify supports procurement teams in managing the entire procurement lifecycle, from supplier onboarding to spend management.
User review
✅ Procurify integrates seamlessly with vendors like Staples and Amazon, making the purchasing process more efficient and streamlined.
❌ Users cannot pull back and edit their own requests. Instead, they have to duplicate the request, make the necessary changes, and delete the old one, which can be cumbersome.
6 Main features of procurement software
Core features
1. Spend management
A spend management solution provides procurement teams with complete visibility into organizational spending. Integrating with existing financial and accounting systems offers real-time visibility and predictive analytics, allowing users to track expenditures and identify maverick spending.
This feature enables the chief procurement officer to make informed decisions, cut costs, and improve efficiency across the procurement process, ensuring smooth and efficient operations.
2. Supplier management
Effective supplier management is crucial for maintaining strong supplier relationships and ensuring compliance with procurement policies. Procurement software streamlines the supplier onboarding process, facilitates supplier management, and provides tools for managing suppliers throughout the contract lifecycle.
This enhances the strategic sourcing capabilities of procurement teams, allowing them to build and maintain robust supplier relationships.
3. Invoice processing
Automating invoice processing is a key feature of modern procurement tools. AP automation within procurement software accelerates the approval process, reduces manual errors, and ensures timely payments.
By integrating with existing financial systems, procurement software simplifies the procurement-to-pay process, providing complete control over invoice processing and enhancing the efficiency of the procurement process.
Key features
4. Contract management
Contract lifecycle management (CLM) is an essential feature that allows procurement teams to manage contracts from initiation to renewal. This feature helps ensure compliance with contractual obligations and provides a centralized repository for all contract-related information, making it easier for procurement managers to track and manage contracts.
5. Inventory management
Inventory management within a procurement platform ensures that businesses maintain optimal inventory levels. By integrating with the ERP system, procurement management software provides full visibility into inventory levels, enabling procurement managers to make informed decisions about purchase orders and supply chain management.
This feature helps streamline operations, prevent stockouts, and reduce excess inventory, contributing to procurement excellence.
6. Intelligent applications and artificial intelligence
Modern procurement software leverages artificial intelligence (AI) and intelligent applications to enhance procurement capabilities. AI-driven insights provide procurement teams with predictive analytics, enabling them to anticipate market trends, optimize purchasing processes, and make data-driven decisions.
These intelligent applications also help automate routine tasks, allowing employees to focus on strategic activities that add more value to the organization.
Understanding procurement software pricing drivers
1. Subscription-based pricing
Common in cloud-based solutions, this approach charges users a recurring fee, often monthly or annually. It provides flexibility and scalability, making it suitable for organizations with evolving needs.
2. Per-user pricing
Pricing based on the number of users is prevalent among many procurement software providers. This model allows organizations to pay for the exact number of users accessing the software.
3. Feature-based pricing
Some providers offer pricing based on the features included. Basic plans cover essential functions, while advanced plans provide additional features like advanced analytics, integration capabilities, and automated workflows.
4. Custom pricing
For large organizations or those with complex procurement processes, custom pricing may be offered. This often involves a tailored solution with specific features and support levels, negotiated based on the organization’s needs. Other procurement software pricing drivers include:
1. Functionality and capabilities
The breadth and depth of features offered by procurement software are major pricing drivers. Comprehensive solutions that include supplier management, contract management, inventory management, and spend management often come at a higher cost.
Features such as contract lifecycle management, invoice management, and spend analytics contribute to the software’s value and pricing. Organizations looking for the best procurement software need to evaluate whether they require advanced functionalities or basic capabilities.
2. Number of users
Pricing is often influenced by the number of users accessing the procurement software. Solutions that accommodate a larger user base typically have tiered pricing structures, where costs increase with the number of users. This model ensures that pricing scales with the size of the procurement and finance teams and their roles in the procurement process.
3. Integration with systems
The level of integration required with existing systems—such as accounting software, ERP systems, and other business processes—can impact the cost. Integration with accounting systems, ERP systems, and other business software enhances the efficiency of the entire procurement process but may involve additional costs.
4. Scope of procurement processes
The complexity of procurement processes and the degree of automation offered by the software are significant pricing factors. Solutions that streamline procurement with automated workflows, procurement strategies, and real-time budget tracking tend to be priced higher.
Software that supports complex procurement processes, including purchase requests, purchase order management, and approval workflows, usually reflects this in its cost. Customization to fit specific procurement strategies or compliance needs also affects pricing.
5. Vendor management and supplier performance
Tools that enhance vendor management and supplier performance—such as supplier onboarding, supplier collaboration, and vendor catalogs—can influence pricing. Comprehensive vendor management capabilities that improve supplier relationships and performance metrics often come with a higher price tag due to their impact on procurement efficiency and cost savings.
6. Compliance and security features
Data security, compliance with regulations, and features such as AP automation and expense tracking also drive procurement software pricing. Software solutions that offer robust data security measures and compliance features typically command higher prices due to their role in safeguarding financial data and managing risk.
7. Customer support and maintenance
Ongoing support, maintenance, and training are additional factors that affect procurement software pricing. Solutions that include extensive customer support, regular updates, and user training tend to have higher costs. These services are essential for ensuring the software’s effective use and alignment with organizational needs.
FAQ
What is procurement software?
Procurement software is a digital solution that streamlines and automates procurement processes, providing a centralized platform for procurement activities. It’s essential for businesses of all sizes to manage procurement effectively, especially with the increasing complexity of supply chains.
Procurement software focuses on procuring hardware and material assets, rather than software or SaaS subscription management. Key benefits of procurement software include centralization, automation, and better visibility into spend patterns and management.
What are the capabilities of procurement software?
Procurement software should usually include most or all of the following feature areas: spend management and analytics, supplier management, and documentation. Procurement management software provides several key benefits, including centralization, automation, and better visibility into spend patterns and management.
Features to look for in procurement software include approval workflow customization, inventory management, budget management, and e-procurement. Integration capabilities and compliance and risk management are also important considerations. When evaluating the best procurement software for your organization, consider how strengths of procurement management software align with your procurement strategy and operational needs. Procurement software comparison is necessary to find best fit to your company.
Further Reading
- Top 10 Procurement Software Features & Prices Analyzed
- 10 AI Procurement Use Cases & Case Studies
- Non-profit procurement: Checklist & Challenges
- Healthcare Procurement Challenges & Effective Solutions
If you need further help in finding a vendor or have any questions, feel free to contact us:
External Links
- 1. Pricing. Pipefy. As of 24/July/2024
- 2. Procurement Software Pricing. SutiProcuren. As of 23/July/2024
- 3. Pricing. Precoro. As of 24/July/2024
- 4. Procurement Software Pricing. Fraxion. As of 23/July/2024
- 5. Pricing. EYVO eBuyerAssist. As of 24/July/2024
- 6. Pricing. Tradogram. As of 24/July/2024
- 7. Case Studies | PairSoft. PairSoft
- 8. PairSoft Reviews 2025: Details, Pricing, & Features | G2.
- 9. PairSoft Reviews 2025: Details, Pricing, & Features | G2.
- 10. Procurement Software Pricing | eyvo.
- 11. Jaggaer Reviews 2025: Details, Pricing, & Features | G2.
- 12. Pricing | Pipefy. Pipefy
- 13. SAP Ariba Reviews 2025: Details, Pricing, & Features | G2.
- 14. Precoro Pricing — Transparent Plans for All Business Sizes .
- 15. Precoro Reviews & Ratings 2025. TrustRadius
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