The Buyer's Guide to the Best Eprocurement Solutions in 2024
The Buyer's Guide to the Best Eprocurement Solutions in 2024
Top 7 mid-market eprocurement software solutions
As companies grow, the early procurement processes they once relied upon can let them down. Simple purchasing policies and spreadsheet-based tracking become unmanageable. Increased order volume takes a toll on accounting teams and their productivity.
As a result, many organizations are turning to procurement software solutions early in their journeys. Procurement software offers growth-minded companies robust, modern features to meet current requirements and easy scalability to grow with the organization.
Using eprocurement software, organizations can systematize their requisition and order processes, automatically routing approvals for fast and transparent purchasing. By centralizing all information in a single location, companies harness the power of their data for better cost optimization and decision-making. Using software empowers organizations to maximize their purchasing power to ensure strong financial performance.
We’ve reviewed some of the top entries in the mid-market eprocurement category and found seven that meet the demands of fast-growing businesses. Each tool offers flexibility for unique business needs with enterprise-class features to speed decision-making and improve financial performance. The best options offer world-class service and support to make onboarding an eprocurement solution a welcome experience.
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1. Order.co
Order.co is a comprehensive eprocurement system that streamlines the procurement process from sourcing to invoice processing.
This customizable platform enables users to order and submit requisitions for the items they need through an intuitive and dynamic interface that provides curated catalogs and preferred vendor options. It speeds up decision-making and increases optimization for both cost and productivity.
For finance teams, Order.co’s centralized spend analysis and reporting features help improve spending visibility, identify areas to improve cost, and support the procurement cycle. The procure-to-pay approach streamlines a company’s order processes, empowers self-service ordering, ensures purchasing best practices, and improves overall profitability.
While Order.co can support clients from any market segment, small and medium-sized businesses find the platform especially useful and scalable.
Top Features
- Order.co is the only procurement platform that directly facilitates purchases on a company’s behalf.
- The platform features AP automation tools to reduce manual accounting and invoicing processes.
- It offers dynamic spend controls by role, user, location, department, or other parameters.
- Automatic GL coding provides accurate spend tracking and ledger accuracy.
Pros
- The intuitive onboarding process for Order.co is easy to navigate. Even first-time users can effortlessly order the supplies they need to keep business running smoothly.
- Features like real-time, granular spend data, automatic GL coding, spend coded to the line level, and a centralized pay process make the electronic procurement process more accessible and time-efficient.
Cons
- A few users would like more plentiful catalog curation options during initial setup.
- While intermittent speed or loading fluctuations have been reported, the development and support teams are responsive to requests and receptive to user feedback.
2. PRM360
PRM360 focuses on automating the bidding and vendor quotation processes, allowing procurement teams to select best-price offers with reliable cost savings. The system makes invoice processing easier through automated notifications, helping to maintain accounts payable in good standing and strengthen supplier relationship metrics.
The eprocurement system specializes in use cases like pharmaceutical, hospital, and infrastructure clients. PRM360’s features include contract management, supplier management, and automation of business processes.
Top Features
- PRM360 offers specialized use cases for industries including pharmaceuticals, hospitals, and infrastructure entities.
- A cap-free user accessibility model offers a scalable platform experience.
- The materials tracking features account for on-hand raw materials, shipping schedules, and more.
Pros
- As with many entries for small to medium-sized businesses, users report this eprocurement system is easy to use and intuitive for all technical abilities.
- Workflows and customization are popular features for reviewers.
Cons
- Some users report slower load speeds and intermittent issues with notifications. For instance, ERP error notifications could be more detailed.
- On the supplier side, some users found it difficult to reduce manual interaction when submitting bids. Single-price submission is impossible as participation in the bidding process is required.
Choose the Right Procurement Technology With This Decision Matrix
There are A LOT of procurement softwares out there. Make sure you're choosing the right one for your business.
3. ProcurementExpress.com
The ProcurementExpress.com system lets users issue purchase requisitions with specific, defined spending guidelines. It offers built-in workflows for manager review and has a mobile-friendly format that enables on-the-go approval of purchases.
ProcurementExpress.com integrates with financial systems such as Quickbooks, Xero, Zapier, Sage, Netsuite, and more. This enables increased visibility and communication with ERP and planning applications for better spend management. Notably, the system supports integration with Amazon PunchOut for purchasing integrations.
Top Features
- The system enables draft purchase order creation from the shopping cart through a browser add-on.
- The platform provides automated scan-and-match invoice approval for easier reconciliation.
- It offers a Zapier integration for third-party integrations with any API after setup.
Pros
- Users enjoy ProcurementExpress.com for its fast approval transmission, ease of use, and ability to streamline the approval process from anywhere (even, for example, when approving managers are on the road).
- The system is designed for layperson users who may not have an accounting or procurement background.
- Admin users appreciate the system's data management capabilities and ability to easily conduct periodic or year-end reporting.
Cons
- Though users report some periods of temporary speed or system fluctuations, they applaud the technical and support teams for their responsiveness.
- Some users would like platform improvements such as multi-vendor ordering within a single transaction or reporting features such as purchase order logs.
4. Varis
Varis is a buyer marketplace tool that makes purchasing easy and quick. Curated marketplace capabilities include existing vendors and other pre-negotiated vendor options.
Varis allows companies without formal AP teams (or sometimes a single support or bookkeeping staff member) to conduct sourcing and place all their supply orders in one place. Users benefit from strategic sourcing and preferred suppliers through catalogs without the need for a formal procurement function.
Varis is designed for the private and public sectors. It serves various customers in the education, retail, and restaurant industries. Varis also touts its supplier-side services — pre-negotiated partners build market share and improve customer acquisition through participation in the platform.
Top Features
- Varis has a consumer marketplace for public sector buyers to access a range of vendors and supplies.
- The platform features pre-negotiated agreement guidelines to increase savings.
- It’s a competitively priced platform with easy implementation and limited IT needs.
Pros
- Ease of use is listed as one of the top benefits of this platform. The UI is simple and intuitive. It’s designed around a procurement process built to suit the B2C consumer shopping experience.
- Reviews about support calls are positive. Support is helpful and responsive.
Cons
- Search functions for products can be stiff. Exact search information is needed to find a specific product.
- For unknown products, the images and descriptions are sometimes limited.
5. Eyvo eBuyerAssist
With Eyvo, stakeholders with or without procurement experience have access to an eprocurement platform that increases visibility and compliance.
The system offers competitive features such as four-way matching, budgetary controls, approval workflows, and reporting tools to reduce maverick spending and enhance financial controls. This cloud-based eprocurement solution offers a useful suite of features for digitizing the procurement and business process.
The general data protection regulation (GDPR) and security standards for Eyvo make it a secure choice for government clients, public and private sector organizations, and non-government organizations (NGOs). Its scalability offers plenty of flexibility for teams as small as three users.
Top Features
- It offers a modular platform approach to create a customized procurement experience.
- The platform includes sourcing tools such as RFI/RFQ/RFP modules and reverse auction features.
- Eyvo features an inventory management module for tracking supply levels.
Pros
- Users of the Eyvo system consistently praise its ease of use, which allows technical and non-technical operators to order what they need.
- The system offers ways to conduct real-time budget monitoring and manage the approval process.
Cons
- Though the platform is reported as stable and usable, some idiosyncrasies could use improvement. Purchase orders, once submitted, cannot be edited — they must be rejected and returned for changes. The ability to edit and resubmit through the system would improve the workflow.
- Multiple users point out that reports are not downloadable into Excel formats, making using this data in other systems (for instance, ERP systems or third-party reporting software) difficult.
Choose the Right Procurement Technology With This Decision Matrix
There are A LOT of procurement softwares out there. Make sure you're choosing the right one for your business.
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6. Precoro
Precoro is a cloud-based platform that streamlines procurement, automates workflows from requisition to receipt, reduces errors, and increases accuracy. With analytics and reporting capabilities, it allows real-time budget monitoring and audit tracking.
Precoro offers easy ordering for both technical and non-technical users, secure online payment options, and seamless integration with other systems. Precoro provides a user-friendly experience that saves time and reduces procurement costs.
Top Features
- The flexible, customizable workflows allow adjustments for size, industry, and purchasing model.
- Its onboard purchasing guidelines enable speedy ordering and limits for out-of-policy spending.
- The platform features cost management tools for non-finance stakeholders and executives.
Pros
- Its strong budgeting functionality has the flexibility to configure settings based on your specific procurement needs.
- A user-friendly interface for procurement management makes it easier to manage purchasing across all sections of the organization.
- A helpful, knowledgeable customer service team assists users to become proficient in the software and its use.
Cons
- The purchase order templates cause some confusion with vendors, as the layout differs slightly from common PO formatting.
- The platform cannot link inventory systems, creating the need for manual consolidation in the ledger.
7. Procurify
Procurify spend management platform provides companies with an end-to-end solution to manage and track their spend, from creating requisitions and purchase orders to receiving invoices and payments.
Procurify automates purchasing, enables purchasing approval workflows, and improves visibility into budgeting and compliance. Its intuitive dashboard provides real-time financial insights, facilitating control over spending. Procurify integrates seamlessly with third-party apps, enabling smooth communication between systems.
Top Features
- Procurify provides a multi-format platform with a browser-based UI and a mobile app for iOS and Android phones and devices.
- It features integration with popular ERP and accounting tools such as NetSuite and QuickBooks, as well as custom API.
- The platform allows admins to enable spend guidelines and issue physical and virtual spending cards to capture 100 percent of spend.
Pros
- An easy-to-use catalog saves previously ordered or entered items for fast replenishment.
- Its intuitive UI allows companies to easily track expenses and eliminate manual expense tracking.
Cons
- Some users find that previous POs are difficult to locate in purchase history.
- Order visibility may be limited in some specific use cases.
Final thoughts
All of the above solutions offer a great mix of features to help streamline your procurement and realize cost savings.
With Order.co, you get added benefits, including:
- Real-time, line-level data for detailed analysis
- Automatic and accurate coding
- Dynamic rules for stronger spend control
- A flexible platform with first-class support
If you are ready to implement one of the top-rated eprocurement solutions and need the flexibility to empower your organization with dynamic budget controls, intuitive ordering interface, and enterprise-class features and support, request a demo of Order.co.
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