More companies are looking to SaaS software to streamline their business processes. Over 60% of executives call digital transformation their most critical growth driver in 2022.
Purchasing and accounting functions often lag behind other departments in digital transformation, but these areas are ripe with opportunities to optimize and automate.
Download the free guide: Choose the Right Procurement Technology With This Decision Matrix
Implementing a software tool to transform your procurement process isn’t a light task. With many competitors on the market, choosing a provider that matches your business use case and stage is crucial to your success.
Below, we’ve shared the details of seven of our top picks for procure-to-pay (P2P) software. Read on to learn about these first-in-class options—but first, let’s look at why you might need them.
Why do you need procure-to-pay software?
Manual purchase-to-pay systems are time-consuming, costly, and frustrating for your teams. As companies grow, the problems associated with manual processes compound. Processing takes more time, mistakes rack up unnecessary spending, and teams increasingly feel the burden of running a system by hand.
Using procure-to-pay software, stakeholders accomplish many things:
- Empowering stakeholders to create purchase requisitions and purchase orders independently
- Routing purchase approvals through the appropriate channels and prerequisite lists
- Automatically batching, coding, three-way checking, and processing transactions
- Paying vendors quickly and efficiently through an integrated payment platform
- Maintaining contract management and improving supplier relationships
- Strengthening the supply chain through strategic sourcing and timely payments
Procure-to-pay software removes many barriers to efficient and optimized purchasing and creates better systems to free up your teams for higher-level activities. And because a procure-to-pay system works in the background 24/7, investing in a platform typically results in net savings for the procurement budget.
7 top solutions for streamlining procure-to-pay
Here are seven of the top procure-to-pay solutions, as rated by users and tech research companies such as Gartner (developer of the Gartner Magic Quadrant) and G2:
Order.co is a simple, powerful procure-to-pay solution that delivers easy purchasing, tracking, and payment solutions for users across market segments. Through the Order platform, users purchase what they need from the vendors they love through a streamlined, curated catalog. Administrators entirely control user roles and spend management through a dynamic rule set. The platform delivers useful analytics and purchase recommendations to maximize efficiency and savings while empowering users with the necessary tools.
This procurement platform is easy to navigate, even for beginners. It offers a guided purchasing and curation feature that allows users to order from preferred vendors and process purchases automatically through the system. A frequently ordered items page makes it easy to return to the products that best serve the business.
On the other end of the user experience, invoices can be consolidated into a single bill paid every month, greatly increasing the efficiency of payments for accounts payable.
Some users report that more pre-loaded curation might be helpful in early catalog setup. Order.co allows users to add products and vendors from any source quickly, so catalogs and choices within the system evolve over time. Some users reported that load times could be faster, which Order.co is continuously working to improve.
Best use case
Order.co works well for customers at any market stage. Its scalability helps organizations grow with the platform.
Order.co offers users personalized pricing based on locations and usage. To learn about saving with the Order.co platform, speak to a team member.
The PRM360 procure-to-pay solution is built around automating the ordering and procurement process for mid-market and enterprise organizations. The platform features an online bidding system that gives procurement teams real-time updates on the purchasing process and management solutions for vendor bids. On the other end of the process, PRM360 automates the payment process with invoice submission reminders to eliminate late or missed payments.
Users have reported the tool is easy to use, with simple, customizable dashboards. Workflow creation and customization are highlighted among the reviews. Readily available notifications reduce the need for manual follow-ups.
Some users have reported minor inconveniences such as slow loading speed, quirky notification and verification settings, and the need to add simultaneous logins for team use.
Best use case
PRM360 serves clients in the mid-market and enterprise market segment.
While pricing information for PRM360 is not available online, G2 reports its mid-market and enterprise solutions as competitively priced, at up to 37% less expensive than comparable P2P tools on the market.
3. Coupa Procurement
This tool is part of the total Coupa digital management suite. It helps enterprise-class businesses manage the purchasing lifecycle from request for proposal (RFP) to invoice payment. The Coupa P2P tool allows users to buy goods through guided buying and submit purchase requests within the system. Finance teams will find easy methods for vendor management, inventory management, and vendor-driven content curation.
The system is reportedly fast and easy to use. It allows non-finance stakeholders to develop and submit purchase orders and requests independently.
The learning curve for the program is more strenuous than other tools on the market. While it integrates well with the other modules of the Coupa suite, its reporting functionality is described as rigid. Some users required workarounds to gain complete visibility into the P2P process.
Best use case
Most of Coupa Procurement’s clients are in the mid-market and enterprise segments.
Coupa does not provide pricing information directly through its website or review sites.
4. SAP Ariba
The SAP Ariba procurement platform is a component of the larger SAP Software Solutions suite, delivering modular solutions for finance, HR, customer relationship management (CRM), and enterprise resource planning (ERP). Ariba delivers a SaaS-based management system for organizing the buying process, controlling spend, and managing cash flow effectively. The system offers guided purchasing for end users placing orders, as well as invoice automation and reporting solutions to automate the procurement process.
For advanced users who understand the reporting and ERP systems interface, SAP Ariba offers a customizable and flexible solution. For enterprise users who require interconnected systems, SAP offers robust integration opportunities.
A moderate number of reviews describe the UI as non-intuitive, making it difficult for casual users or beginners to get the most out of the system. Several users described difficulty with problem resolution through customer service channels.
Best use case
SAP Ariba offers services to clients across the SMB, mid-market, and enterprise segments.
SAP does not provide pricing data on its website or review sites.
Finnish cloud software provider Basware enables organizations to make better business decisions through the ready availability of data. The company offers a procure-to-pay software solution that streamlines procurement and invoicing operations using machine learning and AI. The company is impact-focused—its mission statement includes a commitment to helping customers shrink their carbon footprint and increase sustainability initiatives.
The majority of Basware reviewers like the product for its strong invoice automation functionality. Data capture is reported to be accurate, and validation is smooth and fast. This platform is best suited for users who have some familiarity with P2P processes.
Users describe the system as basic but good for simple processing. More advanced users report some difficulty with invoice roll-ups and approval workflows. Some more sophistication in coding would be welcomed. Customer service support could also be improved.
Best use case
Basware serves clients across market segments, with mostly mid-market and enterprise-sized clients.
Basware doesn’t offer pricing information on its website or reviewer sites.
The SaaS procurement tool by Zycus offers a new way for enterprise users to achieve compliance, empowering users with preferred and guided buying. The tool offers an AI engine powered by Merlin AI. The software offers end-to-end P2P solutions with some integration capabilities.
Users describe the platform as being stable and having good performance. Reviewers like that it offers a comprehensive solution for vendor-side processing, from spending and sourcing to invoices and contracts.
Users sometimes describe the reporting functionality as rigid, as well as experiencing some UX issues with the display when viewing data. Buyer-side functionality fares less favorably in reviews than the vendor management side.
Best use case
Zycus is effective for customers across all market segments.
Zycus does not provide pricing information online.
JAGGAER is billed as the world's largest independent spend management company. The JAGGAER ONE platform offers small-business, mid-market, and enterprise customers end-to-end SaaS solutions for procurement and business processes, including P2P processing. The platform integrates with various finance systems and streamlines procurement processes within one solution.
Users report the system is easy to learn and beneficial for improving productivity and efficiency in the P2P process. The centralization of vendor information and bid responses shortens the procurement cycle.
The speed of updates to the platform sometimes leads to bugs or issues. Users cite some opportunities for improvement in the reporting (specifically, data aggregation) and PO development features of the system.
Best use case
JAGGAER is suited to a variety of customers, with many in the mid-market and enterprise segment.
JAGGAER uses custom pricing for its clients and therefore does not publish pricing information on its website.
Choose Order.co for streamlined P2P
With many options available on the market, it’s important to choose a platform that offers the best mix of functionality, intuitive UI, and support for every user within your organization.
Order.co is designed with ease of use in mind, empowering your buyers while enabling budgetary controls and time-saving automation. The system makes it seamless to get the information you need, process and code invoices, extract data with high reliability, and pay vendors with a single click.
To learn more about improving your P2P process with Order.co, request a demo.
Schedule a demo to see how Order.co can simplify buying for your business.
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