Top 8 Procurement Tools Helpful For Your Modern Business

Before the development of e-procurement software, the company's procurement was usually handled on paper. Earlier, it was riddled with many inefficiencies and very time-consuming. As the usage of the internet grows, procurement tool functions are transferred to websites and emails. With the advancement in technology, companies have preferred using procured technologies and to buy these tools that will help them with the automated process and increase their profit margins. Also, the technology aids help in improving transparency, transaction visibility, reliability and is cost-effective across the supply chain.

In 2020, the procure-to-pay tool vendors have nearly 5.6% of the global procurement applications market, which declines to 2,8% which comes to around $4.45 billion for license, subscription, and maintenance revenues.
 The procurement tool applications are designed to purchase materials, whether direct or indirect, processed or raw or completed, which has resulted in the flow of product supply chain for a specific business process or with the support of performing a service or services.

The other functions in the applications include electronic network, sourcing, contract management, and ratings that help to optimize the supplier relationship management. The procurement applications help to represent the major contributor to enterprise resource planning as an important part to exercise the market size.    

What does procurement tools do?

Top procurement management tools enable businesses to manage and streamline their spending, which in turn increases overall cost savings for the business.

eProcurement systems are a crucial component of any modern business, since they help organizations cut costs while improving efficiency and productivity. Here are some examples of how procure-to-tools can benefit your organization:

1. Improves efficiency - By automating processes and reducing manual work, procurement software solutions help save time and increase productivity for all types of employees across an organization. In addition, it also improves employee retention by reducing errors and providing a better customer experience.
    
2. Eliminates waste - Cloud procurement software helps eliminate unnecessary expenses through real-time tracking of orders, inventory levels, and suppliers' performance against their contracts with the business. This means that no matter who is filling out paperwork or what stage of the process is being automated, it's all happening with one click from a single screen!
    
3. Improve supply chain visibility - With a procurement tool, you’ll have better visibility into your supply chain so that you can make informed decisions about what products to buy or where to source them from. You’ll know exactly where each item is being sourced from, which means that you can cut down on unnecessary middlemen fees and pass those savings onto your customers!
    
4. Eliminate manual spend analysis - With a procurement management tool, you can eliminate manual spend analysis as well as other manual tasks that take up your time and resources. This will save you time and money in the long run.
    

The Top 8 Procurement Tools:

1. Precoro: The Precoro, ground control purchasing tools that help to easily create custom purchase orders, track approvals of managers and assign each payment with the correct budget.
   The procurement solutions offers features like order creation, delivery, quick data analysis, billing, approved workflows, vendor management, etc. The templates can be used to keep things simple and users can add extra fields in the procurement forms that contain important information.
    
2. Kissflow Procurement Cloud: It is a flexible procure–to–pay solution that help all size of businesses to streamline their procurement process. With this tool, the company can streamline its procurement strategy and boost productivity. With this unified platform, users can get the benefits of procurement, AP automation, punchout clouds, management, supplier portals, custom integrations, inventory management, and more.
    
3. TYASuite: This procurement tool is mostly designed for medium and small-sized enterprises. This tool helps to improve and enhance the growth-related need of a company. It’s a user-centric platform that helps in providing accuracy over the cross-departmental operations. TYASuite's streamlined approach to procurement management helps buyers, procurement and finance teams in companies reduce the time spent on paperwork and streamline processes. Such benefits include significant cost savings through increased visibility of spending, annual savings through reduced delays and errors, and corporate social responsibility benefits that arise when the correct amount is paid by the correct people at the right time in accordance with policy. 
    
4. Planergy- It is a spend management platform that focuses on making the payment process more and more easier for everyone, and with planergy you can enjoy those benefits with purchase orders. 
   You can create departmental budgets and set the limit for spending, purchases, and pre-approved vendors and you can also set direct instruments during the time of purchase.
    
5. Veeqo: It is designed for a specific form of business. As a retailer, your business follows tougher procurement and purchasing needs as compared to other businesses. They constantly order and reorder stocks and make a quick turnaround and larger margins. Therefore, the retail brand uses Veego to handle this inventory. 
   The procurement management tool helps with purchasing, inventory forecasting, and managing orders that ensure the customers always receive what they need on time.
    
6. Coupa Procurement: It is a business spend management tool that has helped most companies globally to get more visibility and control the overall spending to improve operational efficiency, and financial risk, reduce the involvement of the third party, and increase the bottom line. It has helped many companies to get more value.
    
7. SAPAriba: It is a cloud-based procurement tool that tracks the amount spent and a supply chain management solution for the buyers within a single platform. It’s all in one integrated framework that helps to manage anything from sourcing to the payment process. With SAP Ariba, you can digitally transform the supply chain, contract management process, and sourcing.
    
8. GateKeeper: With Gatekeeper you can easily control the relationships between the employee and its company and the external suppliers. The procurement management tool has two different platforms- the vendor portal and the employee portal. It serves the goal to digitize and automate a wide range of process that was traditionally done by following the manual process. The gatekeeper tool also provides you with customizable workflows and ready-to-use templates for a better possibility.

Whether you are owning an e-commerce business or have huge stock turnover, a tech company has to handle many invoices from all the suppliers or a company that needs help with the payment process, so to help you sort out these issues, one of these procurement management tools is all you need.

So without wasting more time and efforts on the manual process of procurement, you need to get these tools. These are some of the industry’s best procurement tools that are used by several top companies, and they have achieved huge success through it.