procurementcloud2020

[procurementcloud2020]

5 Best Procurement Tools for 2021

 To help you pick from so many procurement tools out there, we’ve put together this list of the top 5 procurement management tools, and their pros and cons. As we put it together, we also gathered this list of the key features that stood out in a competent procurement tool. Here are five procurement tools that stand out from the crowd.

1. Kissflow Procurement

Kissflow procurement cloud is an automation-based comprehensive solution to procurement. Using dedicated processes designed for specific procurement functions like purchase order management, helps you run purchasing processes throughout the procure-to-pay cycle.

Kissflow can handle purchase requisitions, purchase orders, vendor management, contract management, invoice processing, and more. In addition, it also integrates easily with finance and accounting tools, and even ERP solutions you may be using including Xero, Quickbooks, Netsuite, Salesforce, SAP, and more.

Key Features/Modules:

Purchase requisition

Purchase order

Vendor management

Contract approval

Invoice Approval

Three-way matching

Spend insights

Integration with other tools

Pricing:

Loaded with features, the base plan starts at $1,990/mo and it increases with the transaction volume, the number of users, and additional functionalities.

2. Precoro

Precoro includes features that help you run purchase orders, keep track of budget tracking, and even onboard vendors. You can generate customized reports with insights into factors like spending, and automatically allocate cost centers. Overspends can trigger alerts, helping you avoid going over budget.

3. Coupa

Coupa’s design seems aimed primarily at covering all the aspects of procurement, as proved by dedicated modules taking care of various procurement processes like approvals, budget management, and inventory management. Business users have access to approvals on email and on the mobile app, which means they can manage procurement-related approvals right from their inbox!

Coupa is also built for easy integration, letting you use it in tandem with ERP systems like SAP Business One.

Key Features/Modules:

Purchase Orders

Approval workflow

Vendor management

Budget Management

Inventory Management

Three-way Matching

Integration with other tools

Key Features/Modules:

Purchase orders

Billing

Approval workflow

Vendor management

Three-way Matching

Spend analysis

4. Promena e-Sourcing

A sourcing and procurement tool, Promena offers simplified purchasing. Tools for RFIs (Requests for Information), and RFPs (Requests for Proposals) take care of the sourcing side of things. Promena also offers tools like the main dashboard for managing procurement and sourcing.

Key Features/Modules:

Purchase Orders

Approval workflow

Sourcing management

Bid Management

Budget Management

Invoice Processing

5. eBuyerAssist Procurement

Taking a modular approach to the various procurement-related tasks, eBuyerAssist Procurement provides users with dedicated features that take care of RFIs, RFQs (Requests for Quotation), invoice matching, warehouse, and contract management, vendor risk management, strategic sourcing, inventory control, and more.

This tool is designed for easy integration with others, like Quickbooks and Microsoft AX.

Key Features/Modules:

Requests for Quotation

Vendor Management

Strategic Sourcing

Invoice Processing

Contract Management

Inventory Control

Source:

https://kissflow.com/procurement/procurement-tools/

[procurementcloud2020]

Must-Have Features in a Procurement Management System

While most procurement management systems promise the same list of benefits, their inbuilt features set them apart from each other. So, double-check whether they have vital features to ensure a hassle-free procurement.

Here are essential features organizations need to look for in a procurement management software:

Spend Control (with custom rules and approval workflows)

On-the-go approval (centralized cloud storage)

Risk mitigation (with audit trails, role-based access, and conditional visibility)

Easy integration (API integration with other procurement apps)

Insightful reports (get actionable insights from real-time reports)

Simple customization (drag-and-drop, visual form builders)

Pre-built templates (to shorten the implementation cycle)

Interactive dashboards (to know the status of any request at a glance)

Source: 

https://kissflow.com/procurement/