11 best procurement software tools for 2023

The procurement process can be an involved undertaking. Without a procurement solution, you risk overspending, decrease visibility, and have a harder time enforcing fair and ethical vendor relationships. 

Every time you optimize for a step in the process, you lower the chances of dealing with issues like unethical vendor relationships as a by-product of poor procurement management. 

This list walks through several procurement solutions, each with its own points worth considering. But first, let’s look at how we define procurement software. 

How we define procurement software

Procurement software is a digital solution that uses automation to streamline the many phases of the procurement process. 

The best procurement tools...

• Help manage purchase orders
• Manage contracts and relationships with suppliers and vendors
• Automate inefficient manual processes
• Standardize all your procurement tasks
• Offer features like spend analysis and spend visibility for cost savings efforts
• Include approval processes
• Optimize supplier relationship management
• Help teams manage contract lifecycles 

‍

Using procurement tools, teams can more efficiently run operations, maintain transparency, and automate processes. 

What to look for in procurement software

The best procurement solutions simplify your processes and centralize your contracts and procurement documents. They log vendor management receipts and invoices, and they enable you to manage all this from one accessible dashboard. 

When thinking of onboarding a solution for your organization, consider some of the most important procurement features needed to streamline business processes. 

Contract management: A contract management tool saves you time, reduces expenses, and makes deals with vendors more efficient. Any time an addendum is in order or a contract needs to be renewed, you can easily pull it up, make changes, and keep a record of those changes.

Supplier management: A robust procurement solution enables you to onboard suppliers and ensures you’re getting the best value from vendor deals. Thus letting you negotiate better terms with suppliers. 

Automation and notification features: A notification and automation feature is a no-brainer. The procurement software you select should be able to automate manual work and send you automated notifications for every task that needs your attention. 

11 best procurement software tools

Here’s a look at some of the best procurement solutions and their functionality. 

[1] Vendr

Vendr helps you manage and process all your SaaS deals and licenses in one place. It ensures you’re getting a new SaaS tool at a fair market rate and buys and renews all your software. With its detailed reports and analytics, you can access crucial spend data, vendor deals, and sourcing tools that give teams insight into relevant market prices. 

Top features

• An automated SaaS management system of record
• Licensing and provisioning management features
• Approval workflows to ensure security and compliance

Best for

Organizations looking to automate their processes who can spend anywhere between $400,000 - $5,000,000 or more. 

Pricing

• Starter - $36,000 per year
• Growth - $78,000 per year
• Enterprise - $120,000 per year

{{cta1}}

[2] Procurify 

Procurify makes it easy for organizations to manage their vendor budgets with a streamlined workflow that’s powered by automation. As a procurement tool, Procurify focuses on improving transparency by making the process accessible to anyone in the organization. 

It offers spend control features, so you always know what you’re spending and where. Its data and analytics features are always accessible through its mobile app. 

Top features

• Custom budgets by departments, location, projects, etc.
• Access to credit card reconciliation tools
• Easy-to-manage vendor information and KPIs

Best for

Organizations looking to simplify their procurement process. 

Pricing

Procurify offers three customized pricing plans depending on the number of users your team needs. Contact their sales teams to learn more about pricing. 

• Pioneer
• Voyager
• Enterprise 

[3] Fraxion

Looking for a simple, easy-to-use procurement software? Check out Fraxion. You can automate and simplify your purchasing process, approval workflows, and purchase order generation tasks. It comes with robust purchase requisition and expense and approval management features to ensure your team optimizes for cost savings. 

Top features

• Automates and simplifies purchasing process from start to finish
• Has a great customer support system
• Offers budget insight and policy compliance features

Best for

Companies that want to focus on spend management. 

Pricing

Request a quote from their sales team. 

[4] Team Procure

Team Procure’s delivery tracking, approval workflows, and supplier evaluation features enable teams to track department-based purchases with ease. By centralizing procurement needs in one dashboard, Team Procure enables you to lower spend. 

Its standout feature is its suite of e-auction tools. Once you identify your needs and invite suppliers, they can start e-bidding for deals and competing by offering the best price. 

Top features

• Manages all your internal purchases in a single platform
• Integrates with your ERP system
• Lowers spend by using an electronic bidding process for goods and services

Best for

Enterprise procurement needs with a higher level of complexity. 

Pricing

Contact their sales team to get a custom quote.

{{cta2}}

[5] Gatekeeper

Gatekeeper helps procurement teams reduce costs and minimize risk. With it, you can manage your team’s workload, get visibility into all your vendor contracts, and establish an end-to-end procurement process. 

Top features

• Simple contract renewal processes
• Stores all your supplier data in one place
• Procurement templates for best practice workflows 

Best for

Businesses looking to simplify their procurement processes without forgoing risk management. 

Pricing

• Essentials - $875/month
• Pro - $2,095/month
• Enterprise - $3,725/month
• Enterprise custom - contact the sales team to get the custom quote

[6] Jaggaer

Want to know where procurement software can take your business in the next few years? Check out the Jaggaer procurement tool. It uses a collaborative, agile approach to identify where your business could save money throughout the procurement process. Jaggaer is comprehensive enough to track inventory and help reduce supply chain risk—ensuring your quality management efforts pay off. 

Top features

• Detailed spend analytics tools
• Plenty of third-party integrations
• Supplier management features designed to ease supplier communication

Best for

Organizations looking for an all-in-one comprehensive procurement solution. 

Pricing

Contact their sales team to get a quote.

[7] Corcentric

If you’re looking to reduce manual work and bring together disparate systems, consider Concentric as an option. Corcentric makes it easy for suppliers to sync catalogs with contracts while keeping them updated in real-time. You can also centralize all your procurement data into one accessible dashboard. 

Corcentric works with a cataloging system that suppliers can access to update their goods and services data. This way, your team is filled in on vendor capacity on an ongoing basis. 

Top features

• Automates the purchase order creation process
• Simplifies spend management
• Helps reduce costs by matching purchase orders against authorized users

Best for

Companies that want to transform error-prone manual processes into a streamlined procurement system powered by automation. 

Pricing

Contact the sales team to get a custom quote.

[8] NetSuite

Quickly buying goods and services at the best price is always a procurement goal, regardless of your organization’s size. NetSuite helps organizations achieve that by generating real-time views into company spend and vendor performance.

NetSuite improves visibility by showcasing company spend and vendor performance in a real-time view. The procurement dashboard lets you get all the procurement-related information, including records, expenditures, payments, and vendor performance. If you're interested in learning more, we have a complete guide to what Netsuite is and how it's used, as well as a guide on Netsuite pricing and plans.

Top features

• Centralizes all procurement information in one dashboard
• Automates your manual procurement processes
• Tracks your purchases and inventory levels

Best for

Companies of all sizes who want to grow their businesses quickly.

Pricing

Contact its sales team to get a quote.

[9] Zoho Procurement

If you’re looking for a highly customizable procurement solution, then Zoho procurement is worth considering. It helps you personalize and automate your procurement workflows by removing the time-consuming manual tasks in your procurement cycle. Zoho saves time by regulating requisition creation and giving you complete budget control. 

Top features

• Easily integrates third-party apps
• Increases procurement visibility 
• Reduces payment risks and speeds up invoice processing

Best for

Businesses that want to prioritize customization. 

Pricing

Zoho procurement offers a 15-day free trial. Paid pricing plans are as follows:

• Professional - $25 per user per month billed annually
• Ultimate - $400 a month billed annually

[10] OpenGov

Simplifying the sourcing process and automating daily procurement tasks alone is enough to save you loads of time as you deal with vendors and manage deals. OpenGov is designed to empower teams with the ability to do both. 

One of its most helpful features is its public vendor self-service portal which allows vendors to communicate with teams regarding price, supply chain data, and availability. 

Top features

• Reduces the chances of error using step-by-step questionnaire-style proposal submissions
• Easily tracks different projects and stakeholder pipelines
• Automates your daily procurement tasks

Best for

Government organizations that want to streamline their procurement processes. 

Pricing

Contact its sales team to get a quote.

[11] Sap

Sap enables you to cut costs and ensure compliance from one centralized procurement dashboard. It automates procure-to-order processes with guided buying features and ERP integrations. 

Sap helps teams control costs with a catalog approach to vendor purchases and API integration capabilities. It’s built to manage direct, indirect, and services spending in every industry while being adaptable enough to meet individual market requirements. 

Top features

• Automates repetitive tasks
• Adapts to global markets
• Helps increase efficiency with digital warehouse operations

Best for

Sap is best for businesses looking for an adaptable procurement solution that helps them cut costs and automate compliance efforts. 

Pricing

Contact its sales team to get a custom quote.

Do more with Vendr

Many procurement management solutions offer many of the same features. For that reason, choosing the appropriate tool ultimately comes down to more specific needs and the preferred features for your team. 

When it comes to managing SaaS vendors, a tool like Vendr helps teams expertly oversee the process of getting the most value at the best price point. 

{{cta3}}