Procurement

Top 5 procurement tools available in the market and which to choose?

26.02.2024

Before the advent of e-procurement software, a company’s procurement was usually handled on paper. While it served its purpose, it was riddled with inefficiencies and proved to be incredibly time-consuming. As the internet and e-commerce grew in popularity, Procurement functions were transferred to email and websites. As technological advancements boomed across the globe, companies started using procurement technologies and purchasing tools to help automate processes and increase profit margins. Beyond that, the technology aids in improved reliability, transaction visibility, transparency, and cost savings across the entire supply chain.

Now with a plethora of procurement software options available in the market, getting the right procurement tool makes all the distinction. It 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 filter through the options out there, we’ve put together this list of the top 5 procurement platforms, judging each option by their ease of implementation, integration capabilities, scalability, process automation features, security and compliance, multi-channel accessibility, etc.

1. Kissflow Procurement Cloud

Kissflow Procurement Cloud is a flexible source-to-pay solution that helps streamline your procurement processes in a centralized platform. It offers customizable processes and workflows to cater to the unique needs of your business. With modules such as sourcing, supplier management, contract management, inventory management, invoice automation, spend analysis and custom integrations, the solution automates manual tasks, reducing errors and minimizing third-party risks. By improving efficiency and promoting cross-collaboration between suppliers and internal teams, Kissflow Procurement Cloud helps drive profitability and ensures timely fulfillment of demands.

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Pros

  1. Streamlined Procurement Processes:

    Kissflow Procurement Cloud can help organizations automate and streamline their procurement processes, reducing manual work and improving efficiency.
  2. User-Friendly Interface:

    The platform is known for its user-friendly interface, making it easier for users to navigate and interact with the system.
  3. Customization:

    Its customizable tools and workflows allow you to tailor the procurement processes to your specific needs and requirements.
  4. Workflow Automation:

    Automation features help in automating repetitive tasks, reducing errors, and ensuring consistency in the procurement process.
  5. Real-Time Tracking and Visibility:

    The platform provides real-time tracking and visibility into the procurement process, allowing you to monitor progress and identify bottlenecks.
  6. Collaboration and Communication:

    Enhanced collaboration tools enable better communication with suppliers and stakeholders, both internally and externally.
  7. Integration Capabilities:

    Integration with other systems and tools, such as ERP or financial software, facilitates a more comprehensive and seamless procurement ecosystem.
  8. Mobile Accessibility:

    Since the platform saves everything securely on the Kissflow Cloud, you can easily manage your procurement processes from anywhere at any time and on any device.
  9. Compliance and Audit Trails:

    Customizable workflows ensure that the right stakeholders approve purchases and eliminate unauthorized purchases. The platform also includes features to ensure compliance with regulatory requirements and provides audit trails for tracking changes and approvals.
  10. Cost Savings:

    Through process automation and efficiency improvements, organizations experience cost savings in terms of time and resources spent on procurement activities.
  11. Scalability:

    Kissflow Procurement Cloud is built to scale with your company’s growth–allowing organizations to adapt and grow without major disruptions to their procurement processes.
  12. Vendor Management:

    The software includes features for managing vendor relationships, including performance tracking, contract management, and vendor communication.
  13. Implementation:

    Thanks to its simple implementation and top-notch customer support, your customized and fully functional Kissflow Procurement Cloud will be ready to use in less than 8 weeks! 

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Cons

  1. While the platform is comprehensive, contract and asset management are in the early stages. 

2. Coupa Procurement

Coupa is a cloud-based business spend management (BSM) platform that includes procurement among its core functionalities. Coupa's procurement solution is designed to help organizations manage their procurement processes more efficiently, control costs, and improve visibility into spending.

Pros

  1. Comprehensive Spend Management: Coupa offers a comprehensive suite of tools for managing various aspects of business spend, including procurement, expenses, and invoicing, providing a holistic approach to spend management.
  2. Cloud-Based Accessibility: Being a cloud-based solution, Coupa allows users to access the platform from anywhere with an internet connection, promoting flexibility and collaboration.
  3. Automation and Workflow Efficiency: Coupa provides automation features that streamline procurement processes, reducing manual tasks and improving overall workflow efficiency.
  4. Real-Time Visibility: The platform offers real-time visibility into spending, procurement activities, and other relevant data, enabling organizations to make informed decisions and monitor performance.
  5. Supplier Collaboration: Coupa facilitates collaboration with suppliers, helping organizations build and maintain strong relationships.
  6. Analytics and Reporting: Coupa's robust analytics and reporting capabilities provide insights into spending patterns, compliance, and other key metrics. This data-driven approach supports strategic decision-making.
  7. Compliance and Risk Management: The platform includes features to ensure compliance with internal policies and external regulations. It assists in identifying and managing risks associated with procurement activities.
  8. Community and Support: Coupa has a community of users and provides support resources, including documentation, training materials, and customer support, contributing to a positive user experience.

Cons

  1. Coupa is relatively more expensive compared to other procurement solutions.
  2.  Implementation time: The implementation process of Coupa takes longer when compared to solutions like Kissflow Procurement Cloud. Organizations should plan for an adequate implementation period to ensure a smooth transition.
  3. Customization complexity: While Coupa offers customization options, some users have noted that extensive customization can be complex and may require technical expertise. 
  4. Learning curve: Despite its user-friendly interface, some users have experienced a learning curve, particularly when first adopting the platform. Adequate training and change management strategies may be needed.
  5. Integration challenges: While Coupa is designed to integrate with other systems, integration can sometimes pose challenges. Organizations should assess their existing IT infrastructure and requirements for seamless integration.
  6. Updates and changes: Some users have mentioned that updates or changes to the platform may require users to adapt their workflows. Communication and training are essential to manage these transitions effectively.
  7. Reporting limitations: While Coupa has robust reporting capabilities, some users have identified limitations in terms of complex reporting requirements. Advanced reporting needs may require additional tools or expertise.

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3. Procurify

Procurify is a spend-management and purchasing software aimed at mid-level companies. With Procurify, businesses can centralize all their purchasing information, thereby enabling users to create, track and report on all requisitions, purchase orders, and expenses. Its analytic reports help businesses track purchases in real-time and then use that data to make informed decisions.

Pros

  1. Procurify is user-friendly and is available on multiple platforms
  2. Improved customer support
  3. Effortless budget tracking
  4. Proves to be a great tool for inventory control
  5. Mobile app notifications are very helpful
  6. Procurify ensures a smooth flow of information between users

Cons

  1. Too many features on the platform make it confusing to navigate
  2. Mobile UI could be improved
  3. Retrieving product information takes time as it usually involves a lot of scrolling
  4. Product integrations and interface could be better
  5. Server downtime is high

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4. Precoro

Precoro is a cloud-based purchasing tool that streamlines procurement processes for small and midsize businesses. Purchase order creation and distribution, blanket POs, visual analytics on departmental spends, billing, real-time budgeting, three-way matching, and catalog management are some of the main features. Precoro centralizes all data, allowing users to monitor requisitions, approvals, budgets, and orders in one place. Users may also set due dates for requests based on their preferences.

Pros

  1. Simple, fast, and flexible customer workflows
  2. Multi-user platform that enables superior collaboration
  3. Comprehensive budget analysis that offers better visibility into your spend
  4. Quick product retrieval from catalogs through the search option
  5. Provides visually pleasing custom reports
  6. Eliminates fraud and discrepancies through 3-way matching

Cons

  1. Precoro’s interface could be a lot more intuitive
  2. Access to information elapses past the deadline
  3. Integration with ERP systems and APIs proves to be a challenge
  4. Lacks in-depth analysis
  5. Customizations aren’t available in approval workflows
  6. Requires more language support
  7. Mobile app could be an added advantage

5. SAP Ariba

SAP Ariba is a cloud-based procurement, spend tracking, and supply chain management solution that connects suppliers and buyers on a single platform. It provides an all-in-one integrated framework for managing anything from sourcing to payments. Your supply chain, sourcing, and contract management processes are all digitally transformed with SAP Ariba.

Pros

  1. Approval workflows are flexible
  2. Provides visibility into procurement transactions
  3. SAP Ariba offers access to standard design templates
  4. Cross-platform availability is good
  5. Integrations are easy
  6. Comes with guided buying

Cons

  1. The platform isn’t intuitive
  2. SAP Ariba has limited reporting capabilities
  3. Requires a bit of hand-holding to get the most out of the system
  4. Needs to improve on graphical data representations
  5. New releases aren’t stable and lack testing
  6. Getting in touch with support is difficult
  7. There are issues with submitting invoices

Why choose Kissflow Procurement Cloud?

Kissflow Procurement Cloud is a comprehensive procurement platform that lets you handle everything related to purchasing from the comfort of your couch, from anywhere and at any time.  Thanks to the software’s low-code platform, it is a breeze to work with and adoption takes less than 8 weeks! Plus, it is more cost-effective than its competitors. Now you can execute procurement processes with ease and pinpoint accuracy. Sign up for a free demo to learn more about Kissflow Procurement Cloud.