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Procurement Software

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Teampay logo



Request, approve, and track company spending in real-time.

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Teampay’s spend management platform gives finance teams control and automates the purchasing, reconciliation, and reporting process.

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SecureBids logo



Procurement and vendor management software

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SecureBids is a procurement platform that allows public/private agencies and vendors to manage the bidding process. It lets stakeholders securely receive bids electronically using a centralized dashboard. SecureBids uses industry-standard security measures to protect the confidentiality of bids.

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OpenGov Procurement logo

OpenGov Procurement


End-to-end government procurement software

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OpenGov Procurement is a cloud-based public procurement software, automating solicitation development, supplier engagement, evaluations, and contract management.

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Precoro logo



All-In-One Procurement Software For SMBs and Enterprises

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Precoro is a robust procurement software for progressive SMBs and Enterprises. Gain transparency of the purchasing through the full automation of the procurement process. Streamlined approvals, smart budgeting and expense tracking, automated PR and PO processing — all in one app.

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Procurify logo



One easy-to-use platform for control over all business spend

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Procurify enables organizations to be proactive about managing their spend culture by providing a combination of accessible data, convenient process and manageable controls.

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Tradogram logo



Control Spend & Lower Costs

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#1 Most Comprehensive & Affordable Procurement Solution on the Market.
Get your FREE Account now!

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Quartzy logo



Digital lab management program for R&D organizations

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Quartzy is a cloud-based lab productivity and management software for businesses involved in scientific research and development. It involves an eProcurement interface which allows scientists, lab managers, researchers and R&D organizations to automate inventory management and ordering workflows.

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Pipefy logo



Design and automate business workflows in minutes.

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Pipefy increase efficiency and integrate end-to-end operations on a secure, low-code workflow and business process automation (BPA) platform for teams in IT, Procurement, Finance, HR, and more.

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Take the Hassle out of Company Purchasing.

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Magical Purchase Approval System for Small Business CFOs. Employees can raise purchase requests against predefined budgets & suppliers from the the Webapp, or from their iOS/Android device. Managers approve spend in an instant and finance members have full transparency for all purchasing.

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Qntrl logo



Workflow orchestration software for enterprise teams.

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If you're in charge of a process, a department, or an organization, and you're looking to have more visibility into what's going on in your area, you need control over what does and doesn't happen, and you'd like to simplify your team's workflows through automation, Qntrl is built for you.

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eRequisition logo



Streamlined digital requisition applications

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An integrated, web-based solution designed to streamline the requisition process, and provide improved purchasing expenses visibility

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Hybrent logo



Eliminate procurement headaches with Hybrent.

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Hybrent is a cutting-edge, cloud-based solution that helps healthcare facilities automate and streamline your supply chain, procurement, and inventory control processes.

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Tecsys Elite logo

Tecsys Elite


Integrated supply chain management platform

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Allows distributors to easily track all their supplier deliveries from start to finish and get them there on schedule.

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SoftCo Procure-to-Pay logo

SoftCo Procure-to-Pay


Fully automate your procurement & accounts payable processes

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SoftCo Procure-to-Pay automates your entire finance process from procurement to invoice automation and payment posting to your financial or ERP system. The solution is truly global, handling multiple entities and multiple currencies in multiple languages.

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Dynamics 365 logo

Dynamics 365


ERP and CRM applications from Microsoft

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Microsoft Dynamics 365 is a multi-language, multi-currency enterprise resource planning (ERP) software. The solution is designed for midsize and larger companies, and is fully customizable and extensible through its rich development platform and tools.

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ShippingEasy logo



Powerful, Yet Simple Shipping Software

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ShippingEasy is online shipping fulfillment software for eCommerce sellers that want the best postage rates and automate back end shipping processes.

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Workday HCM logo

Workday HCM


An HCM system that adapts to what comes next.

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Workday HCM is a cloud-based human resources solution that helps businesses streamline workforce planning, talent management, employee engagement, and payroll processes.

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QuickBooks eCommerce logo

QuickBooks eCommerce


Manage your multi-channel business with QuickBooks Commerce

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QuickBooks Commerce is powerful cloud-based inventory and order management software for growing multichannel businesses.

QuickBooks Commerce is currently available as part of a bundle with QuickBooks Online which provides many features and benefits for small businesses.

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SolarWinds Service Desk logo

SolarWinds Service Desk


IT Service Desk & Asset Management Software

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SolarWinds Service Desk is a fully integrated service desk and asset management solution that allows IT and other service providers to effectively manage and connect service requests to IT assets. Code-free customization allows customers to fully deploy a robust ITSM solution within days.

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NetSuite logo



The World’s Leading, Most Deployed Cloud ERP Solution

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NetSuite provides organizations with an integrated system of cloud applications that helps them run their business. More than 36,000 organizations around the world use NetSuite to more easily grow and adapt to change.

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inFlow Inventory logo

inFlow Inventory


All-in-one inventory management software for small business.

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inFlow Inventory is an all-in-one inventory and order management solution for small and medium businesses. We offer the software to track products, sales, and customers, and also support hardware to help you update your stock levels while you work.

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Odoo  logo



Full Suite of Integrated Business Apps

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Easily manage suppliers and purchase orders. Odoo’s procurement tools allows you to tightly run your business with less stock and no more stock outs. Define min-max stock quantities with re-ordering rules, stock levels, sales forecast or automatic routes (Replenish on order)

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RFP360 logo



Request management software for RFPs, RFQs and RFIs.

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RFP360 develops software solutions that transform how organizations worldwide request information, engage vendors, collaborate with colleagues and evaluate proposals — making the RFx (RFP, RFI, RFQ and more) process far more efficient, effective, consistent and repeatable for everyone.

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SAP S/4HANA Cloud logo



A complete, intelligent ERP system for enterprises.

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SAP S/4HANA Cloud is a cloud-based intelligent ERP system specifically developed for companies in all industries offering them a broad and flexible functionality.

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Spendwise logo



Spend management software for business

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Spendwise - formerly Officewise - is an interactive cloud-based accounting solution that helps small and mid-sized businesses manage their accounting and financial operations

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Buyers Guide

Procurement Software

Growing businesses must be able to maintain supplier relationships and mitigate supplier risk if they intend to effectively acquire the necessary resources to create and distribute their own products and services.

Procurement software enables businesses to streamline the acquisition of goods and services by generating and verifying purchase orders, executing inventory-related transactions, maintaining an inventory of goods, collecting and analyzing data to maximize profits, and automatizing other key phases of the procurement process.

This guide covers what procurement software is, what it does, the different types of procurement software, common features of procurement software, and more.

What is procurement software?

Procurement software manages all activities related to an organization's expenditures. Procurement software is related to billing and invoicing software, purchasing software, and vendor management software because it manages all activities related to an organizationʻs expenditures. Procurement applications automate the resource acquisition and supplier relationship management process. With procurement solutions, employees can easily create purchase orders subject to review and approval by managers. For managers, procurement software offers a broad range of tools to track, analyze, and report on the efficiency of the procurement process.

What does procurement software do?

Procurement software automates key processes, such as purchase requisitions, contract approvals, and invoices. This enables companies to efficiently manage vendor relationships, process and authenticate invoices, collect and store stock data, analyze stock data, and provide insights into purchasing decisions. Comprehensive procurement solutions act as a central repository for all procurement activities, limiting manual imputation efforts by employees, which simplifies workflows and enables collaboration between internal and external teams.

What are the different types of procurement software?

There are many different types of procurement software applications that enable organizations to streamline the procurement process, including:

  • Purchase order software: Allows users to create purchase orders from pre-formatted templates, auto-populating vendor terms and pricing information. With this type of software, companies can create, track, and manage all purchase order documentation securely.

  • Supplier management software: Helps companies identify and establish relationships with the most optimal vendors for their supply chain. This type of procurement software collects important supplier information, including supplier track records, risk profiles, and performance metrics.

  • Contract management software: Accesses and uses pre-configured libraries and templates to efficiently assemble new contracts or update existing contract formats. With this type of procurement software, users can automate contract approvals, track contract changes, and alert procurement managers to contract expiration dates. Users can also analyze all contracts across a business to aid risk analysis and compliance tracking efforts.

  • eProcurement software: Allows businesses to create pre-approved catalogs of goods and services for sale. Customers first select the goods or services they desire, then a purchase requisition is approved and a purchase order is created. This type of procurement software focuses on streamlining the online shopping experience for customers.

  • Comprehensive procurement suites: Offers software solutions that include all of the various types of procurement software on a centralized platform. In addition to the types of procurement software mentioned aboves, comprehensive procurement suites may include inventory management, asset management, project management, electronic invoicing, electronic sourcing, purchase order, and spend analytics software.

What are the common features of procurement software?

  • Requisition management: Review, approve, and cancel requests for goods/services to be purchased.

  • Supplier management: Manage various aspects of the relationship with suppliers (e.g., interactions, history).

  • Cataloging/categorization: Create and manage digital catalog of products/services with their details, specification, and price.

  • Contract/license management: Track, store, and access client/customer contracts.

  • Fixed asset management: Track details of fixed assets such as depreciation and maintenance scheduling/history within a centralized database.

  • Inventory management: Track and manage the quantity of resources on hand to maintain proper supply.

  • Invoice processing: Create, process, execute, and manage suppliers’ invoices until the payment is received.

  • Purchase order management: Create, send, and track purchase orders and their statuses.

  • Spend management: Track the amount of money spent on a certain product or with a certain supplier.

How do small and medium businesses use procurement software?

Inefficient procurement practices often cause small and medium sized companies to make redundant purchasing decisions, which may result in loss of revenue. Since small and medium businesses typically have smaller budgets than larger enterprises, it's imperative to optimize each phase of the procurement process to maintain good financial standing as a company.

Procurement software enables small and medium sized companies to eliminate redundant tasks, reduce waste, and automate key aspects of the procurement process, such as maintaining inventory and processing invoices, as well as tracking, controlling, and approving each phase of the overall procurement process. With procurement software, small and medium businesses will be able to optimize operations, save revenue, and ultimately amplify their competitive advantage in the marketplace.

What is the cost of procurement software?

Most products in this market are priced on a per user, per month basis, billed annually. Pricing can be divided into three pricing tiers based on the starting prices:

Price ranges:

  • $8 - $20

  • $20 - $110

  • $110+

*The pricing included is for the entry-level/lowest-priced offering found on vendor websites on April 19, 2022. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from vendor websites of sample products.

What is the software procurement process?

The software procurement process involves shortlisting potential software suppliers for any necessary software solution. To do so, organizations must prepare a request for proposal (RFP) for their suppliers, which includes information on the background of a business, requirements for the potential software solution for purchase, supplier confidentiality obligations, criteria used to determine the software selection, timescales for the software procurement process, and any other key contractual provisions. Most software procurers will then ask their software supplier for a trial of their program of choice or proof of concept to determine if it truly meets software requirements their organizations desire. After the software solution has been tested and accepted, a business can then begin to use it, completing the software procurement process.

Innovative technologies have profoundly impacted the trajectory of procurement software capabilities. Before purchasing a procurement software solution, familiarize yourself with the following trends:

  • Potential of blockchain technology: Blockchain technology possesses the ability to fundamentally change the procurement process. With digital ledger technology, every transaction is recorded, providing a record of each moment in the lifecycle of the ledger. This allows for the end-to-end traceability of transactions, providing transparency during each stage of the procurement process and supply chain lifecycle.

  • Rise of AI-powered contract review: In the future, organizations will turn to AI-powered contract review tools to make the procurement process more efficient. The contract negotiation phase of the procurement process is quite labor intensive and can take months to finalize. Instead, companies will be able to feed AI-powered tools information about their company playbook, allowing the tools to redline contracts in a matter of minutes.

  • Increased utilization of self-service portals: In the procurement process, it's crucial to maintain good supplier relationships. In the future, companies will turn to self-service technology—otherwise known as supplier portal technology—to provide suppliers with heightened visibility into real-time supply chain data, enabling them to self-service key procurement activities such as onboarding, e-invoicing, reporting, etc. By doing so, organizations will be able to improve supplier relationships, as well as their processing and compliance efforts.


Products evaluated for the pricing calculation were taken from GetApp’s procurement software Category Leaders report. The pricing ranges exclude freemium versions of the products. The features highlighted were identified based on their relevance and the percentage of products in GetApp’s directory that offer them.