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Ever wondered how successful businesses handle procurement? How do they tackle vendor research, risk assessment, contract negotiation, cost analysis, etc?
When your business expands, procurement gets more complex, involving more stakeholders. So, what is the solution to expertly navigate this complex landscape?
Well, you can start by managing these purchases with advanced procurement software. Procurement software is essential for automating SaaS purchasing using workflows for better efficiency.
It’ll provide complete transparency over the process, increasing accountability. No more chasing approvals; your procurement team can focus on their strategic tasks.
We saved you the research and compiled a list of the best software procurement platforms in 2024. Check it out.
Procurement management software: Why do you need it?
Improving Efficiency
Procurement management software reduces the time and effort required for repetitive processes. It does this by automating and streamlining manual processes. This increase in efficiency allows your teams to focus on essential tasks
Cost Savings
It can significantly contribute to your financial savings. It does this via cost analysis, contract negotiation, and identifying cost-saving options. It’ll provide you with enough benchmarking insights to leverage during negotiations and secure better deals.
Real-time Visibility
The software provides real-time insights into procurement processes. Requesters will be able to track the progress of their purchase requests in real-time, increasing accountability. Complete visibility also helps in expediting the purchase.
Audit Trail and Documentation
The software records every stage of the purchase process. It creates a comprehensive audit trail. This not only promotes transparency but also facilitates audits and compliance verification.
Procurement management software is essential for procurement teams. It helps increase efficiency, productivity, and compliance.
Best Procurement Management Software for 2023
1.CloudEagle
CloudEagle is a modern SaaS procurement and management software using AI to streamline vendor research and procurement.
It has features to automate your procurement process and price benchmarking data to ace your negotiations. Procurement workflows in CloudEagle provide real-time visibility to requesters.
Purchase requests won’t get lost in the chaos, and you can track the progress and approval status in real-time. This visibility ensures the products are purchased on time so your team can start working on their tasks effectively.
It is one of the few products that offers both platform and service functionalities to streamline your procurement. Expert SaaS buyers are available to assist you with vendor negotiations. These on-demand experts will work as your extended team and negotiate with the vendor to secure better deals.
Hiring and training an in-house procurement team can be time-consuming and expensive. A smarter practice is to outsource your procurement process to CloudEagle. This will save time for your procurement team and enhance their productivity.
CloudEagle’s platform insights and negotiation experts will work as an extension of your team, ensuring that you secure the right deals. You can lead the negotiations with our platform insights or let our experts handle them completely. The choice is yours.
Key Features
Application Discovery
CloudEagle’s integration will enable you to identify redundant, unused, risky, unlicensed, and underutilized apps. It can connect with your Single Sign-On (SSO), finance, and HRIS systems and provide total visibility in less than 30 minutes.
Renewal Calendar
Avoid last-minute contract renewal surprises. CloudEagle automates renewal operations. It sends timely reminders via Slack and emails 90 days in advance. You can configure renewal opt-out dates and auto-trigger workflows to stay ahead of renewals.
Optimize License Management
Manage licenses effectively to avoid unnecessary spend due to underused licenses. License reclamation workflows are available to deprovision users due to low usage. Reallocate these licenses to users in need or right-size them during renewal renegotiations.
Custom Reports
Personalized insights for board meetings, budget planning, mergers and acquisitions, and funding diligence. 37 types of custom reports are available, providing usage and spending insights down to the employee level. Use the reports to optimize your stack and make the right decisions.
Assisted Buying
CloudEagle's expert negotiators streamline vendor conversations. They track market trends and ensure competitive pricing using pricing benchmarks. Users can lead negotiations based on professional advice or delegate them to specialists.
When negotiating with vendors effectively, you can significantly reduce SaaS spending. Take the inspiring success story of Nowports as an example. They lacked app usage insights and contract renewal dates, leading to missed deadlines and overspending.
CloudEagle stepped in, providing access to crucial SaaS usage data, visibility into usage patterns, and timely reminders for renewals. This enabled the company to secure the best deals from vendors, ultimately resulting in a 34% reduction in overall SaaS spending.
Workflow Automation
Use CloudEagle's no-code procurement workflows to automate SaaS purchasing. They improve transparency, cut bottlenecks, and streamline the entire procurement process. Workflows include not just purchases but also renewals. Workflows are also available for license reclamation, provisioning, de-provisioning, and other operations.
Lucas Dermois, IT Systems Architect at ICEYE explains how they used various tools and had different contacts to manage but lacked the time and bandwidth to negotiate with vendors. Their SaaS spending was too high, so they opted for CloudEagle to optimize costs and streamline processes.
He highlights how CloudEagle’s monitoring, contract management, renewal, and collaboration capabilities saved time and increased efficiency for them. Watch the detailed video to learn more about his experiences.
Conduct detailed vendor research using our vendor recommendation engine. Instead of visiting external sites like G2, Capterra, etc. you can research vendors within our platform. Compare prices and features side-by-side, read relevant reviews, talk to their customers, and make the right decision.
Customizable Intake Forms
Intake forms can be configured for different purchases, not just SaaS. Ask relevant questions to understand the team’s requirements and purchase the right products.
Slack for Procurement
Enable users to request purchases directly via Slack. Options are available to create a private Slack channel for further collaboration regarding the purchase. You don’t have to visit the platform; you can complete the purchasing process on Slack.
Complete Contract Management
Centralize all contracts and invoices in one location for easy access. This will help in vendor negotiations, audits, and more. Avoid losing these sensitive documents in shared folders or employee inboxes. Keep them safe and organized in one centralized place.
Effective contract management helps organizations streamline their operations and increase their overall efficiency. For instance, when Oyster HR faced challenges with decentralized contract storage, resulting in lost contracts and missed renewals, CloudEagle offered a comprehensive solution.
By integrating with internal systems, CloudEagle streamlined contract management for Oyster HR. With timely renewal alerts, Oyster HR improved efficiency and productivity, removing reliance on spreadsheets. Explore their success story.
Know more about how Oyster HR centralized their contract management.
User Provisioning and Deprovisioning
Onboarding and offboarding are now a breeze using CloudEagle. Use auto-provisioning workflows to suggest the right apps to users based on their roles and departments. Likewise, deprovision them using workflows to prevent unauthorized access from ex-employees.
Pricing
CloudEagle has 3 cost-effective pricing plans with no hidden charges.
1. Starter - $2000/month
2. Growth - $3000/month
3. Enterprise - $4000/month
2. Kissflow
Kissflow is a procurement platform known for its ease and customization. This platform's mobile app makes it easy to track purchase requests. It also helps generate purchase orders and approve invoices.
Kissflow enables centralized data flow with granular permissions for maximum control. It has integrations like Xero and DocuSign.
Key Features
Customizable Procurement Workflows
Customize procurement workflows to specific buying needs. This ensures flexibility and alignment with business processes.
Vendor Management Solutions
The software offers comprehensive tools for quick vendor assessment and onboarding. It also supports efficient management, promoting good supplier relationships.
Streamlining purchase Orders
Offers real-time tracking and approval features for buy orders. As a result improving efficiency and control in procurement operations.
Spend Analytics and Reports
Provides accessible and insightful analytics. This facilitates informed decision-making by providing a deeper understanding of procurement efforts.
Contract Management Excellence
Kissflow simplifies procurement contract management from creation to renewal. Thereby assuring compliance and mitigating risks.
Pricing:
Plan at Kissflow starts at $1,990/month
3. Procurify
Procurify is one of the best and most user-friendly procurement platforms available. This software system provides real-time visibility into all business activities. It also delivers full spend and supplier management solutions, all in a single place.
Key Features
Mobile App Accessibility
Use the mobile app to access Procurify's features while on the go. The app is compatible with iOS and Android.
Integration Capabilities
Easily integrate Procurify with your accounting system or ERP for enhanced operations.
Custom Expense Approval Workflows
Design personalized expense approval workflows. Craft productive workflows even while the team is on the go.
Real-time Visibility
Gain complete, real-time visibility into company processes, spending, and supplier management.
Budget Controls and Audits
Keep financial operations in check by implementing stringent budget controls and audits.
Pricing:
Procurify plan starts at $2000/month.
4. Vendr
Vendr is the go-to procurement software for businesses that rely heavily on software. Vendr is a valuable resource for software stack management teams. It emphasizes lowering SaaS expenses and accelerating the procurement process. Vendr, trusted by over 500 businesses worldwide, revolutionizes the SaaS purchasing process.
Key features
Effective SaaS Purchasing
Use Vendr's complete SaaS buying guide to maximize ROI and speed-up software procurement. It helps enterprises take control of purchase cycles and increase cost savings.
Threat Notification
Identify and alert administrators to potential threats and concerns associated with SaaS applications.
Policy Enforcement
Defining and implementing security and data governance policies within the platform is simple.
Data Management
Maintain administrative control over sensitive user data while maintaining better security.
Government and Industry Compliance
Helps ensure a strong procurement process and adherence to compliance regulations and standards.
Vendr has three pricing plans. The starter is $36,000, the Professional is at an intermediate cost, and the Enterprise is $120,000. Each plan meets the needs of different businesses.
5. Coupa
Coupa, a great procurement solution, focuses on improving your financial processes. Its key strength is smart spend control for efficient procurement. Coupa manages the complete source-to-pay cycle. This gives you a considerable increase in financial success.
Use Coupa to manage working capital and create budgets easily. The app delivers user-friendly automation. It eases operations such as contracting, purchasing, invoice approvals, and supplier contacts.
Key features
Spend Management Excellence
Coupa excels at optimizing spend management. It provides a unified approach to source-to-pay procedures.
Strategic Working Capital Management
Manage working capital efficiently to ensure precise financial visibility and control. Expect budgets to maintain exact control.
Impactful Automation
Use Coupa's sophisticated automation features. Streamline important operations like contracts, purchasing, invoice approvals, and supplier relationships.
Visual Supplier Management
Make use of supply chain tools to visualize and manage third-party supplier connections.
Coupa Community.ai Insights
Offers access to vital financial benchmarks, enhancing decision-making and financial planning.
Pricing:
Tailor-made pricing plans are available. So, for personalized solutions, businesses can directly contact the Coupa team.
6. Tropic
Tropic is a dedicated SaaS procurement platform. The company focuses on transforming business operations. It specifically emphasizes empowering IT, procurement, and finance teams. Tropic focuses on procurement efficiency.
It has Fortune 500-level features. Unlike comprehensive SaaS management solutions, Tropic emphasizes procurement efficiency.
Key features
SaaS App Discovery
TropicApp is an intuitive and user-friendly platform. It makes choosing the best SaaS applications for your specific business needs easier.
Automated Approvals
Tropic uses an automated approach to reduce the need for manual intervention. Thereby resulting in faster procurement processes.
SaaS Contract Management
Tropic streamlines oversight and compliance by centralizing the management of all SaaS contracts. It provides complete visibility and control.
End-to-end Procurement
Tropic's extensive end-to-end procurement features enable smooth task delegation. This results in a hands-off, hassle-free solution.
SaaS Spend Optimization
Tropic enables enterprises to optimize their SaaS spending. Tropic achieves this by optimizing procurement processes and automating them. This leads to significant time and resource savings.
TropicApp has three pricing tiers: Essentials, Plus, and Premium. Users can contact the TropicApp team directly for specific and full pricing information.
7. Spendflo
Spendflo emerges as a strong SaaS management platform. It helps large businesses find, optimize, and secure their applications. This is helpful where applications are spread across varied departments and teams.
This comprehensive solution streamlines the SaaS procurement and contract management processes. This is besides the pioneering cost-cutting strategies. Furthermore, it integrates benchmark data and organizational insights to enable informed decision-making.
This makes it a must-have tool for effective SaaS management and procurement.
Key features
Sentiment Hub
Spendflo's Sentiment Hub empowers your decision-making. It enables you to measure customer sentiment and feedback on the software. This leads to well-informed purchases and improved vendor performance assessments.
Centralized Contract Management
Spendflo delivers a centralized solution for contract administration. It automates processes like renewals and cancellations. Spendflo assures unwavering compliance and regulatory conformance.
Renewal notifications
Stay on top of SaaS license renewals with timely notifications. This allows for proactive management and cost reduction through precise procurement processes.
Comprehensive Monitoring
Spendflo provides a comprehensive picture of SaaS expenses across users and teams. It finds optimization opportunities and allows cost control within the procurement framework.
Identification of Unused Licenses and Duplicate Apps
Use Spendflo's intelligent tools to detect duplicated licenses and underutilized apps. Thereby simplifying procurement procedures, maximizing resource use, and assisting in effective cost management.
Pricing:
Starts at $1,500 per month. But Spendflo's pricing varies based on your annual SaaS spend and the add-ons you include.
Conclusion
We listed some of the best procurement management software in 2024. It's tailored to meet the increasing needs of IT teams.
The selection of the best procurement management software is vital. Your organization's demands should be the compass that guides your decision. Consider cost, scalability, integration possibilities, and automation features.
To simplify the process, create a list of features corresponding to your business's goals. CloudEagle stands out as a top choice for its platform and services feature, something other platforms don’t offer.
CloudEagle is a vital tool for efficiency and optimization. Streamline your purchasing process today and save on SaaS spend.
Schedule a demo today. Make CloudEagle your trusted ally for purchasing SaaS applications.
