5 Procurement Tools You Must Have in Your Evaluation List

Jeremy Francis

December 3rd, 2018 Procurement Process  

Procurement Tools

Anyone in procurement knows how many factors determine the success of a purchase order process. Between managing vendors, purchase order tracking and budget approvals, conducting three-way matches, and more, there is a whole lot that can go wrong.

Getting the right tool is more than a good business decision that earns you a pat on the back or workplace brownie points. Picking a good procurement management software is often the difference between a successful procurement team, and a hassled set of people who are scrambling every day and dealing with frustrated customers, coworkers, and finance team members.

To help you pick from so many procurement management tools out there, we’ve put together this list of the top 5 procurement management tools, and their pros and cons. As we put it together, we also gathered this list of the key features that stood out in a competent procurement tool.

5 Crucial Features Your Procurement Management Tool Needs

Spend Control

Manage expenses with company-specific custom rules and approval processes

Three-Way Matching

Purchase orders need to be cross-matched with invoices and purchase requests

Smart Dashboards

Take data-driven designs based on insights

Customizable Interface

Drag-and-drop tools to edit forms, workflows, and fields

Quick Approvals

Automated workflows and alerts designed to speed up processes

Here are Five Procurement Tools That Stand Out From the Crowd

1. Precoro

Precoro includes features that help you run purchase orders, keep track of budget tracking, and even onboard vendors. You can generate customized reports with insights into factors like spending, and automatically allocate cost centers. Overspends can trigger alerts, helping you avoid going over budget.

Key Features/Modules:
  • Purchase orders
  • Billing
  • Approval workflow
  • Vendor management
  • Three-way Matching
  • Spend analysis
Pricing:

The base price is for standard users, $6.50 per user per month. ‘Power users’, the next price bracket, are charged $52 per month. Enterprise plans, which come with custom integration and dedicated customer service, can be obtained by contacting Precoro.

2. KiSSFLOW

KiSSFLOW is an automation-based procurement tool that helps businesses create and modify workflows and procurement processes according to particular business needs.

KiSSFLOW handles your approval workflows for purchase requisitions, purchase orders, vendor management, contract management, invoice processing and so on.

In addition, KiSSFLOW also integrates seamlessly with other third party tool like Zapier, so you can use any tool that you’re already using right alongside KiSSFLOW, so there’s no data loss or compatibility issues.

Key Features/Modules:
  • Purchase requisitions and orders
  • Approval workflow
  • Vendor management
  • Contract Approval
  • Invoice Approval
  • Three-way Matching
  • Reporting and Analytics
  • Integration with other tools
Pricing:

KiSSFLOW’s pricing is simple and straightforward for organizations of all sizes. The price is just $9/user/month and it includes all the feature with NO limitation.

3. Coupa

Coupa’s design seems aimed primarily at covering all the aspects of procurement, as proved by dedicated modules taking care of various procurement processes like approvals, budget management, and inventory management. Business users have access to approvals on email and on the mobile app, which means they can manage procurement-related approvals right from their inbox!

Coupa is also built for easy integration, letting you use it in tandem with ERP systems like SAP Business One.

Key Features/Modules:
  • Purchase Orders
  • Approval workflow
  • Vendor management
  • Budget Management
  • Inventory Management
  • Three-way Matching
  • Integration with other tools
Pricing:

Pricing is quote-based, which means you’ll need to contact Coupa to get a price quotation.

4. Promena e-Sourcing

A sourcing and procurement tool, Promena’s offering simplified purchasing. Tools for RFIs (Requests for Information), and RFPs (Requests for Proposals) take care of the sourcing side of things. Promena also offer tools like a main dashboard for managing procurement and sourcing.

Key Features/Modules:
  • Purchase Orders
  • Approval workflow
  • Sourcing management
  • Bid Management
  • Budget Management
  • Invoice Processing
Pricing:

Like Coupa, Promena also features quote-based pricing.

5. eBuyerAssist Procurement

Taking a modular approach to the various procurement-related tasks, eBuyerAssist Procurement provides users with dedicated features that take care of RFIs, RFQs (Requests for Quotation), invoice matching, warehouse and contract managements, vendor risk management, strategic sourcing, inventory control and more.

This tool is designed for easy integration with other, like Quickbooks and Microsoft AX.

Key Features/Modules:
  • Requests for Quotation
  • Vendor Management
  • Strategic Sourcing
  • Invoice Processing
  • Contract Management
  • Inventory Control
Pricing:

As for pricing, you’ll be paying $39 for the ‘Small Business’ version (per user per month), all the way up to $69 for a ‘Custom Platform’ edition.

For an Alternative Procurement Solution Approach, Try KiSSFLOW

Although most dedicated procurement solutions look like the ideal choice, they often need so many workarounds to fully cover the procurement cycle, especially approvals. In the end, that defeats the very purpose you pay good money to get a comprehensive solution.

A great alternative to these off-the-shelf systems is a customizable platform like KiSSFLOW. With a system like this in place, you can create a custom procurement system that is tailor-made for your organization’s approach to procurement.

If you’re in the market for a procurement management tool that actually takes the work off your hands, try KiSSFLOW free for 14 days. You’ll see how easy it is to make your own procurement system that fits like a glove, and you can then use it for a much more reasonable price as well.

Choose the Simplest Procurement Tool

Try KiSSFLOW for FREE