2020’s Best Procurement Software

In 2019, the global procurement software market generated about $5.33 billion in total revenue.

Packed with tons of useful features such as order processing, invoicing, and reporting, such products elegantly automate the purchasing operations of businesses. They minimize the need for human intervention and lower error probability.

In this article, we will cover the best software solutions for procurement and teach you all about their essential features. Read on for our thorough buying guide that will help you select the best option for your business needs.

The Most Powerful Procurement Software

1. Procurify
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1. Procurify
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    • Custom approval structures
    • Vendor management
    • End-to-end workflows
Summary
Eliminate unnecessary paperwork, boost overspending control, and reduce request-to-approval times with Procurify. Used by businesses in biotech, hospitality, health, pharma, and other industries, this software handles enterprises of any size. Most importantly, Procurify comes equipped with useful features, including PO creation, custom fields, and seamless integrations. See Profile >
Services Focus
    • Custom approval structures
    • Vendor management
    • End-to-end workflows
2. Tradogram
User Rating: 5 (1 votes)
$10/user/month
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2. Tradogram
User Rating: 5 (1 votes)
    • Approval workflow system
    • Budget planner tool
    • Custom spend analysis reports
Key Features
$10/user/month
Summary
The expense management system by Tradogram has four essential functions. It covers approvals, budgeting, monitoring, and reporting. Apart from expense management, Tradogram offers accounting, budgeting, and procurement solutions. See Profile >
Services Focus
    • Approval workflow system
    • Budget planner tool
    • Custom spend analysis reports
3. Fraxion
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3. Fraxion
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    • Expense tracking
    • Three-way invoice matching
    • Budgeting and reporting
Summary
Trusted by over 1,000 organizations and managing more than $10 billion of spending worldwide, Fraxion is a top-rated eProcurement software. Cloud-hosted and scalable, this system easily adapts to any business operations and elegantly handles any company’s purchasing workflows. With its approval routing and tons of other features, Fraxion will cut down your purchasing cycle time by an impressive 30%. See Profile >
Services Focus
    • Expense tracking
    • Three-way invoice matching
    • Budgeting and reporting
4. Vroozi
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4. Vroozi
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    • Automated purchasing workflow
    • One-click purchasing
    • Configurable web forms
Summary
Companies with as few as 10 employees, as well as enterprises with over 500 people, trust Vroozi with their procurement workflow. Intuitive, customizable, adaptable, and smart, this procurement SaaS maximizes your spending and minimizes your costs. Configurable auto-approvals, easy integration, and powerful reporting are among the product’s main strengths. See Profile >
Services Focus
    • Automated purchasing workflow
    • One-click purchasing
    • Configurable web forms
5. Gatekeeper
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$695/month
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5. Gatekeeper
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    • Supplier management
    • Cost reduction tools
    • AI Extract™
Key Features
$695/month
Summary
More than 500 companies around the world use the powerful and AI-boosted Gatekeeper platform. Simple, secure, and collaborative, this product gives users full visibility of their contracts and vendors. Rather than handling procurement only, Gatekeeper is here to automate your workflows, guarantee compliance, and cut costs. See Profile >
Services Focus
    • Supplier management
    • Cost reduction tools
    • AI Extract™
6. Orderhive
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$49.99/month
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6. Orderhive
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    • Automated POs
    • One-point supplier coordination
    • Custom formats
Key Features
$49.99/month
Summary
With over 5,500 customers worldwide, Orderhive is a well-established purchasing and inventory software. Users have reported 30% efficiency growth with this platform, which also has impressive customer satisfaction levels. Orderhive handles orders, shipping and inventory management, and automates any procurement-related processes. See Profile >
Services Focus
    • Automated POs
    • One-point supplier coordination
    • Custom formats
7. Bellwether
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$30/user/month
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7. Bellwether
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    • Approvals and budgeting
    • Two-way and three-way matching
    • Blanket orders
Key Features
$30/user/month
Summary
Among the best options for small and midsize businesses, we have the Bellwether business process management software. Trusted by over 1,000 procurement managers worldwide, this solution is designed for companies handling between 50-1,000 POs per month. As software for procurement management, Bellwether automates your workflows, lets you convert requisitions to POs with two clicks, and calculates applicable taxes. See Profile >
Services Focus
    • Approvals and budgeting
    • Two-way and three-way matching
    • Blanket orders
8. AvidXchange Purchase Order
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8. AvidXchange Purchase Order
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    • PO requisitions
    • Automated POs
    • 150+ integrations
Summary
AvidXchange and its sturdy software help more than 6,500 mid-sized businesses with their day-to-day operations. This system focuses on automating as many workflows as possible and as a result, minimizes both wasted time and operating costs. Like many other procurement software companies, AvidXchange has multiple solutions, including systems for purchasing, invoicing, paying, and supplier management. See Profile >
Services Focus
    • PO requisitions
    • Automated POs
    • 150+ integrations
9. TradeGecko
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$39/month
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9. TradeGecko
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    • POs creation and editing
    • Barcode scanning
    • Reporting
Key Features
$39/month
Summary
TradeGecko is a full inventory and order management platform for businesses of any size. The brand serves companies from all around the world and in various industries, including fashion, food, and electronics. Reasonably priced and with a long list of capabilities, this procurement system leads to error-free, automated, and streamlined processes. See Profile >
Services Focus
    • POs creation and editing
    • Barcode scanning
    • Reporting
10. NetSuite ERP
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10. NetSuite ERP
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    • Built-in business intelligence
    • Procurement
    • Warehouse administration
Summary
NetSuite is a scalable, cloud-based ERP with a customizable view of the most important performance indicators for the entire company organization, from management to accounting and staff.  See Profile >
Services Focus
    • Built-in business intelligence
    • Procurement
    • Warehouse administration

How We Rank Procurement Software

Appropriate classification and overview of the features help us rank the best products in this category. All of the solutions featured in our table have gone through a thorough evaluation process which enables us to recommend only relevant products. Keep reading and learn all about our strict ranking criteria.

Classification

Applicable to any type of software, there are three cornerstones of classification, namely industry focus, business size, and deployment. While these don’t affect the ranking, they can help determine what options would work for you.

Industry focus – There is transportation procurement software, just like there are solutions for construction companies or hotels. Products that target businesses in a specific sector have industry-related features and lack the flexibility of general solutions.

Business size – The software can cater to small, midsize, and large companies. It’s always best to stick to products favored by businesses of a similar size to yours.

Deployment – The last aspect of classification is deployment. Software products are on-premise and offline, SaaS, or cloud-hosted. Each option comes with both advantages and drawbacks, meaning that your needs will determine the most suitable alternative. For example, online procurement software tends to be cheaper, simpler to use, and more flexible.

We’d like to stress that classification doesn’t affect the ranking of the solutions listed here. Instead, it helps us and our readers understand the target consumer group which in turn leads to smarter purchases and higher satisfaction levels.

Purchasing Software Features

Now that you know how to classify this type of software, let’s move on to its essential features. Each of them lets you streamline your procurement processes, which is why more features mean a better ranking.

Purchase Workflows

Since the primary role of the software is to handle your purchases, we value options that enable you to create automated workflows for your procurement processes. A reliable solution will handle selection and ordering as well as approvals and delivery.

Streamlined items requests, invoice matching, and automated reminders are some other important functionalities of top-performing eProcurement software.

Purchase Invoicing, Billing, and Budgeting

Your procurement procedure is much more than placing a single order. This means that the software should be powerful enough to handle invoicing, billing, and budgeting.

You want the platform to cross-check data in purchase requests as well as to purchase orders automatically. Being able to do the invoicing guarantees quick approvals along with correct and timely payments.

Moving on to billing, easy electronic bill payments are especially appreciated in procurement software for small business owners.

Budgeting is another essential functionality. Those with lots of expenses will find this feature particularly useful. A robust system gives you enough data regarding your budget, so you always have the correct information. This helps in making smarter decisions and results in more straightforward navigation.

Vendor Management

An absolute must, vendor management enables you to store all vendor data in a centralized database. No duplication, no errors, no confusion. Products that let you enroll new vendors directly from the PO generation process get better rankings in our table.

Customization and Flexibility

By the time you decide to invest in this type of product, you already have your basic operations in place. This means that you need a system that can adapt to your way of working rather than the other way around.

So, when we make procurement software comparison, we give boosted rankings to customizable and flexible solutions. From customizable interface and workflows to custom purchase order processes, you should have the power to change the product to suit your needs.

Three-way Matching

You shouldn’t overlook three-way matching either. The product you buy should be able to verify and match data from purchase requisitions, orders, and invoices. This prevents any discrepancies and leads to error-free processes.

Expense Management

Expense management often comes as an extra feature or even as a separate product. The best procurement software, however, often offer it for free. Some functionalities of an expense management tool include paper receipt looping, spending tracking, credit card reconciliation, expense claim requests, and cost-cutting tools. All of these save you time and provide you with insightful data regarding the money you spend.

Reporting and Analysis

You want informative and detailed reports as well as custom, real-time reporting. You also want business intelligence tools that help you analyze your purchasing trends and evaluate different vendors. With these two functionalities, you can identify weaknesses and improve your negotiation position with vendors.

Accessibility and Integrations

Your procurement management software needs to be simple to use and easy to set up. Convenience in terms of supported devices is essential, with mobile-friendly platforms earning extra points. It goes without saying that we appreciate seamless, real-time integrations as well.

Pricing

The last aspect that affects the rankings is pricing. Here, we focus on value for money rather than price. We want to get as many features as possible for a reasonable fee, rather than just recommend cheap or free procurement software.

We further value software providers that let you test their product via a free trial and offer a money-back guarantee, as well as those with a fair exit policy. That said, we don’t overlook the price completely, but rather, stick to options whose fees align with the industry average. All brands in the table offer great value for the investment and come at a reasonable price for their features.

Reviews of Procurement Software

Procurify

Small and midsize businesses, as well as large enterprises, can all use the powerful Procurify software. This system easily integrates with popular solutions such as QuickBooks, NetSuite, and Slack. Robust and extensive, Procurify empowers users to create custom approvals and streamline their purchasing workflows. It does this via both desktop and mobile devices, meaning it’s a valuable tool inside and outside the office.

Pros
  • Expenses management
  • Real-time budget tracking
  • Mobile requests
  • Spend analytics
  • Three-way matching
Cons
  • Overwhelming to newbies
  • No e-sourcing

Listing all the functionalities of the Procurify purchasing order software is exhausting with the brand covering all the essentials. Customizable approval routing flows, simple purchase requests and PO creation are just a few. The list goes on with custom CSV exporters, custom fields, vendor benchmarking, and accounts payable. This robust solution also features vendor management and expenses management. Advanced permissions, advanced onboarding, and guaranteed SLA also come as part of the more expensive Procurify packages.

You can test this product by requesting a demo. From there on, there are three premium packages, whose prices Procurify provides upon request. They are designed to meet the needs of what the company refers to as different Spend Cultures, or the values and behaviors of employees. As a result, the product can perform equally well as an IT procurement software and as a purchasing solution for nonprofits.

The three basic plans are Pioneer, Voyager, and Enterprise. They all come with a robust set of functionalities. The latter two, however, support advanced permissions and multiple business units. Some features of the Enterprise plan meanwhile are guaranteed SLA, advanced onboarding, and data and security documentation.

Tradogram

Perfect for businesses of any size and in any industry, Tradogram is a one-stop solution for several essential processes. As a purchase order and inventory management software, the platform tackles multiple steps, including requisitions and documentation. Its rich functionality list further makes Tradogram an excellent choice for firms in various industries. Companies in education, construction, manufacturing, and healthcare are some of the system’s users.

Pros
  • Purchase requisition system
  • Budget planner
  • Expense system
  • PO management
  • Two-way and three-way matching
Cons
  • Integrations need improvement

As a real purchase-to-pay solution, Tradogram comes packed with functionalities. The platform handles your PO management via PO matching, invoice automation, delivery management, and inventory distribution. Flexible and customizable, this procurement management software gives you the power to configure automated workflows and streamline approvals.

Tradogram also comes with a convenient items master database and lets you automatically document purchasing records. Both lead to insightful reports and analysis of your spending. With Tradogram, you can track expenses and control purchase orders internally.

You can get a free trial to test if Tradogram is the right product for your needs.

New businesses with up to 10 transactions a month can use the platform as free procurement software. To get unlimited transactions and multi-users, you need the Premium Plan. This comes at $15 per month or $10 per month when billed annually. Entities that require 20 or more users can request a quote for the Enterprise Package.

In terms of features, the Free Basic plan comes with contract management, invoice matching, expense management, delivery tracking system, and several other tools. User permission control, approval routing, custom spend reports, and priority support are some essential features of the Premium Plan.

Fraxion

Those looking for a world-class cloud-based procurement software should consider investing in Fraxion. The platform can handle everything since it’s already serving businesses in construction, education, and financial services alongside non-profits and governmental organizations. Fraxion is scalable, flexible, and robust, meaning it removes approval bottlenecks, streamlines workflows, and handles reporting in a breeze.

Pros
  • Purchase and invoice management
  • Custom fields
  • Blanket purchase orders
  • Real-time reporting
  • 10+ integrations
Cons
  • Lengthy software updates
  • The dashboard isn’t configurable

Fraxion doesn’t disappoint with its long list of procurement tools. Users get to request and approve purchases as well as invoices and reimbursements. Uploading of supporting documentation is possible, while users can create routing rules and standards permissions. End-to-end expenses tracking is another basic function of Fraxion alongside the three-way invoice matching and custom user-created fields.

Fraxion is much more than a single solution. It comes with visual workflows, custom analytics, and vendor punchout. Contract management is possible as well with this robust platform. The system’s advanced plans have even more purchasing system software functionalities. Some of these include automatic POs, invoices and expense reports, automated accounts payable, and unlimited approval levels.

Any company can experience the Fraxion platform by requesting a demo.

Then, the software provider offers three premium plans – Prime, Prime +, and e. Their pricing comes with subscription fees for deployment services and users, as well as support and hosting. Since every company has different needs, Fraxion provides quotes upon request only.

The brand also offers SLA packages for those who want services outside the company’s standard support and maintenance program.

Vroozi

Vroozi comes with several business solutions for users. This purchasing management software handles your marketplace, procurement, invoicing, integration, analytics, and expenses. It also works on both desktop and mobile devices for extra convenience. In terms of business size and industry focus, Vroozi serves all types of companies and organizations.

Pros
  • Electronic POs
  • Document flow
  • User statistics
  • Real-time notifications
  • Spend visibility
Cons
  • Needs more flexibility

Vroozi offers all the essential tools of a procurement platform and much more. Users of the system can track requests, centralize organizational spending, and approve purchase orders. Three-way matching prevents overpaying, while the supplier catalog gives you valuable insights about your vendors. This procurement workflow software seamlessly integrates with your financial systems and significantly cuts down cycle times.

With Vroozi, you also get secure approval processes and insightful reports. The user analytics, which leads to more informed decisions going forward, also deserves a mention, along with Vroozi’s budgeting, reporting, and self-service platform.

The company offers numerous services and a fully scalable product. You can request a live demo to see what functionalities make sense for your business. After that, the vendor will provide you with an offer tailored to suit your individual needs, working style, and business size.

Gatekeeper

An excellent choice for mid-sized and large companies, the Gatekeeper procurement software solution is here to boost your efficiency with its exclusive features. The Kanban Workflow Engine helps towards the visualization of vendor onboarding, documentation updates, performance reviews, and supplier invitation. With a robust core platform and many additional modules, Gatekeeper offers full automation and lower operating costs to businesses and nonprofits.

Pros
  • Automated reminders
  • Custom fields
  • Supplier management
  • Renewal handling
  • 20+ integrations
Cons
  • Pricey
  • Many features cost extra

Everything is easy with the AI machine learning that comes with the Gatekeeper Core platform. Users of this procurement software can manage contracts and vendors as well as workflow and compliance. They also get integrated e-signatures and contract templates. Procurement is easily handled with Gatekeeper and its automated renewal processes alongside the tracking of compliance, risk, and events.

The platform wants you to succeed, so it also provides best-practice templates together with useful reports. Gatekeeper is highly configurable and flexible, and seamlessly integrates with numerous apps, including Google Drive, Zapier, Outlook, and Oracle.

Gatekeeper provides a free demo and three basic premium plans.

With the cheapest Essentials package coming in at $695 per month, this solution is not exactly the most affordable procurement software for a small business. It, however, works great for established companies with more complex needs. This plan supports 150 suppliers and 150 contracts. For $1,650 per month, consumers can get the Pro package, which comes with 500 suppliers and 500 agreements.

Finally, Gatekeeper Enterprise supports 1,000 of each for $2,950 a month. Those who need unlimited suppliers and contracts can ask for a tailored quote for their needs.

All plans come with unlimited users and archived suppliers and contracts. They also support unlimited eSign senders, eSign signers, and eNegotiate templates.

Orderhive

Orderhive is another leading procurement planning software that handles several other areas with its robust set of features. Essential functionalities such as barcode systems, automated POs, and multi-currency transactions enable users to create smooth purchase processes. Let Orderhive streamline all your workflows and cut your operating costs with its sturdy and smart platform.

Pros
  • Multi-channel inventory
  • Sale orders import/export
  • Invoicing
  • Returns management
  • Configurability
Cons
  • Analytics needs improvement
  • Automation costs more

Even the cheapest Orderhive packages come with tons of functionalities. These include order management as well as inventory and shipping tools. As a procurement management system, here are some crucial features Orderhive brings to the table:

  • List or Kanban view
  • Supplier management
  • PO configuration
  • Bar-code printing
  • Sales orders management and creation
  • Payment management
  • Picklist creation and management
  • Invoice download/print
  • Returns handling
  • Clone orders and order tagging
  • Custom fields and invoice forms

These are enough to place Orderhive among the most lavish solutions on the market. Yet, the list goes on with many other functionalities such as delivery tracking, multi-warehouse management, bar-code printing, and product tagging. The more expensive plans meanwhile feature seamless integrations and full automation.

Orderhive gives customers a 15-day free trial to test if this cloud procurement software is for them.

It then offers three pre-designed paid plans – Lite ($49.99/month), Starter ($149.99/month), and Growth ($299.99/month). These are prices for monthly payments. If you choose annual billing, you get a 10% discount. Large companies can request a quote for the Enterprise Plan that comes with unlimited orders, custom requirements, priority integrations, and a dedicated account manager.

We’d like to highlight that the Automations module is included only in the Starter, Growth, and Enterprise packages. The Orderhive API access comes with the Starter Pack, while premium integrations are part of the Growth plan.

Bellwether

With Bellwether, it doesn’t matter whether you prefer cloud-based or on-premise procurement software solutions since the brand offers both. Bellwether is a popular business process management platform that allows small and midsize entities to handle multiple sectors. The fantastic BPM system elegantly deals with purchases, requisitions, approvals, receiving, invoice matching, and inventory management.

Pros
  • Requisition to PO conversion
  • Custom POs
  • Self-service platform
  • Budgeting and taxes
  • PO totals recording and printing
Cons
  • No search feature
  • Unsuitable for large companies

Catalog management, asset management, invoice processing, vendor management, and contract management are some of Bellwether’s most impressive procurement software features. Users can also handle receiving, sourcing, spending, and requisitions with the system. Easily break a request into more than one purchase order or consolidate multiple requests into a single PO. Create orders from scratch or use tested templates. The options are endless with Bellwether.

As an administrator, you can override order details, enter up to 999 items in a single PO, and rename POs. The system will do the tax calculations for you and will display total PO costs. Bellwether is excellent for making repeated purchases, as it stores all necessary data for future orders.

While Bellwether isn’t a procurement software open source solution, it offers a free plan for small businesses. Entities with up to three users can use the Free Plan for an entire year. This package comes with tutorial manuals, online support, and seven modules (requisitions, purchasing, quotes, receiving, inventory, approvals/budgets, and three-way matching).

Next, we have the Small Business plan, whose pricing depends on the number of users. Here are your options:

  • 10 users – $30/user/month
  • 50 users – $15/user/month
  • 100 users – $11/user/month

This package offers full support, catalog capabilities, and expert implementation & training support.

The Enterprise solution can be both cloud-based and on-premise. It includes all the functionalities of the previous packages, along with the procurement solutions. The pricing for the Enterprise Plan depends on the selected modules. You pay per user or for a concurrent license. Here is the average cost when paying per user:

  • 25 users – $40/user/month
  • 50 users – $25/user/month
  • 100 users – $18/user/month

Prospective customers can also ask for a custom quote.

AvidXchange Purchase Order

AvidXchange is a platform that fits all businesses, regardless of their size and industry focus. Scalability and flexibility make the system a perfect construction procurement software as well as a real estate invoicing solution. This is possible thanks to the robust dashboard with numerous functionalities that empower you to create streamlined workflows in all sectors. AvidXchange integrates with over 150 apps, including Oracle NetSuite, Microsoft Dynamics, and QuickBooks.

Pros
  • Invoice to order matching
  • Requisitions
  • Access control
  • Automated PO workflows
  • Master money management
Cons
  • Slow support
  • Minor implementation glitches

What makes AvidXchange stand apart from rival procurement systems is its approach to handling the process. Namely, it has two cornerstones of procurement – cost control and money management. Controlling the expenses comes with a focus on frequency, multi-level access, and manual task elimination. When it comes to managing your funds, AvidXchange will disregard any duplicates, provide reports, and determine the most efficient procurement patterns.

Contact the vendor to request a demo of their product. After that, AvidXchange will provide you with a quote based on your company size, modules wanted, and the number of processed orders.

TradeGecko

In all our procurement software reviews, we appreciate companies with a straightforward approach and reasonable pricing. TradeGecko has both. Multiple integrations, ease of use, friendly UI, and configurability are the platform’s strongest features. Users not only get to streamline their procurement, but also manage inventory, sales, shipping, and relationships. TradeGecko mobile meanwhile makes all these fantastic features available on the go.

Pros
  • Emailing POs
  • TradeGecko Intelligence
  • Barcode scanners
  • Multi-currency
  • 60+ apps
Cons
  • No dropdowns
  • Minor glitches
  • Long loading times

As a procurement-focused TradeGecko user, you can easily create and edit POs. The intuitive procurement management software will provide all necessary vendor data, so the possibility for human errors is minimized. The useful barcode scanners enable seamless product restocking while emailing of POs is done directly through the system.

Consumers get to create custom and automated workflows as well as receive orders partially or in full. You can also easily mark partial POs to avoid overpaying. All this comes with the exclusive TradeGecko Intelligence that provides insightful reports and analysis.

Try TradeGecko’s purchasing and inventory software by requesting a 14-day free trial. Then, you can choose from six paid packages, which are billed either monthly or annually. Annual billing offers savings of up to 20%. The prices of TradeGecko’s premium plans below apply to monthly billing:

  • Founder – $39/month/up to 50 orders
  • Lite – $79/month/up to 300 orders
  • Small Business – $199/month/up to 1,000 orders
  • Business – $599/month/up to 3,000 orders
  • Premium – $799/month/up to 5,000 orders
  • Pro – Upon request/5,000+ orders

All plans come with free onboarding and account management, 24/7 tech support, and access to the TradeGecko Knowledge Center.

NetSuite ERP

Streamline procurement to pay, achieve cost certainty, and improve product quality with the NetSuite eProcurement software. Maintain a healthy relationship with your vendors, regardless of your business size and industry. With NetSuite by Oracle, users also achieve source-to-pay operations accuracy by implementing full automation, invoice matching, and approval routing.

Pros
  • Multi-subsidiary vendors
  • Purchasing contracts
  • Blanket POs
  • Workflow approvals
  • Three-way invoice matching
Cons
  • Complex for newbies
  • Difficult implementation

With the simple source, purchase, and pay approach towards procurement, NetSuite covers the needs of various companies. The platform functions equally well as hotel procurement software as it does as a solution for companies in construction, healthcare, and manufacturing. Automation plays a huge role here as it minimizes human interference. Users get to integrate transaction flows, while the system performs three-way matching.

Vendor management is another essential functionality that enables tracking of approved items, pricing, and addresses. NetSuite is further equipped with detailed integrated reports and 360-degree views of your procurement process. Quote requests, blanket POs, requisitions, and vendor bills round up the fantastic features list.

Oracle offers a free tour as well as a demo on all its products. To get a quote tailored to your needs, you should contact the vendor.

Procurement Software Buying Guide

Finding the best product for your business isn’t limited to the price or the reviews. There are specific steps that can lead you to the ideal solution for your procurement needs.

Read on and let us navigate you through the selection process with our expert buying guide.

Shortlist Solutions for Similar Businesses

Business industry and size along with location play a crucial role in finding the appropriate purchasing software. The first step, therefore, is to focus on products that target companies of a similar size and in your industry. Alternatively, aim for general and flexible systems that can quickly adapt to your day-to-day operations.

At this point, it’s good to weed out software providers that don’t have experience with businesses in your state. With many states having location-specific regulations, and you want your software to be able to handle those.

Define Essential Features

The second step is to define the essential features of your business. Do you need anything industry-specific? Is it an absolute must for the software to offer real-time reports? List all the functionalities you want. Only procurement software that has them all or, at least, most of them, will pass this phase.

Define a Budget

Finally, find a winner from the remaining options by defining your budget. This is easy because you simply set out an amount you plan to spend on this investment. Then, compare that amount against the products that survived phase two to find the most suitable solution.

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