Electronic procurement, which involves the sale of supplies or services digitally, was the logical next step in the field of supply chain management. As businesses strive to be more data-driven and agile, the need for scalable eProcurement tools that can integrate with ERP systems continues to grow.
A few years ago, your organization had to be a large, multinational business before you could sell your colleagues and other senior leaders on an investment in eProcurement software. However, recent versions of the software are more affordable and flexible enough to meet the procurement needs of smaller companies. Businesses that effectively use eProcurement software often realize significant cost and time savings.
Here are 10 of the top eProcurement software vendors on the market, and some of the things they’re doing to make their tools stand out from the growing crowd.
Compare these eProcurement software vendors and many more with the Procurement Management Product Guide
Bellwether Software is one of the most experienced eProcurement software vendors in the industry, and has been generating automated procurement solutions for over 30 years. Its software system, Bellwether Purchasing and Inventory, features automation in almost every area of the procurement process, including contract management, purchase order management, requisitions and spend management. The tool is highly lauded as a good fit for small to medium-sized businesses, but Bellwether Software also boasts big-name clients such as Casio, Goodwill and Comcast.
If your company has an existing ERP system and you want to extend its functionality to procurement automation, Spreadsheet Server by Global Software may be worth checking out. Spreadsheet Server allows you to retrieve real-time data from ERP systems, perform analysis in Microsoft Excel and generate reports for asset, budget and purchase order management functions. The learning curve associated with this tool is low since most office workers are already familiar with Excel.
Periscope Holdings Inc.
Periscope Holdings is a procurement consulting firm that promotes and develops best practices, effective solutions and robust technology in support of the procurement field. Its BuySpeed eProcurement software automates bidding, purchase order generation and change order requests. The company specializes in creating tools that support government procurement efforts.
Coupa Procurement provides an eProcurement solution that was designed by Coupa Software to improve procurement management efficiency for medium- to large-sized businesses. The software automates every function of the procurement process from requisitions to purchasing and inventory management.
If you have an import/export business, VISCO eProcurement software is designed to improve the speed at which you conduct inventory control, freight document management and currency conversions. The tool is marketed to small- to medium-sized buyers and suppliers, and is compatible with QuickBooks.
The SpendMap eProcurement software tool automates all aspects of the procurement process for your projects. SpendMap offers you a full set of features at different price points that are ideal for small, medium and large companies.
Rubberstamp is an eProcurement solution that’s designed to streamline and automate purchase order management for small- to medium-sized businesses. The software’s simplistic design allows you to quickly assess and accept or reject purchase order requests. You can also track the status of current purchase orders within the system.
With RFP365 by UPG Solutions, you and your team have a systematic way of analyzing request for proposal efforts, whether you’re a buyer or a supplier. This tool allows you to evaluate bids quickly and effectively with relevant vendor scorecards that bring in best-value suppliers for your projects.
Procurify automates budget, purchasing, inventory and purchase order management. With this eProcurement solution, you can maintain a catalog of frequently purchased items, track inventory levels, generate purchase orders and send the orders out electronically. Procurify integrates with your receiving efforts, and it reconciles received supplies against original purchase orders that are on file. The software is cloud-based and mobile-enabled.
ProcurePort is a one-stop shop for automated procurement management for buyers and suppliers of all types. ProcurePort offers visibility into spend management and cash flow management. It automates invoicing efforts, and provides an efficient method of verifying contract compliance. Actual users give the product praise for its robust feature set.
The future of the procurement process is in good hands. As the eProcurement software category continues to grow, more and more features will be added, and more vendors will appear. But based on the quality of their systems to date and their proven desire to innovate, these 10 eProcurement software vendors will surely be among the industry’s leaders for years to come.