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

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 pick from so many procurement tools and techniques out there, we’ve put together this list of the top 5 procurement tools, along with their pros and cons.

1. Kissflow Procurement Cloud

Kissflow Procurement Cloud is a flexible source-to-pay solution that helps companies of all sizes streamline their procurement processes. Companies can streamline their procurement strategy and increase process productivity with Kissflow Procurement Cloud. In one unified platform, it includes eProcurement, Punchout Catalogs, AP Automation, Supplier Portal and Management, Inventory Management, Custom Integrations, and much more. If you’re transitioning from manual procurement management tools or replacing disparate systems, look no further than Kissflow Procurement Cloud.

Pros

1. The platform is completely flexible. So you can customize it according to your business needs.
2. Thanks to its simple implementation, you can go live in less than 4 weeks!
3. Users can get a 10x advantage over competitors for a lesser price
4. Kissflow’s unified platform management tools keep the vendors engaged and informed
5. Access information at the speed of thought from anywhere in the world with the cloud option
6. Kissflow’s low-code intuitive platform enables smooth user adoption
7. Easier to integrate with ERP systems and other third-party tools

Cons

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

2. Coupa Procurement

Coupa is a business spend management platform that helps companies around the world gain visibility and controls overall spend to increase operational efficiency, reduce third-party and financial risk, and improve the bottom line. Via spend analysis, strategic procurement optimization, inventory management, and treasury management, Coupa helps companies get more value.

Pros

1. Comprehensive and reliable software that yields better results
2. Coupa is good with audit trails and oversights
3. Very effective in large purchases
4. Improves collaboration between teams

Cons

1. The platform could be a lot more intuitive. Navigating through the platform is a bit clunky
2. Third-party integrations are difficult
3. Onboarding and implementation takes time
4. Coupa is very expensive than its peers
5. Users require extensive training to get the most out of the platform
6. Adding custom fields aren’t easy
7. With Coupa, it is harder to get around default settings

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

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 4 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.