There are hundreds of tools available to procurement professionals that make your job easier and streamline purchasing within your organization. But where do you begin as you set out to find the right procurement solution for your company?

We decided to simplify things for you with a guide featuring the top six procurement software solutions garnering buzz from within our own Unaverse.

In this article, we'll cover the following:

  • The ins and outs of each tool
  • Features that make them stand out, and;
  • How each solution is designed to make procurement easier

Let's dive in.

Coupa

We kick off our list with the Gartner Customer’s Choice Award winner for 2019. With reviewers calling Coupa’s spend management platform “revolutionary” and “one of the easiest supply management solutions ever,” it’s no wonder we’ve heard it mentioned so many times by our members.

What is it?

Coupa is a spend management platform that allows everyone in your company to conduct their purchasing activities in one place. 

What does it do?

  • e-Procurement: Users can shop, enter SOW data, track spend to the budget, request approvals, manage purchase orders, monitor inventory, and store contracts within the platform.
  • Invoicing: Accounts payable automation and invoice management features include electronic invoices, automatic invoice processing, and a capital management solution to utilize early payment discounts or leverage remaining days payable to conserve funds.
  • Travel and expense management: With an intelligent expense reporting app, users can benefit from features such as voice recognition and automated expense reporting. Managers will have access to T&E Program success metrics and recommendations, fraud and error detection, and compliance features.
  • Supplier and expense payments: Overcome the challenges of paying suppliers with automated payments and reconciliations, automation of access control, and payment batch creation and approvals to reduce errors and fraud. 

How does it makes procurement easier?

Coupa’s easy-to-use platform boasts the highest adoption rates in the industry. For procurement, this means you’ll be able to bring your entire organization onto one platform that does the hard work for them. Purchasing becomes faster, more efficient, and saves more money.

Why do we love it?

We are impressed with Coupa’s intelligence and innovation. The Coupa community’s collective spend exceeds $1.5 trillion. The intelligence gained from their data amounts to unique insights into suppliers, opportunities to save, and more. Their innovation focus, in partnership with the Business Spend Management (BSM) Community, has resulted in hundreds of new capabilities to manage spend. Check out their patents.

Chrome River

Chrome River’s travel, invoice, and expense management system is used by over 1,000 mid- to large-sized enterprises including Toyota, Sabre, Hard Rock, Wayfair, and Anthem.

What is it?

A mobile expense reporting and invoice processing system that manages all of your organizational spend. 

What does it do?

  • Expense: Whether you’re on the road or at the office, Chrome River Expense allows you to easily create, submit, approve, and monitor spend.
  • Invoice: Speed up invoice processing, increase visibility into invoice status, analyze spend patterns, and improve accuracy with AP automation.
  • Card: Automate credit card management from reconciliation to payment, improving visibility and efficiency. 
  • Travel: Integrate with your favorite booking tool or travel management provider and amp up your employee travel experience from booking to expense reporting.

How does it makes procurement easier?

Chrome River understands that procurement is more than the day-to-day evaluation of functionality and cost; it’s also the key to improving purchasing experiences across the organization. From the budget transparency to the spend visibility, procurement can rest assured that Chrome River will deliver a return on investment that includes the overall satisfaction of users across the enterprise. 

Why do we love it? 

Throughout our learnings of the Chrome River capabilities, we noticed a consistent focus on customer experience. From the event planner striving to adhere to the budget, to the CFO desiring deep analytics, Chrome River builds to please. A happy organization spending in compliance with ease reflects positively on procurement and makes their job so much easier.

SAP Concur

With over 5,200 reviews on G2 and 1,200 reviews on Capterra, it’s clear that this widely adopted platform is doing something right. SAP Concur delivers simplification, visibility, and control and provides users with a single way to manage end-to-end spend. 

What is it?

Cloud-based travel, expense, and invoice management software that scales.

What does it do?

  • Expense: Automate and manage company spend from anywhere with mobile tools, card integration, systems integration, e-receipt-based automated expense reports, and data security in compliance with industry standards such as PCI. The combination of their travel, expense and invoice solutions allow in-depth visibility to better manage budgets, forecast, and ensure compliance.
  • Travel: Book global travel that stays in compliance via a highly rated mobile app and automatically assign receipts to expense reports with the snap of a photo. Ensure compliance with your travel policy through pre-trip planning tools and track travel spend, trends, and KPIs with pre-built reports.  
  • Invoice: Automated invoice processing improves the speed and efficiency of accounts payable through software powered by machine learning. Resolve discrepancies with automatic two- or three-way matching across invoices, POs, and receivables to protect your company from errors. Integrate your existing ERP or accounting system, vendor systems, and payment providers.

How does it makes procurement easier?

Whether you need to see your spend more clearly to make business decisions or increase engagement to obtain more accurate data, SAP Concur can help procurement achieve goals and operate with ease, efficiency, and peace of mind. Automation and integration of travel, expenses, and invoicing is the key to freeing the procurement team from manual work and empowering them to be more strategic.

Why do we love it?

SAP Concur is an industry giant, but we love that they don’t let their size keep them from helping small businesses. Their solutions fit any business and grow with them, whether they are a small startup to a Fortune 500 company. 

RFP360

Simplification is a welcome concept in the world of procurement. Inherently complex, purchasing often begins with a lengthy RFP or RFI process that can span weeks or even months. RFP360 knows these challenges and has succeeded in simplifying the proposal process for both buyers and sellers through a software platform that allows you to control questionnaire content, collaborate, and make connections.

What is it?

RFP360 is an RFP management software that makes issuing and responding to RFPs more efficient, collaborative, and effective.

What does it do?

RFP360 digitizes, centralizes and automates the RFP process from beginning to end. From RFP creation and issuing to receiving proposals and evaluating vendors, their software streamlines the entire process.

How does it makes procurement easier?

The RFP360 platform offers tools that make issuing RFPs faster and more efficient. It stores questions, sections, and dynamic templates for faster RFP creation. It eliminates inbox clutter by creating a single source of truth for communication between procurement and vendors as well as internal communication between procurement, stakeholders, proposal evaluators and executives. In addition, it removes manual calculations and subjective scoring to make selecting the right vendor clearer and easier.

Why do we love it? 

We love RFP360 because it benefits everyone. True to their name, RFP360 delivers a full-circle RFP management platform. Not only do they simplify the process for RFP issuers, but they also support RFP responders. Because they designed their platform with a 360-degree perspective, outcomes are better for everyone involved. Issuers get better quality responses from best-fit vendors and vendors enjoy an easier, more efficient proposal process. 

Procurify

Procurify is an up-and-coming, Vancouver-based startup focused on transforming spend culture in organizations. Their mission is to reinvent the way organizations spend by making it simple and aligning it with each organization’s unique culture, core values, and objectives. 

What is it?

Procurify is a spend management platform that helps you gain control of your organization's spending.

What does it do?

Procurify creates a centralized place to manage and control organizational spend while enhancing your existing accounting systems. It allows you to easily set up customizable approval flows and streamline core purchasing processes. With a simple and user-friendly interface, Procurify delivers software teams want to use, increasing adoption rates.

How does it makes procurement easier?

Many companies are still approving large purchases or spend requests via email or even verbally. They may not know how much has been spent until the end of the month, and their finance teams are constantly surprised by invoices for spending they didn’t know about. 

Procurify aims to change this all-too-common scenario by enhancing your financial tech stack with best practice approvals workflows. They streamline all spend and purchasing requests and provide time-saving tools for both purchasing and finance.

Why do we love it?

We love Procurify’s laser focus on solving a problem that every procurement professional faces - communication around spend. They reduce frustration and increase company-wide adoption by designing for the entire company, not just procurement. They call themselves “visionary misfits” and we’re excited to see what’s in store as they continue to grow.

Netsuite

Acclaimed as the #1 Cloud ERP (Enterprise Resource Planning) tool, Netsuite delivers visibility and control to ensure the adaptability of your business. With 20,000 customers around the globe and products spanning 12 categories, Netsuite offers a comprehensive suite of cloud-based financials, enterprise resource planning, and omnichannel commerce software.

What is it?

The question is more accurately, what isn’t it? Netsuite seems to do it all as a business management solution offering a suite of tools to manage everything from accounting and financial planning to e-commerce and inventory, and beyond. We saved this tool for last due to the sheer volume of the offering, so get ready for a good read!

What does it do?

  • Enterprise Resource Planning: Netsuite’s ERP tool provides visibility and control into financial management, financial planning, order management, production management, supply chain management, warehouse and fulfillment, and procurement.
  • Global Business Management (OneWorld): OneWorld provides a more cost-effective way to manage multinational and multi-subsidiary operations than an onsite ERP. Manage your service lifecycle from marketing to service delivery and revenue management, while adjusting for each location’s currency, taxation, and legalities. Gain real-time visibility into financials consolidated across geographies.
  • Customer Relationship Management (CRM): Connect information across the customer lifecycle from opportunity to renewal and cross-selling. Netsuite’s CRM goes beyond the traditional offering to include SFA and marketing automation, sales forecasting, and customer service management.
  • Human Capital Management (HCM): SuitePeople is a tool for HR and management to streamline employee information. Manage new hires, onboarding, payroll, and promotions while giving employees the ability to request time off, view org charts, contribute to peer recognition, and view vacation schedules.
  • Netsuite Professional Services Automation (PSA): Netsuite manages service delivery from bidding to billing with features such as expense management, timesheet management, billing and invoice management, project accounting, resource management, and project management.
  • OpenAir: OpenAir provides project-based businesses with control and visibility in the areas of time tracking, project management, reporting, resource management, expense tracking, and invoicing.
  • Omnichannel Commerce: SuiteCommerce provides solutions for B2B and B2C commerce. B2C companies can create engaging online shopping experiences for clients from marketing to checkout. SuiteSuccess for SuiteCommerce boasts a 30-day ETA to have your commerce site up and running. B2B companies will deliver the same engaging shopping experiences for businesses while supporting distributors, manufacturers, channel partners, brick-and-mortar stores, and online sales in a single platform. Netsuite Order Management integrates your orders and financials with your commerce system to allow for orders, fulfillment, and returns from anywhere in the world. 
  • Email Marketing: Netsuite’s email marketing builds customer engagement and retention through personalization, automation, and powerful analytics and reporting to improve your targeting strategy.

How does it makes procurement easier?

Netsuite saves procurement teams’ time, increases efficiency, and aids in the purchasing of goods and services at the best prices. It improves visibility with real-time spend and vendor performance information across the organization. Procurement can manage vendors, policies, and contracts, automate purchasing and requisition processes and configure their payment workflow to match POs to vendor invoices and receipts. 

Why do we love it?

We love Netsuite because of their heart. Their effort to support the success of nonprofits and social enterprises around the world through product donations, discounts, pro bono services, and capacity building is truly changing the world. Netsuite is living its vision to “transform how businesses operate so they can achieve their business vision.”

Conclusion

We hope we’ve piqued your interest in these software solutions that can truly transform businesses. There are many more to choose from, and we encourage you to check out sites such as Gartner, G2, and Capterra, which offer valuable insights and reviews. You can start with a focused category such as Procure-to-Pay Suites or look into this procurement software category. G2's helpful guides for procurement and purchasing software are a great place to start as well.

A note about this guide: The brands that we chose for our software roundup were selected based upon positive feedback we received from our member community. For these featured brands, Una independently researched the software solutions and wrote each synopsis based upon the information available on each organization’s website. Procurify and RFP 360 kindly participated in interviews to answer some specific questions we had. If you represent one of these featured software solutions and would like to participate in an interview to better inform the information in our guide, we welcome your contribution! Please email press@una.com to connect with us.

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