The Top 15 Best Procurement Management Software Solutions of 2024
What is procurement management software?
Procurement management software can be a valuable investment for a growing small or medium-sized business (SMB) for several reasons. Here are some of the key benefits:
- Cost Savings: One of the primary reasons to consider procurement management software is the potential for significant cost savings. These systems can help identify the best suppliers, negotiate better rates, and take advantage of discounts or bulk purchasing options. By optimizing your procurement process, you can reduce overall spending
- Efficiency and Time Savings: Procurement management software automates many of the tasks involved in the procurement process, such as order processing, supplier management, and invoice reconciliation. This automation reduces the time and effort required to manage purchases, freeing up your team to focus on other critical aspects of the business.
- Improved Spend Visibility: These systems provide detailed insights into your company’s spending patterns, enabling better budget management and financial planning. You can easily track where the money is going, identify any areas of overspending, and adjust your procurement strategy accordingly.
- Enhanced Supplier Management: Good procurement software includes tools for managing supplier information, performance, and relationships. This can help you maintain a database of reliable suppliers, evaluate their performance over time, and develop strong partnerships that can lead to better terms and quality of service.
- Compliance and Risk Management: By standardizing procurement processes and maintaining an audit trail of all transactions, procurement management software helps ensure compliance with internal policies and external regulations. It can also help identify potential risks in the supply chain and take steps to mitigate them.
- Scalability: As your business grows, your procurement needs will become more complex. A good procurement management system can scale with your business, handling increased volumes of transactions and more complex supply chain relationships without a proportional increase in overhead or staffing requirements.
- Better Decision Making: With comprehensive data and analytics features, procurement software can provide actionable insights that inform strategic decisions. This can include identifying trends, forecasting future needs, and optimizing inventory levels.
- Increased Transparency and Accountability: These systems enable a transparent procurement process where all actions are recorded and can be reviewed. This increases accountability among your team and with your suppliers, leading to more ethical practices and reducing the likelihood of fraud.
When it comes to finding the right procurement management software solution for your business, here are some features that you should look for:
Supplier Management
Purchase Order Management
Spend Analysis
Contract Management
Procure-to-Pay (P2P) Process
Approval Workflow Customization
Inventory Management
Budget Management
E-Procurement
Analytics and Reporting
Integration Capabilities
Compliance and Risk Management
For a lot of small and growing businesses, it’s not always easy to find the right procurement management solution. With so many choices out there, it can be hard to know which software for procurement management really fits the budget and unique needs of your business.
Don’t worry, there’s good news—finding the right procurement management tools for your business has never been easier.
We’re here to help. Our software experts have compiled a comprehensive breakdown of The Top 15 Best Procurement Management Software Solutions of 2024.
*Note: Our procurement management software reviews are for informational purposes only. We encourage you to perform research and demo systems to achieve the most comprehensive comparison.
1. Striven
Striven is an all-in-one ERP business management software solution built with small to mid-market businesses in mind. Our sophisticated software combines project management tools, CRM, collaboration tools, accounting, purchasing, HR, operations, inventory, task management tools, (and so much more) into a single, easy-to-use interface. Striven is an infinitely capable software solution that supports every type of employee within your company.
Highlights:
- Project, task, and time management w/ interactive calendar
- Detailed financial and productivity reports generated in seconds
- Fully integrated CRM
- Customer and vendor portals
- Scheduling & dispatch route planning capabilities
- Full accounting functionality
- Customizable dashboards for each client
What Sets It Apart: Striven’s expert team of business analysts personally see to your success. From training and onboarding, technical support, and business-specific customizations, our US-based Striven Support Team is available 24/7. On top of that, Striven’s automation capabilities allow you to work more efficiently.
Pricing: Free trial and custom demo, packages begin at $35/user.
More info: Striven Earns Numerous Awards For Q4 2023
2. Paramount Workplace
Paramount Workplace lets you manage spend and make sure your team gets the supplies needed to get the job done. Experience the power and efficiency of a seamless, out-of-the-box, real-time integration with your ERP.
Highlights:
- Highly configurable workflows
- Users can shop from multiple vendors as part of a single request
- Enable vendors to submit their invoices electronically through a self-service portal.
What Sets It Apart: PunchOut capabilities allow users to shop directly from ecommerce sites – Amazon, Office Depot, Best Buy, etc. while accessing your preferred pricing.
Pricing: Contact for pricing
3. Kissflow Procurement Cloud
Kissflow Procurement Cloud is a source-to-pay platform that aligns with your unique business needs and processes. All the tools you need to invite potential suppliers, compare their quotes, and choose the best from the lot.
Highlights:
- Procure to pay
- Punchout integration
- Spend analytics
What Sets It Apart: Connect approved supplier websites to your Kissflow account and allow employees to enjoy the ease of purchasing from different sites.
Pricing: From $2,499 /mo.
4. Ramp
Ramp procurement software automates the entire procure-to-pay process, eliminates approval bottlenecks, and prevents out-of-policy spending before it happens.
Highlights:
- Issue purchase orders or virtual cards from approved requests
- Get notified when you’re tagged, so you can quickly jump in and respond.
- Let stakeholders approve directly in Slack or Teams.
What Sets It Apart: As more requests go through Ramp, more opportunity is gained to negotiate ideal vendor terms and identify cost savings opportunities.
Pricing: Paid plans from $12 /user/mo.
5. Coupa Procurement Management
Coupa Confidently fulfill your company’s potential—increase profitability, optimize cash and margins, and eliminate risk. All in one AI-driven platform. Trusted by companies of all sizes. Delivering real value to fuel new growth every day.
Highlights:
- Proactively monitor for compliance and supply chain risks
- AI-powered spend classification
- Test countless supplier scenarios
What Sets It Apart: By maximizing pre-approved spend, you gain complete visibility of your entire purchase-to-pay processes and the control you need to ensure compliance.
Pricing: Contact for pricing
6. Gatekeeper
Gatekeeper for Procurement Teams helps safeguard your business while maximizing value for money.
Highlights:
- Measure, collect and analyze vendor performance
- Actions are captured along with dates, time and personnel to provide a cast-iron audit trail
- Contract lifecycle management
What Sets It Apart: Use our industry-unique Kanban Workflow Engine to manage your procurement processes consistently and reliably 24/7.
Pricing: From $1,125 /month for unlimited users
7. SAP S/4HANA Cloud Public Edition
SAP S/4HANA Cloud Public Edition is a ready-to-run cloud ERP and procurement management software that delivers the latest industry best practices and continuous innovation. It’s designed to help organizations manage their business operations efficiently, including finance, procurement, sales, and more.
Highlights:
- Real-time data processing
- Simplified data models
- Improved user experience
What Sets It Apart: SAP S/4HANA resides on-premises, needing physical servers and infrastructure. In contrast, SAP S/4HANA Cloud is hosted in the cloud.
Pricing: Contact for pricing
8. GEP SMART
An AI-powered, scalable, cloud-native procurement platform, GEP SMART™ lets you manage all your direct and indirect spend effectively, while delivering a radical user-experience upgrade that boosts adoption, performance and compliance. Among the top procurement software platforms.
Highlights:
- Robotic Process Automation (RPA)
- Mobile-native procurement platform
- Perform ongoing as well as ad hoc analysis
What Sets It Apart: GEP SMART has an intuitive design, stunning visual appeal and intelligent interfaces. It enables fluid and natural movement from task to task and drives the ability to work on any platform.
Pricing: Contact for pricing
9. Vendr
With Vendr, tap into enterprise-grade buying power with the world’s best software buying community.
Highlights:
- Negotiation support
- Procurement automation
- Create a centralized view of your data
What Sets It Apart: Discover how your price compares with others every time you buy and renew software.
Pricing: From $300–$9,500 /user/mo. (limited free plan available)
10. Procurify
Procurify Procure-to-Pay Software. From rogue spend and manual processes to uninformed purchasing decisions, tackle AP and purchasing challenges that cost you time and money. Procurify helps your organization control and cut costs while driving operational efficiencies that free up time to focus on higher-value initiatives.
Highlights:
- Standardized workflows and automation tools
- Real-time reports
- Full-feature mobile app
What Sets It Apart: Procurement and AP Automation in a single solution provides greater visibility and control over business spend across the organization.
Pricing: Contact for pricing
11. Bellwether
Bellwether is the only purchasing & inventory solution you need to manage spend transparently.
Highlights:
- Easy to Use
- 2 & 3 Way Matching
- Track inventory at multiple locations
What Sets It Apart: Integrate with any system you use and directly order from 60+ punch out vendors.
Pricing: Contact for pricing.
12. ProcureDesk
ProcureDesk gives your team full cost control & visibility, so you can approve orders and invoices faster, with less frustration.
Highlights:
- 100% Personalized Purchasing Process
- Get Real-Time Cash Flow Visibility
- Zendesk Marketplace, where you can find additional partners, apps, and integrations.
What Sets It Apart: Ordering from specific suppliers? We’ll add their punch-out catalogs directly to your dashboard.
Pricing: From $380 /mo. (10+ users included)
13. Market Dojo
Market Dojo procurement management software solutions have been built from the ground up to make your life easier. We’ve tailored our systems to help you manage a range of different essential procurement objectives.
Highlights:
- Best-of-breed strategic sourcing
- Contract & supplier management
- Full suite of eProcurement solutions
What Sets It Apart: On-demand business model gives procurement professionals the flexibility to use our solutions as and when they need them.
Pricing: Contact for pricing
14. Tipalti
Tipalti. Modernize your procurement operations with a powerful, easy-to-use solution that manages all your purchases and enhances control over spending.
Highlights:
- Integrates with ERPs and accounting systems
- Simplify employee request process
- Streamlined supplier management
What Sets It Apart: Custom, self-service registration forms make onboarding suppliers quick and frictionless, including collecting contact, financial, and contractual details.
Pricing: Contact for pricing
15. Jaggaer
Jaggaer Procure to Pay is a procurement management software tool that specializes in direct procurement and e-procurement.
Highlights:
- Turnkey supplier enablement
- Easy collaboration on the supplier network
- Dependable and flexible integrations
What Sets It Apart: We take a dedicated vertical approach instead of trying to apply a generic solution. Regardless of your industry, we have the expertise to help you excel.
Pricing: Contact for pricing
Contact a Procurement Management Software Expert
Our Small- to Mid-Market Business Analyst Team at Striven has decades of experience with procurement software for businesses across a broad spectrum of industries.
Just like every car needs a trusted mechanic, every software needs a dedicated support team.
Have a question?