eProcurement Software Solutions from Leading Companies in 2020

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In today’s unstable market conditions, e-procurement, or electronic procurement, has become more important than ever. Once thought to be the next logical step in supply chain management, e-procurement software now helps businesses stay agile, digitize their processes and become data-driven powerhouses. Scalable procurement software is one of our many weapons against a post-pandemic business environment, and we’re here to give you a look at some of the top competitors.

Compare Top eProcurement Software Leaders

Best eProcurement Software Solutions

Right now, many businesses are still struggling with adapting to numerous, ever-changing disruptions affecting their supply chains. In fact, some industry leaders are considering a pivot to a direct-to-customer sales model in favor of their usual retailers or distributors. Times are changing, and keeping up with uncertain demand requirements requires robust eProcurement solutions with an arsenal of features.

Before we jump into the standout contenders on the market, let’s take a quick dive into what e-procurement software is and the benefits and features it brings to the table:

What is E-Procurement Software?

Jumping headfirst into the e-procurement market and singling out the most expensive solution sounds easy enough, but integrating a solution without some knowledge of what these systems can do is an expensive gamble.

On a basic level, e-procurement solutions makes finding, buying and ordering the services and goods you need via the Internet. These systems give professionals visual catalogs to flip through that display products with varying levels of visibility into descriptions, pricing and more. This is all geared toward making lengthy selection processes quicker while simplifying and automating ordering and payment.

These solutions also help create and maintain vital partnerships with suppliers while hunting down the best prices for the items that keep your business running. If runaway spend is a common problem you face, software can help you manage it while guiding you through the buying process.

Depending on the vendor, many of these solutions are customizable to better fit the unique needs of your teams. With such powerful tools and exciting upcoming trends in the market, it’s hard to defend older pen-and-paper processes.

If you’re still on the fence about adopting a solution, maybe this list of benefits will help give you that final nudge:

Compare Top Procurement Software Leaders

Advantages

A recent Statista study shows that by 2021 there will be nearly 231 million online shoppers in the US who are 14 and older. With so many people piling into the e-commerce environment every year, e-procurement companies are arming their clients with systems that streamline, optimize and support the vital processes and workflows to help keep supply chains functioning at peak condition.

If you happen to be on the fence about adopting software, maybe this list of benefits can give you the push you need:

Increased Efficiency and Accuracy

Any procurement officer knows that inefficient processes like analog purchase orders are an absolute nightmare. Solutions leverage automation and a fully-digitized environment to speed up every facet of your workflows. Automation features help take unnecessary work away from your teams so that they can focus on more important things.

Moving complex processes over to a digital environment gives you access to electronic invoicing and purchase order features that can dramatically reduce time spent on these tedious processes. These tools also provide levels of oversight and data manipulation that take human error out of the mix entirely.

Affordable Price of Entry

As an increasing number of developers move to the cloud, software solutions become more affordable. Cloud-based platforms often give would-be customers the opportunity to pay via subscription with little to no upfront investment to get their systems up and running.

These affordable pricing structures give many smaller businesses the opportunity to leverage one of these systems to help them stay competitive in a post-Amazon world. It will also be much easier to convince stakeholders to adopt a new system if the price tag has significantly less decimal points than they expect.

Accessible Interfaces

No one wants to pay for a new system only to watch productivity and process speed slide down the drain. In the past, implementing older, on-premise systems often included a significant margin of time that had to be allotted for employees to get used to the new technology.

Today, e-procurement companies strive to make their programs usable without any technical experience. Employees can tackle complex tasks in fractions of the time without a constant struggle between user and system.

Many of these systems also let you integrate features into legacy systems for seamless ERP integration. This is critical for businesses with complex systems in place.

Better Savings

These systems not only cut costs with their flexible deployments, but they also help guide buyers to the best possible price for the item they are searching for. You can also get valuable visibility into your spend while ensuring that it is optimally managed. Never overpay for your critical items while targeting preferred suppliers for your purchases.

The benefits of these systems make their value clear. Before jumping on-board with a vendor, however, ensure that their system contains these cornerstone features.

Compare Top eProcurement Software Leaders

Must-Have Features

Not all systems are created equal. If the e-procurement tools you are eyeing doesn’t contain these valuable features you may want to reconsider your selection:

  • Analytics and Reporting: Data visibility is king when it comes to identifying suffering processes and planning for uncertain demand. Your system should help you identify new ways to grow your business while keeping track of vital metrics and KPIs.
  • Supplier Networks and Connections: Many e-procurement companies include supplier networks in their offerings to help users create lasting partnerships.
  • Communication and Accessibility: Collaboration is vital for efficiency. Your system of choice should streamline your approval workflows and give you options like mobile apps to give employees access to data on-the-go.
  • Customer Support: Always make sure that your vendor of choice has robust support options to get you the support you need when your system hits a wall. Time is money, and your system should come with a support team that can readily answer your questions and solve issues.

As long as you nail a few of these key features down in your list of requirements you are on the right path to adopting the right system. Now that we’ve covered the whats and hows of e-procurement software lets jump into our SelectHub analyst curated list of top solutions:

Best E-Procurement Software Solutions

The Selecthub analyst team dove into the market to bring you this list of the top five e-procurement software from leading companies:

1. SAP Ariba Procurement

SAP Ariba Procurement is a cloud-based system that supports businesses of all sizes in industries including wholesale, distribution, utilities, chemicals, industrial machinery and components, consumer products and more.

This system supports features like invoicing, catalogs, dashboards, messaging, sourcing, buying and more.

SAP Ariba Procurement

Visually digestible graphics help users stay up-to-date on important data.

Top Benefits

  • Process Mining Application: SAP Process Mining by Celonis enables artificial intelligence usage, data-based processes, discovery and more. It helps users plan out procurement and invoicing processes with analytics, machine learning, and embedded artificial intelligence. Migrations from legacy systems are also supported.
  • Messaging: Buyers can collaborate with their suppliers when requesting quotes as part of a guided buying capability. Users can converse via instant messaging or email through the Ariba Network or other email applications.
  • Sourcing: Automates sourcing lifecycle tasks, helps users assess market dynamics and develop sourcing strategies. It also drives project collaboration, identifies and qualifies potential suppliers, standardizes processes and more.
  • Operations Desk: Supports customizable dashboards, SLA-based task prioritization, KPI tracking, messaging and automated routing.
  • Mobile App: Lets users search catalogs, send approvals, monitor progress and conduct other tasks simultaneously. They can also track, create, approve, deny, and withdraw requisitions while viewing their attachments and details.

Key Features

  • Buying and Invoicing: A procure-to-pay system is available with a subscription and provides purchasing control and ERP integration. Users can also manage suppliers, budgets, approvals, processes and global operations payments. There are also customizable dashboards and security features available for commerce management.
  • SAP Ariba Snap: Integrated procure-to-pay solution is designed for mid-sized businesses and contains real-time dashboards with role-based information, spend compliance, payment management and preconfigured industry spend categories.
  • SAP Ariba Catalog: SAP Ariba Catalog has automated verification features that only show approved suppliers within search results. This feature also consolidates goods and services management while ensuring contract compliance. It provides access to the Thomas Industrial Network for repairs, maintenance and more.

Limitations

  • Mobile Android app cannot be used to access SAP Ariba Strategic Sourcing solutions.
  • Reviewer edit access for SAP Ariba Strategic Sourcing is not supported on mobile apps.
  • Mobile app is only available for sites hosted in North American or European Union data centers.
  • Mobile app isn’t certified with mobile device management (MDM) platforms.
  • SAP Ariba Supplier doesn’t support custom Ariba Network implementations.
  • SAP Ariba Supplier doesn’t support entry sheets or advance ship notice creation. Responding to leads created by buyers using the quote automation features is not supported.
  • No live chat support provided.
Price: N/A
Deployment:
Platform:

Company Size Suitability: S M L

2. Coupa Procure

Coupa Procure’s cloud-based system fits with businesses of all sizes and supports industries like financial services, education, energy and utilities, food and beverage, healthcare, life sciences, hospitality, manufacturing and more.

Some of its features include purchasing, services procurement, spend analytics, sourcing, contract management and more.

Coupa Procure

Users can quickly browse visual catalogs for faster, more efficient buying.

Top Benefits

  • Spend Analysis: Combines spend data related to PO, invoices and expense reports in one accessible location. It also tracks progress against company KPIs, sets goals, compares peer KPIs and leverages AI-powered prescriptions.
  • Analytics: Helps users understand expenses related to POs, expense reports and invoices per supplier, commodity or account segment. This feature includes finance, operations and procurements specific, predefined dashboards.
  • AI Spend Classification: Integration with real-time financial risk, international sanction and watch lists, supply chain sentiment, corporate make-up and media sources. AI-powered tools can optimize sourcing identification and increase spend visibility.
  • Community Intelligence: Helps users make spend decisions with helpful insights for every transaction. The included Risk Aware module monitors suppliers with information like credit scores, supplier intelligence, news sentiments and more to proactively manage risk. It can also recommend ways to optimize spend and find appropriate suppliers.
  • Sourcing Optimization: Real-time dashboards give users valuable visibility into event progress and results. It can be configured based on multiple award scenarios, business constraints and evaluation criteria. Sourcing analytics with supported sourcing algorithms help optimize flexible bidding. Risk Aware supplier scores and other health indicators can be proactively retrieved during sourcing events.

Key Features

  • Purchase Requisition: Display vital requisition policies in applicable locations and leverages SEO and contracted benefits like preferred pricing and volume discounts. It also captures vendor requirements outside of catalogs, web forms, vendor punch-outs and more. It can automatically route approval rules and email or mobile-based approvals.
  • Open Buy: Coupled with Amazon Business, this feature lets users directly search for, select and submit purchases via a search bar. It also has built-in purchase compliance and handles reporting, approvals and checkouts in a central location. There are also included Amazon shipping features.
  • Services Procurement: Maintain compliance with SOW-based contracts and let contractors enter service and timesheet data by email. It also optimizes collaboration between users throughout the entire service lifecycle.
  • Budgeting: Automatically measures spend against budget and adjusts based on invoice reception and PO creation. It also tracks budgets in real time and analyzes spending with cloud-based budgeting software. Pending approvals, cost-avoidance opportunity savings and approved transactions can be viewed at any time.
  • Spend Guard: Leverages machine learning and artificial intelligence to discover fraud and detect errors across the entirety of business spend. Dashboards give users real-time visibility into risk analysis users, categories and full departments.

Limitations

  • Coupa Expense Management for AWS is limited to US-based businesses that use NetSuite ERP with automated OK2Pay ERP integrations.
  • No free trial of the system.
  • Live chat support is not available.
Price: $$$$$
Deployment:
Platform:

Company Size Suitability: S M L

3. Procurify

Procurify is a cloud-based solution for businesses of all sizes. It integrates with popular ERP systems like QuickBooks, Netsuite, Dynamics Sage and Xero. This solution supports industries like technology, non-profit, biotech, pharmaceutical, healthcare, software and more.

It stores communications from its in-app notification and messaging apps in a central repository. Users can leverage numerous support options, like an online knowledge base, email, phone and form submission.

Procurify

Procurify’s order status tools give users visibility into their daily order processes.

Top Benefits

  • Purchase Order: Approve, create and request purchase orders online. Procurify can help users implement a real-time, customizable cloud approval workflow. Once a request is approved, purchase orders can be created on Procurify, even without access to QuickBooks Online.
  • NetSuite: Integration with NetSuite supports the movement of purchase orders and receive logs from Procurify to NetSuite. This integration also supports one-way account code and vendor sync from NetSuite to Procurify. Approval workflows can be managed with Procurify’s mobile app.
  • Amazon Business PunchOut: Browse items from the order request page on Amazon with a button to add items from Amazon to the requests. Added items can also be submitted for a separate approval process. Codes, categories, colors and other details can be batch assigned to items.
  • ProcurifyBot: Send notifications about items that need attention to desktop and mobile users.
  • Accounts Payable: Match and consolidate vendor bills. Confirm purchases that have been paid for, allocate costs to various cost centers, create bills and drop them for approval.

Key Features

  • Customizable Approvals: Supports level and approval flow customization along with purchase management. Approvals can be set by dollar thresholds, departments, locations and users. It also sends notifications to mobile and desktop devices.
  • Purchasing Workflows: Purchase, request items and receive orders. Procurify’s three-way matching can compare and compile purchase orders with their packing slips and invoices.
  • Real-Time Budget Tracking: Current and spent budget statuses can be checked with help from the system before any new requests are approved. Budgets can be set up by location, project, department and more. Helpful real-time graphics help display actual vs. committed spending amounts.
  • Expenses Management: Track credit cards along with personal and corporate expenses. Credit card reconciliation tools let users upload their statements, and a mobile app can loop paper receipts into the system.
  • Vendor Management: Track vendor performance and the status of goods that have yet to be received in one place. Purchase orders can be created and sent to vendors. They can also measure vendor capabilities against valuable metrics like quality, accuracy, pricing and speed. Catalogs can be created to assist the team with managing orders.

Limitations

  • Cannot limit self-approvals for specific users.
  • Supplier checkout only supports three vendors.
  • Pending and approved requests can only be viewed from the web app.
  • No free trial.
Price: $$$$$
Deployment:
Platform:

Company Size Suitability: S M L

4. Oracle Procurement Cloud

Oracle Procurement Cloud supports industries like education, automotive, healthcare, utilities, communications and more. This system works with businesses of all sizes and contains a supplier portal, procurement guides, supplier qualification, procurement, contracts and more.

Oracle Procurement Cloud

Users can quickly view item requisitions within Oracle Procurement Cloud.

Top Benefits

  • Infolets: Infolets are visual, personalized and actionable information cards that summarize information about specific items. Users can view them on their home pages while also viewing and acting on critical KPIs.
  • Cloud Applications: Standardize, automate and streamline source-to-settle processes and routine transactions.
  • Pre-Approved Contract Templates: Oracle Procurement Contracts Cloud can help users execute best practices throughout the contracting process with a library of standard contract terms and pre-approved templates. Country or local-specific regulations can be translated into a local language and tailored to a business’s standards.
  • Procurement Guides: Included Oracle Fusion Procurement guides are helpful collections of support topics, FAQs and examples for users to download and reference. There are also application guides that are organized by business process. Implementation guides help users set up their systems or features.
  • Oracle Product Hub Cloud: This master product record for product introductions, cross-channel commerce, regulatory compliance and supply chain execution. Helps synchronize and manage product data across a hybrid, cloud-based deployment.

Key Features

  • Sourcing: Boosts collaboration with suppliers and vendors through document sharing, requirements gathering management and spend opportunity insights. This system also provides step-by-step advice and guidance during negotiations. There are also award analysis tools that let users view responses from suppliers in a side-by-side view.
  • Contracts: Manage contracting processes while improving visibility and overall compliance. The Oracle Procurement Contracts Cloud lets users track contracts and associated documents with free-text searches, structured search terms, contract tags and enterprise-wide search engines. A Microsoft Word add-on lets businesses access the terms and conditions library from a document.
  • Supplier Qualification: Ensure that partners possess the capabilities and qualifications needed for a beneficial business relationship. Track supplier response histories and monitor supplier compliance with business policies. Questionnaires can be created to gather information from internal stakeholders and suppliers.
  • Supplier Portal: Suppliers can access an integrated work area that provides transaction visibility, support electronic invoicing and provides closed-loop collaboration. Suppliers can maintain item pricing and descriptions of products with supplier catalog authoring features. They can also manage order related tasks like electronic invoicing, change requests, advanced shipping notices and more.
  • Purchasing: Automate purchasing transactions and leverage insights into required actions, statuses and exceptions. Users can create purchase orders from approved requisitions without any external input. Created purchase orders automatically enforce any pricing terms from attached supplier agreements.

Limitations

  • File-based data importing doesn’t support creating or updating purchasing documents with more than 10,000 distributions. Systems with more than 10,000 distributions can lead to performance issues and failures.
  • Configuring site detail attributes for prospective suppliers is not supported.
  • Cumulative pricing isn’t usable with global agreements.
  • Accounting calendars, ledger currencies and account charts can’t be updated after setup.
Price: $$$$$
Deployment:
Platform:

Company Size Suitability: S M L

5. GEP SMART

GEP SMART is cloud-native and supports medium to large-sized businesses. Some of the industries it serves include manufacturing, energy and utilities, hospitality, financial, CPG, retail and more.

Its robust features include supplier management, spend analysis, procure-to-pay, savings tracking, master data management and more. This system is available on Windows and Mac iOS enabled devices.

GEP SMART

Personalized workspaces give users visibility into relevant information for their position.

Top Benefits

  • Master Data Management: Integrates with current ERP, sourcing tools or SRMs to update transactions and create new supplier records. The Supplier Master Data Management tool automatically cleans, normalizes and aggregates supplier data while comparing it to the GEP SMART Vendor Master for quality assurance and verification. Users can govern their master data with workflows, enabled processes and configurable business rules.
  • Artificial Intelligence: Included AI features analyzes invoices, monitors every unit of spend and assigns classification probabilities to each. This patented AI engine is always learning and retraining to find anomalies and exceptions.
  • Category Management and Outsourcing: Offered category management outsourcing services include contracting and contract management, savings and compliance tracking, portfolio and risk management and supplier performance management.
  • Outsourcing: This system supports numerous services, including tail-spend management, supply market intelligence, procure-to-pay, source-to-contract, strategic sourcing, spend analysis, cost recovery, invoice auditing and more.
  • Support: Provides e-sourcing and sourcing support along with cloud-based Auction and RFx tools. It helps manage supplier performance with registration and onboarding, supplier risk management and segmentation, category-specific metrics, scorecards and more.

Key Features

  • Spend Analysis: Normalizes and aggregates spend data of all format types from buying channels and other sources like procurement cards, purchase orders, accounts payable and more. This data is then organized by supplier, commodity, category, language currency and more before it is analyzed.
  • Savings Tracking: Track, manage and build savings pipelines through collaboration with team members and stakeholders across functions and reasons in real time. Plan strategic sourcing projects, monitor activity and compliance, execute savings plans and identify savings opportunities with a tracking toolkit and complete savings pipelines.
  • Sourcing: Quotes and multi-line proposals can be built with flexible forms, wizards, templates and consistent workflows across business regions, units and suppliers through collaboration. Run real-time auctions for actual market pricing on their services and products.
  • Contract Management: Company-wide contract management tools let businesses handle contracting processes from initial requests through long-term maintenance, performance analysis and monitoring. Contracts for sourcing events can be created directly from supplier offers. Included dashboards provide visibility into contract utilization and compliance, along with supplier risk status and performance metrics.
  • Supplier Management: Leverage a central repository for supplier information where businesses can add new suppliers, update supplier information or enable self-serve features for suppliers to update their own data. Supplier dashboards give users visibility into submitted proposals, active contracts, total supplier spend, purchase order histories and more.

Limitations

  • Live chat support is not available.
  • No free trial.
  • Customers are charged for supplier onboarding.
  • Limited resources available for deployments outside of the U.S.
Price: $$$$$
Deployment:
Platform:

Company Size Suitability: S M L

Final Thoughts

It’s important to include that your e-procurement solution should take complexity out of your processes, not add it. Ensure that the system you are choosing contains the features you need to succeed without superfluous features to trip you up and cost you valuable time. A successful integration can positively impact a supply chain in numerous ways, make sure that you choose the system that is right for you. If you’d like to take a look at the eProcurement software market yourself, be sure to check out our comparison report of the top performers available.

How has adopting an e-procurement solution helped you adapt to supply chain disruptions? Let us know with a comment below!

Hunter LoweeProcurement Software Solutions from Leading Companies in 2020

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Join the conversation
  • Felix Ogwudile - July 3, 2019 reply

    Procureport with its ability to provide contract management support proves to be more effective for me. Some of the major issues in procurement has been the inability of procurement managers to monitor contract terms compliance in delivery of the BU requirements or services.

  • Patricia - August 28, 2020 reply

    The benefits of the e-procurement systems far outweigh the costs. Where do the e-procurement systems fall within evolving Supply Chain Management Systems?

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