Automation is revolutionizing industries across the board, and procurement is no exception. 

The benefits are clear: faster processes, fewer errors, greater accountability, enhanced data visibility, cost savings, and time efficiency.

It’s no surprise, then, that more and more procurement decision-makers plan to invest in technologies that promise to transform their procurement operations.

But which tools should you invest in for more streamlined procurement and automated processes?

Well, this article is bound to help you answer that question.

We’ll provide you with the most comprehensive list of procurement software tools that you simply must know about if you want to boost your procurement efficiency. 

So, let’s dive into the first tool on our list.

Veridion

As a procurement professional, you know that reliable suppliers are a key factor for successful procurement.

But at the same time, searching for them is time-consuming and resource-intensive—especially when you do it manually.

Well, the first tool on our list is Veridion, our AI-driven supplier sourcing enabler that will revolutionize the way you approach procurement and supplier management.

Source: Veridion

Veridion’s key features include:

• Product data categorized by UNSPC codes
• Natural language search
• Supplier monitoring
• Match & enrich API
• Complex search API

By harnessing the power of machine learning and API technology, we continuously refine and update a comprehensive database of over 70 million companies worldwide. 

This database is updated in near-real-time, ensuring you have access to the most current supplier data worldwide. 

Source: Veridion

By leveraging Veridion’s intuitive APIs, you can quickly filter suppliers based on criteria like product specifications, supplier location, and ESG characteristics, and then get a list of potential suppliers in mere minutes.

To get a better understanding of how Veridion’s API works, take a quick look at the video below:

Source: Veridion (former Soleadify) on YouTube

So, with Veridion, you can tie two loose ends at once: you save valuable time on supplier search and reduce risks associated with outdated supplier information. 

On top of that, by filtering suppliers based on ESG factors like diversified ownership, ESG policies, and ESG controversies, you can find—and work—only with suppliers that align with your sustainability goals. 

In addition, Veridion has robust procurement risk management features that safeguard your organization even after finding suppliers.  

Veridion’s granular control over confidence scores, custom-made risk factors, and real-time alerts further let you know what is happening in your suppliers’ activities.

This means you can proactively manage supplier relationships and mitigate disruptions.

When it comes to pricing, we tailor our offer to your specific data needs and end-use case.So, feel free to contact us and learn more about how our always-fresh supplier data can help precisely—you.

Precoro

Precoro is a cloud-based procurement and spend management platform for simplifying purchasing processes.

Its adaptability and user-friendly interface make it a valuable tool for both experienced procurement professionals and those less familiar with technology.

Source: Precoro

Precoro’s strengths lie in its robust budget tracking capabilities and detailed reporting and analytics. 

By providing insights into spending patterns, it empowers businesses to maintain control over costs and identify areas for potential savings.

Key features include:

• End-to-end automation
• Advanced budget tracking and inventory management
• 3-Way matching
• Reimbursement requests

While some users praise Precoro’s ease of use and customer support, others highlight that some features could be easier to use.

Precoro’s pricing starts at $249/month when billed annually, which gives access to most of the tool’s core features. 

To unlock advanced automation options, the price starts at $999/month, and there is a tailored pricing option for individual needs.

So, while some advanced features come at an additional cost, Precoro offers significant value for businesses looking to streamline purchasing, control spending, and improve supplier relationships.

SAP Ariba

SAP Ariba is a cloud-based procurement solution that unites buyers and suppliers on a single platform. 

It automates manual tasks and fosters collaboration, thereby streamlining the entire source-to-pay process.

This makes it a go-to choice for large organizations seeking to optimize procurement operations.

Source: SAP Ariba

While primarily designed for large enterprises, SAP Ariba caters to a wide range of users, from technical procurement experts to everyday office workers.

Key features include:

• Extensive automation features
• ERP integration
• Procure-to-pay options
• Supplier management
• Spend analysis
• Contract management

Due to its complexity, SAP Ariba has somewhat of a steep learning curve and can be expensive for smaller organizations.

However, its extensive feature set and the way it streamlines procurement processes make this tool worth the investment for many.

With that said, SAP Ariba offers various pricing models tailored to specific needs. 

Pricing information is available upon request and typically depends on the modules selected, the number of users, and the transaction volume.

All in all, SAP Ariba is a comprehensive procurement solution that empowers large enterprises to streamline processes, strengthen supplier relationships, and gain better control over spending.

Ivalua

Ivalua is a leading global provider of cloud-based Source-to-Pay (S2P) solutions.

It empowers businesses to strategically manage their spend and supplier relationships on a single, unified platform.

With a proven track record and recognition by Gartner and Ardent Partners, Ivalua offers a comprehensive suite of tools to drive procurement efficiency, transparency, and cost savings.

Source: Ivalua

Ivalua is suitable for businesses of all sizes looking to streamline their procurement processes. 

Its key features include:

• Complete lifecycle management
• Efficient bidding management
• Real-time budget tracking
• Invoice automation
• Proactive risk tracking

While it is highly configurable and efficient, it’s worth noting that some of Ivalua’s configurations require code changes and can be difficult to implement.

Ivalua’s pricing is based on the specific modules and features selected, as well as the size and complexity of your organization. 

Public pricing information is not readily available, so those interested can contact Ivalua directly for a personalized quote.

Ultimately, Ivalua’s comprehensive features, flexibility, and user-friendly interface make it a top choice for organizations seeking to optimize their procurement processes and drive significant bottom-line impact.

JAGGAER

JAGGAER, formerly known as SciQuest, is a cloud-based platform for companies seeking to optimize their procurement operations and achieve greater control over spending.

Its comprehensive solutions make it a powerful tool for large organizations:

They cover everything from procurement and supplier management to invoicing and spend analysis.

Source: JAGGAER

Key features include:

• Source-to-pay automation
• Supplier collaboration
• Contract management
• Spend analysis
• Fraud detection

While JAGGAER offers a wide range of applications and is described as easy to use and scalable, the implementation costs might be higher, and setup and customization a bit more complex.

JAGGAER offers flexible pricing models that are tailored to the specific needs and requirements of each organization, so you’ll need to contact them for a quote.

Procurify

Procurify is a leading spend management platform that promises to help organizations gain better control and visibility into their spending across departments.

Source: Procurify

Procurify is primarily targeted at small to medium-sized businesses (SMBs) seeking a unified procure-to-pay solution. 

It’s particularly well-suited for organizations that want to simplify their purchasing processes, improve budget tracking, and gain actionable insights into spending patterns.

Key features include:

• Purchase order management
• Vendor management
• Budget management
• Spend analysis
• Receiving

While the platform is intuitive to use and easy to implement, some users say that the search functionality could be improved for faster results, as well as report occasional minor glitches when replicating orders.

Procurify offers pricing on a per-user, per-month basis, billed annually. 

For detailed pricing information, it is recommended to contact Procurify directly.

ProcurementExpress.com

ProcurementExpress.com is a user-friendly, cloud-based purchasing software that excels in simplifying and automating the purchase order (PO) process.  

This versatile tool enables businesses to effectively manage and control spending, offering robust features for budget tracking, supplier management, and more. 

Source: ProcurementExpress.com

Its intuitive app and web-based platform make it accessible from anywhere, enhancing overall procurement efficiency.

Key features include:

• Adaptable approvals
• Full customizability
• Accurate spending allocation
• Purchasing reports
• Budgeting options
• Powerful integrations
• OCR invoice scanning & matchin

When it comes to pricing, ProcurementExpress.com offers three pricing plans:

• Basic: Starting at $365 per month.
• Better: Starting at $730 per month.
• Best: Starting at $1,825 per month.

Each plan caters to different business sizes and needs, with increasing capacity for transactions, expenses, and additional features as you move up the tiers. 

A free trial is available for those who want to explore the platform’s capabilities before committing to a paid plan.

Tradogram

Next, let’s talk about Tradogram—an all-in-one procurement and spend management system that aims to provide a strategic approach to procurement.

It helps businesses get the best value goods and services at the lowest prices possible.

Source: Tradogram

Tradogram is primarily built for small to mid-sized companies, especially those in industries such as construction, non-profits, and healthcare, that have existing accounting systems or ERPs.

Its key features include:

• Customizable approval workflows
• Real-time order tracking
• Supplier management tools
• Integration options
• Mobile accessibility

Tradogram offers three pricing packages: 

• a free basic package for one user with five transactions per month, 
• a premium tier starting at $168 per month, and 
• an enterprise option with a custom quote, suitable for over 20 users.

While this tool may be less comprehensive than some of the others we’ve covered, it’s worth trying out its free tier and see if it’s the right fit for you.

Pipefy

Pipefy, the next software on our list, promises to streamline your procure-to-pay process from beginning to end. 

This tool automates workflows, from purchase requests to payment processing, ensuring smooth procurement operations.

Source: Pipefy on YouTube

Key features include:

• Customizable workflows
• Automatic approval workflows
• Integration capabilities with other systems, including accounting
• Organized invoice and receipt management
• Vendor and contract management through customizable dashboards for tracking performance and auditing contracts

You’ll also appreciate Pipefy’s flexibility and ease of use, allowing you to adapt and optimize workflows effortlessly. 

On the flip side, several users report glitches with the email system, as many emails end up in the spam folder, leading to lost communication with clients.

Pricing starts at $20 per user per month for the Business plan, but there is also a free Starter plan with limited features.

Whether you’re looking to automate procurement processes or enhance workflow efficiency, Pipefy offers the tools to centralize your procurement operations and improve overall performance.

Promena

Promena is a powerful e-sourcing and e-procurement solution whose users praise its ability to provide both external and internal transparency to procurement processes. 

This tool simplifies sourcing and supplier management, particularly for handling requests for quotations (RFQs) and managing bid responses.

With Promena’s Quick RFQ module, you can quickly collect quotes from companies and manage negotiation details, all while ensuring potential suppliers meet specific standards. 

Source: Promena

The platform also features Promena Supplier Discovery, an electronic fair where suppliers and buyers can connect. 

Buyers can view products and services from multiple suppliers, expanding their supplier network, while suppliers can create new business opportunities.

Furthermore, Promena’s strong analytical capabilities empower you to analyze spending patterns and drive strategic procurement initiatives. 

You can track your data by segmenting it into sub-headings such as category, supplier, user, or location.

Additional features include:

• Supplier relationship management
• Contract management
• Request, catalog, and purchase order management

Users highlight the tool’s ease of use and user-friendly interface, and its pricing varies based on the modules you use. For a tailored quote, you should contact Promena directly.

Fraxion

Fraxion is a comprehensive procure-to-pay and spend management solution that helps organizations control and optimize procurement spending.

It is mobile-friendly, allowing you to manage procurement processes from anywhere.

This means employees can create purchase requisitions on the go, and approvers can review and approve requests from any device.

Source: Fraxion on AppStore

Below is a comprehensive list of features this tool offers, including purchase order automation, spend analysis, and robust reporting.

Source: Fraxion

With PunchOut catalog software integration, one of Fraxion’s key features, you can connect purchase requests directly to vendor catalogs in real time.

Users praise its seamless ERP system integrations, easy setup of approval workflows, and overall ease of use.

Fraxion offers three pricing plans starting from $399 per month, varying by company size and feature requirements. 

However, for specific pricing details, it’s best to contact Fraxion directly.

Overall, Fraxion provides excellent visibility into procurement spending and streamlines the requisition and approval processes, making it a valuable tool for procurement management.

Basware

Basware is an e-procurement solution that provides purchase-to-pay automation, supplier management, and invoice processing. 

It is recognized for its powerful automation and extensive integration options.

Source: Basware

Its key features include:

• Guided purchasing to increase compliance with supplier and pricing policies
• Consumer-style shopping experience 
• Advanced approvals with automatic PO issuance
• Pricing compliance with advanced search capabilities 

In addition to these, Basware boasts real-time dashboard tracking and robust analytics for consolidating spend and negotiating better deals with suppliers.

Source: G2

We do have to mention, though, that some users reported issues with navigating notifications in this tool, as well as finding invoices.

Also, users who have limited access cannot see the invoices linked to the PO they raised (only if the invoice requires their review).

In terms of pricing, Basware scales to fit your needs, so you’d have to contact them directly for a quote.

Prokuria

Prokuria is an innovative procurement platform that promises to streamline your sourcing and supplier management processes. 

This tool automates sourcing and RFQ management, supplier management and monitoring, as well as the entire procurement cycle—from purchase order creation to invoicing. 

The image below provides a list of features in each category—sourcing, SRM, and purchasing.

Source: Prokuria

Users mention that Prokuria stands out for its user-friendly interface and efficient workflow automation, making it intuitive and simple to use. 

However, they also note that the supplier list initially lacks an upload option. 

The first time a user adds a supplier, it must be done manually, and only afterward can they manage them in a list. 

Still, because of its ease of use, this tool is loved by its clients.

When it comes to pricing, the Basic plan starts at €15 per month per user with a minimum of 5 users. 

However, Prokuria operates on a pay-as-you-go model, making it cost-effective for companies of varying sizes, and many add-ons are available for an extra cost.

Airbase

Airbase is a tool that integrates procurement, expense management, corporate cards, and accounts payable into a single solution.

Source: Airbase

Focusing on procurement, their intake module—called Guided Procurement—is, as they say, and as their users agree—so easy to use.

One of their clients explains why:

“Guided Procurement gives employees an easy way to gather necessary information for every purchase and route it automatically to all stakeholders, directly to the software they already use. Everyone involved, from the requestor to the stakeholders, gets a great user experience, and we get improved compliance, speed, and visibility to find more savings.”

Other key features of this software include:

• Centralized employee spending management
• User-friendly procurement guidance with automated approvals
• Customizable workflows for policy enforcement
• Real-time insights into spending and performance metrics

However, some G2 reviewers note the absence of a recurring payment option as a limitation for managing vendor payments efficiently. 

Pricing varies based on your company size and needs, so you should request a customized quote to see if Airbase fits your needs.

Proactis

Proactis offers a suite of procurement solutions aimed at improving efficiency and reducing costs. 

This tool, as do many on this list, automates supplier sourcing, supplier relationship management, and contract management. 

Source: Proactis

In addition to these three key factors of procurement, through Proactis, you can also access a central directory of goods and services available for procurement. 

This directory can be either public or private, with suppliers maintaining their catalogs on the buyer’s system to ensure up-to-date information and pricing. 

On top of that, Proactis also automates the procure-to-pay process, giving you the benefits outlined in the image below.

Source: Proactis

Despite its robust capabilities, some users have found the initial system setup complex and time-consuming. 

Additionally, pricing details are not available on their website, requiring direct contact for quotes.

Onventis

Onventis is a procurement software that combines supplier management, sourcing, contract management, procure-to-pay, AP automation, and spend analytics—all in one solution.

Source: Onventis

If we focus only on Onventis’ spend analytics capabilities, this tool uses advanced technology to analyze procurement data quickly and accurately. 

With Onventis, you can:

• Easily organize and update spending information
• Quickly see detailed reports and graphs
• Integrate with other financial systems
• Make data-driven decisions to save money

To learn more, check out how this software works through the words of Dekra’s Head of Procurement Methods and Tools, who experienced firsthand the benefits this solution brings to procurement:

Source: Onventis GmbH on YouTube

This tool also doesn’t provide any information regarding pricing on their website, so if any of these features sparked your interest, contact them directly to learn about costs.

Cflow

Cflow is a workflow automation tool that simplifies procurement processes. 

It features customizable workflows, approval management, and real-time tracking.

With Cflow, you can:

• Create purchase requests quickly with minimal manual data entry
• Track and standardize the purchase requisition process
• Approve, revise, edit, or cancel requests from one central platform
• Combine purchase requests into a single request for quote (RFQ) and send it to potential vendors
• Control spending with unified purchasing and AP automation

Cflow is praised by users for its ease of use and quick setup.

The codeless workflow designer allows users to create complex workflows easily and is highly customizable. 

Source: G2

While Cflow can sometimes lack speed during bulk data uploads and has minor bugs, these issues are addressed quickly. 

Initially, users may feel overwhelmed by its many features, but with training, they adapt with no issues. 

Overall, the platform is considered valuable for its price.

Cflow offers three pricing plans, ranging from $7 to $16 per user per month, with a minimum of 10 users per plan. A free trial is also available.

Team Procure

Team Procure is a cloud-based procurement solution meant to help procurement professionals streamline purchasing and supplier management processes. 

It includes modules for:

• Request management
• Procurement management
• RFQ & E-Auction
• Warehouse inventory management
• Approval workflows
• Supplier management

With Team Procure, you can easily create, manage, and track purchase orders, with support for rapid approvals from any device. 

The platform facilitates sending RFQs to suppliers and comparing responses, as well as managing all suppliers in one place. 

You can also track their performance with built-in scorecards and categories.

Source: Software Advice

Additionally, Team Procure offers real-time inventory updates across multiple warehouses, while its robust tools allow you to analyze spending by project and department, support budget tracking, and make informed financial decisions. 

Finally, this tool’s seamless integration with existing financial accounting systems enhances efficiency and reduces manual data entry.

Pricing for Team Procure starts at $250 per month for three users, with custom plans available for enterprise users.

Payhawk

The final tool on our list is Payhawk, an all-in-one procure-to-pay solution packed with robust features, showcased in the image below:

Source: Payhawk

Payhawk streamlines the entire purchasing process from request to payment, which helps reduce manual tasks and errors.

It also automatically captures and processes invoices in over 60 languages, thereby ensuring accuracy and efficiency.

In addition to these, Payhawk’s Suppliers feature helps manage all supplier information in a single app.

Source: Payhawk

You can automatically bring in supplier data from your ERP system or manually upload it using an Excel template.

Any changes you make to supplier details in Payhawk will sync automatically with your ERP, keeping both systems updated seamlessly.

Users report that the user interface is intuitive, and the system is reliable with minimal technical issues. Their customer support is also highly responsive and knowledgeable.

Payhawk offers customized pricing tailored to your specific business needs, but you must contact them directly to learn about the prices. 

All of their regular plans include benefits like cashback, unlimited transactions, users, and document processing.

Conclusion

We’ve covered a lot of ground in this article, exploring no less than 19 different procurement software solutions that could revolutionize the way you do business.  

Hopefully, you’ve gained some valuable insights into which tools might be the best fit for your organization’s specific needs and challenges. 

Some of these tools offer comprehensive, all-in-one solutions, while others—like Veridion—excel with their unmatched capabilities in specialized features such as supplier sourcing. 

Remember, the right software can make a huge difference in streamlining your procurement process, saving you time and money, and freeing you up to focus on the bigger picture.

So, explore the options that caught your eye, check out their free trials or demos, and see how they can transform your procurement operations.  

And rest assured, the perfect fit for your organization awaits among these innovative procurement software tools!