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The Ultimate Guide to Procurement Software Solutions

A guide featuring some of the top procurement software solutions available to help simplify and streamline procurement processes.
procurement software solutions

Introduction

Today, most procurement professionals have their heads in the cloud using applications to automate and make their jobs easier. A new software release or update happens almost every day, promising to improve on the past, making tasks a fraction faster and processes just a bit more streamlined.

But which app should a company or organization invest in? Should a company upgrade its procurement management system or switch to an ERP? Should it buy separate tail spend and RFP management app? Can one single solution be the answer to all of our procurement problems?

Probably not, since procurement needs vary greatly from company to company. There is an overlap of categories and features among ERP systems, procurement management applications, and travel and spend management software, too.

This guide can serve as a resource to help you find the best procurement solution for your company based on your own unique needs.

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Table of Contents
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ERP Procurement Modules

ERP stands for Enterprise Resource Planning. This is a type of software system that helps organizations manage various business processes from a single platform through its various modules. Think accounting, human resources, inventory management, procurement, sales, and marketing, among others.

At the core of an ERP sits a centralized, integrated database that feeds these modules. This allows the business to automate and streamline its entire organization using one platform instead of using disparate applications for each department.

The selling point of ERP systems is improvement in efficiency, cost reduction, and making more informed business decisions with real-time data.

procurement software solutions

ERP systems can assist any size business. Capabilities, features, user interfaces, and training can vary widely with some vendors specializing in serving specific industries or business sizes.

Systems like Oracle NetSuiteSAP Ariba, and Workday offer a range of features such as supplier and purchase order management, invoice management, and inventory management.

Ultimately, the effectiveness of a procurement module in an ERP system will depend on the specific requirements of the business and how well the system is configured and implemented as a whole.

For details on ERP Systems like Oracle, SAP and Workday, download a full copy of this guide for free.

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Procurement Management Applications

Unlike ERP platforms with various modules, stand-alone procurement management applications help businesses only manage their procurement processes.

This data, however, can be integrated and shared with other company applications.

Procurement management software typically includes features such as purchase order management, supplier management, invoice processing, contract management, and spend analysis.

The goal of procurement management software is to automate and streamline procurement processes, reduce the time and resources required to manage activities, and improve accuracy and control.

This type of software can be used by businesses of all sizes and across industries. Using procurement management software should help businesses better manage their procurement spend, negotiate better contracts with suppliers, and improve overall procurement performance.

In general, procurement management applications like CoupaProcurifyTradogram, and Planergy offer similar features and functionality, but with different areas of focus and target markets.

Spending, Travel, and Expense Management Solutions

Spending, travel, and expense management applications automate and streamline spending processes, which can include the tracking, submitting, and approval of employee expenses and travel requests.

This type of software typically allows employees to submit expenses and travel requests remotely through a mobile app or web portal, which can then be reviewed and approved by managers or administrators.

It may also integrate with corporate credit card accounts and financial systems to provide real-time spending data and automate the reconciliation process.

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The goal of spending, travel, and expense management applications is to help companies reduce the administrative burden of reporting these expenditures, improve compliance with company policies, and gain greater visibility into travel and entertainment spending.

In other words, to better uncover how your sales team spends money in the field. Popular travel and expense management systems include Chrome River, SAP Concur, Abacus and Certify.

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RFP

RFP Management Applications

A Request for Proposal (RFP) management application is a software tool designed to help companies manage the process of responding to RFPs more efficiently and effectively.

RFP management applications typically offer a range of features to help companies manage the entire RFP response process from start to finish. These features may include:

Content management
Collaboration tools
Automation
Analytics
Integration

Overall, an RFP management application can help companies respond to RFPs faster, more accurately, and with less effort, freeing up time and resources to focus on other critical business tasks.

Tail Spend Applications

Tail spend refers to the 20% to 80% of an organization’s indirect spending that typically consists of low-value purchases, one-time buys, and ad-hoc spending.

Often, companies define and track tail spend differently with many considering the effort too difficult to truly manage.

However, due to the pandemic and better tools, managing tail spend gained more importance as companies tried to cut costs.

Tail spend management aims to optimize and automate these purchasing processes, often through the use of technology platforms and services.

tail spend guide
procurement software solutions

Vendor & Supplier Management Applications

Vendor and supply chain management applications are designed to optimize the flow of goods and services from suppliers to customers while minimizing costs and maximizing efficiency through the entire supply chain.

They can also help businesses achieve a competitive advantage by improving delivery times, reducing inventory costs, and improving customer satisfaction.

Two features of these applications are logistics management and supplier relationship management. Logistics management helps track operations from transportation to warehousing and distribution.

Supplier relationship management helps businesses manage their relationships with suppliers, including supplier performance monitoring, risk assessment, and collaboration.

For more details regarding vendor and supplier management solutions, along with a review of popular applications, download a free copy of the guide:

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Conclusion

There are literally hundreds of procurement software solutions available in the marketplace. Depending on your organization’s needs, it’s possible for multiple applications to be working together in a concerted effort to streamline procurement processes and provide a more efficient way to source and manage spend. 

Before investing in one (or more) systems, be sure to evaluate your own company’s goals and needs and find a match based on its specific features… and your budget.

The procurement function continues to evolve, and the software solutions available today are only supercharging the rate at which procurement strategically impacts an organization.

Don’t get left behind! If you’re feeling overwhelmed with the options, or if a high-dollar procurement system is not in the budget, there are other resources available to help you source smarter and faster – especially when it comes to your indirect spend

As a group purchasing organization, Una works with procurement leaders like you to optimize your procurement strategy in a way that leads to increased cost savings and better overall spend management.

This means helping businesses gain access to a wide variety of suppliers and unmatched contract terms, including deeply discounted pricing on the things you need to run your business – procurement software and all.

Contact our team to learn how group purchasing can work for you and start saving more money, time, and effort.

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