The 5 Absolute Best Procurement Software 2021
Often overlooked, your procurement is a strategic process you can leverage to boost the bottom line of your growing business. By knowing the latest trends and onboarding the best procurement software, you can reduce costs while finding new opportunities for your business. These are the top 5 procurement software you should consider if you're looking to better scale your growing business.
The Best Procurement Software in 2021
To make choosing the right procurement software easy for you, here are the top-five on the market. These procurement suites provide everything your business needs to streamline your procurement process, cutting costs and increasing efficiencies.
Kissflow's procurement software is flexible. With its easy-to-use platform, you can manage order requisitions, vendors, purchase orders, and so much more. The low code platform is accessible, meaning anyone on your team can quickly learn the ins and outs of the system. And it's also designed to easily integrate with your existing systems.
You'll get spend control and three-way matching through Kissflow's easily customizable dashboard interface. All in all, it's a reputable procurement platform.
Fraxion is a cloud-based procurement software solution for growing businesses. It can help you better manage your procurement process by providing accurate reporting, proactive spend management, and complete control over everything from requisition to payment processing.
With Fraxion, you can automate your workflows, manage your budget and vendors, and integrate your procurement process with other systems. Fraxion also lets you manage travel expenses, analyze budgets, and audit your procurement process to ensure compliance.
If you’re looking for a top-rated, eProcurement software solution, then look no further than Tradeogram. With an endless list of businesses that have already adopted it, you’ll have the social proof you need to add it to your company’s application stack.
Whether big or small, your business can benefit from the custom management support that allows for multiple locations and departments. You can also quickly onboard employees with its easy to use interface, making it easy to quickly implement several of its effective procurement tools.
Tradogram also lets you create a supplier database for increased market transparency and leverage. You’ll gain the advantage with supplier insight you can use to leverage better deals and see more savings. And the spend management functionalities make it easier to forecast cost issues, analyze expenditure, and review supplier management.
4. GEP SMART
GEP SMART is a world-leading source-to-pay software that gives you complete control over your procurement process. Powered by artificial intelligence, this platform provides powerful spend analysis, contract management, and clear insight into sourcing. Additionally, it integrates upstream and downstream procurement.
With insights guided by artificial intelligence, you can find more opportunities than what your procurement team could on its own. You'll get more out of your data, so you can make more informed decisions.
If you’re looking for a cloud-based solution for your procurement processes, then you need to check out Procurify. The cloud will help you better centralize the procurement process, reducing waste while optimizing spend.
You’ll have the increased mobile agility you need to get the most out of your procurement system. Plus, you can easily integrate Procurify through its API function. As a result, it scales with your growing business as you add on more applications.
Timing is often crucial in making effective business decisions. That’s why Procurify provides real-time analytics. No more guesswork, you’ll be able to make data-backed decisions on the fly that will greatly impact your business.
The Benefits of Automating Procurement
Procurement is no longer a menial task that needs to be “dealt with”. It’s a strategic process that can help grow your business.
Better, it’s a process that can give you more leverage over the competition by reducing excess spending and increasing efficiency.
But to perform all aspects of the procurement process effectively, you need the best procurement software. Without it, you'll be stuck operating your procurement process manually, missing out on the strategic (and cost-saving) benefits of automating procurement.
Don’t Confuse Purchasing Software with Procurement Software
Purchasing software focuses on purchasing explicitly. Procurement software supports all areas of the procurement process. You’ll have order acknowledgment and invoicing covered.
Still, you’ll need to invest in other software to monitor suppliers, authorize purchases, and track inventory. And you’ll have additional expenses if you want to automate the process and connect all these different platforms.
Purchasing software also won’t usually allow you to find potential suppliers, compare them, and negotiate the best prices for your business. The result is a more fragmented, less optimized system that creates more work for you in the end.
The Top 3 Procurement Software Features
With effective procurement software, you’ll be able to handle all aspects of the procurement process online. From managing inventory to finding the best supplier for your business, effective procurement software should leverage the agility of the cloud and connect to other applications to make managing your company easier.
Simply put: if it doesn’t reduce time and cost, it’s not worth the investment.
Outside of cost reduction, you need to makes sure your procurement software can accomplish these three core features:
1. Able to Integrate
Integrating your business systems is key if you're hoping to reduce costs while increasing efficiency in your organization. Your apps need to move data seamlessly from platform to platform. This creates a more transparent view of your business and its customers.
If you already have an existing system in place, you’ll want to make sure that any new additions connect to these platforms. However, if you’re not sure about whether or not a particular procurement product is right for your business, it’s best to consult an integrations specialist.
An integration specialist will know how to connect your disparate systems. They'll also know which integrations will give you the highest ROI. By working with an integration specialist, you'll avoid the typical pitfalls in connecting systems, and better streamline your procurement process.
The goal of any business is growth. Investing in a temporary procurement solution that’s not tailored to your specific business will leave you filling in the gaps with spreadsheets as your business goes. And it won’t take long for your procurement process to turn into a chaotic mess.
The best way to avoid the frustrations of the procurement process is to have procurement software that scales. So, be sure to check for customization (whether included or extra) to find the right product for your business.
One of the main reasons businesses fail in their attempts to automate their business is that they choose products that are not user-friendly. The more difficult a product is to use, the less likely it will be that staff will more willingly use it and embrace the change.
You need a proven product with superb customer support, help onboarding, and updates that don’t interfere with your business process.
How to Deploy the Best Procurement Software
Procurement software can help you reduce costs by providing a clear view of your supplier relationship that you can leverage. You can also gain more transparency in your procurement process, increasing efficiency, improving communication, and reducing errors.
So, how can you find the right procurement software and get the most of it for your business?
Quandary Consulting Group leverages the power of Quick Base and Workato to help organizations build the low-code applications and integrations needed to streamline businesses. We take a business-centric approach, creating a roadmap for your organization that minimizes cost and maximizes ROI.
And with a 100% approval rate, our results speak for themselves.
For more information on how you can automate procurement in your business with the best software, contact us today!
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