IT Procurement Pioneers: 25 Software Dominating The IT Landscape
10 Best IT Procurement Software Shortlist
Here's my pick of the 10 best software from the 25 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
IT procurement software is a game-changer in managing your business process - In my experience, navigating the right software is a necessity, not a luxury. Take, for instance, the weighty tasks of purchase orders, vendor management, contract negotiations, and strategic sourcing combined in your daily operations. An effective IT procurement software streamlines these tasks, freeing up your time to focus on other critical aspects of your business.
The software has many benefits, including real-time visibility and actionable insights for more intelligent purchasing decisions. Fortunately, this software is designed to address these issues and streamline your purchasing process while ensuring compliance. As your assistant, I have thoroughly researched and selected the right tool for your business needs. You can expect a positive transformation with this software.
What Is IT Procurement Software?
IT procurement software is an automated, systematic approach to handling payables, RFPs, RFQs, and every aspect of your purchasing needs. As a dedicated management platform, it offers handy templates, timely notifications, and cost-saving features to enhance profitability. Organizations use it as a strategic tool to manage and optimize their IT-related purchases and vendor relations. This innovative software category caters to IT managers, procurement professionals, and other stakeholders who oversee the acquisition of technology assets and services.
Need expert help selecting the right tool?
With one-on-one help, we guide you to your top software options. Narrow down your software search & make a confident choice.
They utilize these platforms to streamline the procurement lifecycle, ensure compliance, negotiate better terms, and gain a clear view of their technology spending. The features typically include purchase requisition and order management, supplier management, contract management, and spend analytics. The ultimate goal is to derive the maximum value from IT investments while mitigating risks associated with vendor relationships, contractual obligations, and budgetary constraints.
Best IT Procurement Software Summary
| Tool | Best For | Trial Info | Price | ||
|---|---|---|---|---|---|
| 1 |  Deel Deel offers a comprehensive asset tracker that lets you keep tabs on employee devices around the world. | Best for global device procurement | Free demo available | Flat rate user pricing, with a free version for businesses with up to 200 people | Website |
| 2 |  Precoro Precoro's dashboard displays procurement data, including total spending, purchase requisitions, invoices, and expenses. | Best for customizable approval workflows | Free trial available | From $499/month | Website |
| 3 |  Spendflo Spendflo's workflow engine helps guide and track procurement activities. | Best for SaaS procurement | Free demo available | From $18,000/year | Website |
| 4 |  GEP SMART Here's the spend summary dashboard in GEP Smart. | Best for unified procurement and supply chain platform | Free demo available | Pricing upon request | Website |
| 5 |  SAP Ariba Here's SAP Ariba's buying-and-invoicing device analytics sample. | Best for large enterprises demanding extensive supply chain collaboration | Free demo available. | From $50/month. | Website |
| 6 |  Zycus Here's the Zycus e-sourcing feature. | Best for advanced spend analysis with AI assistance | Not available | Pricing upon request | Website |
| 7 |  Ivalua Here's the supplier profile dashboard sample in Ivalua. | Best for comprehensive spending management | Free demo available. | From $2,000/user/month. | Website |
| 8 |  Oracle Fusion Cloud Procurement Procurement dashboard screenshot of Oracle Fusion Cloud Procurement. | Best for integration with other Oracle Cloud solutions | Not available | Pricing upon request. | Website |
| 9 |  Vendr Here's the system record feature in Vendr, which shows complete visibility across your SaaS spend. | Best for businesses looking for SaaS procurement and savings analysis | Not available | Pricing upon request | Website |
| 10 |  SynerTrade Here's SynerTrade's auction dashboard feature. | Good for organizations needing a flexible and adaptive procurement platform | Not available | Pricing upon request. | Website |
-
Deel
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.8 -
New Relic
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.3 -
Checkmk
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.7
Best IT Procurement Software Reviews
Deel is a global platform that streamlines IT procurement and management across over 130 countries. It offers solutions for equipment provisioning, software deployment, and IT asset oversight, ensuring your team has the necessary tools from day one.
Why I Picked Deel: I chose Deel for its comprehensive approach to IT procurement, particularly its ability to procure and deploy equipment quickly worldwide. Deel provides access to a wide range of laptops, including high-spec models, ensuring your team members have the right tools regardless of their location. With an average deployment time of 3-5 days, Deel minimizes delays in onboarding new hires. Additionally, flexible payment options and leasing terms make it easier to manage budgets and adapt to changing needs.
Standout Features & Integrations:
You can also set up workflows for various processes, including onboarding and offboarding, which reduces manual effort and ensures consistency. This automation extends to device setup and security, with options for customized configurations and endpoint protection. Some integrations include Hubstaff, QuickBooks, Google Workspace, Slack, JIRA, Brex, Dropbox, Microsoft 365, SAP S/4HANA, Airtable, Google Sheets, and HubSpot.
Pros and cons
Pros:
- Simplifies global equipment procurement and deployment
- Provides comprehensive asset tracking and visibility
- Includes robust security features like MDM and endpoint protection
Cons:
- Mobile app is limited compared to desktop version
- Not ideal for businesses with complex IT needs
Precoro is a cloud-based procurement solution designed to help technology teams manage their purchasing processes more effectively. It offers tools for handling subscriptions, services, and marketing campaigns, ensuring full visibility into spending and fostering team collaboration.
Why I Picked Precoro: One thing I like about Precoro is its flexible approval workflows. You can create custom approval routes to ensure that all requests, orders, or invoices reach the appropriate person promptly. This setup helps eliminate payment delays and unauthorized spending. Additionally, approvals can be managed directly from Slack, email, or mobile devices, providing convenience for managers on the go.
Standout Features & Integrations:
Features include comprehensive vendor management, allowing you to streamline supplier interactions and maintain a centralized database of vendor information. Precoro also offers a customizable item catalog, enabling your team to create and manage a list of products and services tailored to your organization's needs. The platform also allows you to set up budgets easily and generate expense reports in real-time, aiding in cost-efficient fund allocation. Integrations include QuickBooks Online, NetSuite, Xero, Amazon Business, Home Depot, Staples Advantage, Grainger, Slack, and Power BI.
Pros and cons
Pros:
- Efficient purchase order creation and tracking
- Centralized supplier information improves vendor management
- Customizable workflows adapt to various business needs
Cons:
- Mobile app could be improved
- Could offer more native integrations
Spendflo is a procurement platform designed to help businesses manage their software-as-a-service (SaaS) expenditures. It offers tools to oversee software purchases, negotiate contracts, and monitor usage, aiming to optimize software investments.
Why I Picked Spendflo: Spendflo's intake management feature simplifies the procurement process by guiding you through software requests, ensuring that all necessary information is collected upfront. This reduces back-and-forth communication and speeds up approvals. Additionally, the workflow engine allows you to track procurement progress, providing visibility into each stage and helping you identify and address bottlenecks. The vendor management component also centralizes all vendor data, making it easier to access and analyze information about your software providers.
Standout Features & Integrations:
Features include third-party risk assessment, which enables collaboration for vendor security by allowing your team to work together on assessing and mitigating risks associated with third-party vendors. The platform also offers dynamic license management, automating license optimization based on real-time data to ensure you're not overpaying for unused licenses. Integrations include NetSuite, Adobe, Asana, BambooHR, Figma, Freshdesk, GitHub, Google, HubSpot, Jira, MS Azure AD, and Salesforce.
Pros and cons
Pros:
- Centralized vendor management
- Offers valuable insights into software usage
- Workflow engine offers visibility into procurement stages
Cons:
- More advanced analytics features could enhance insights
- Occasional delays in data updates
GEP Smart is a cloud-based solution, AI-based procurement and supply chain platform designed to provide end-to-end supply chain management. It is a world-leading source-to-pay software solution that empowers procurement teams with complete control over their procurement process. With an integrated approach to procurement and supply chain processes, GEP Smart offers a unified solution, ideal for businesses wanting to consolidate their operations.
Why I Picked GEP Smart: I chose GEP Smart for its ability to unify various procurement and supply chain processes. It offers comprehensive features spanning sourcing, contract management, and supplier management, making it stand out holistically. Considering this, GEP Smart is the top choice for businesses seeking a single platform to manage their entire procurement and supply chain.
Standout features & integrations:
GEP Smart shines with powerful features, such as spend analysis, supplier management, and contract and invoice management, all under one platform. It integrates with major ERP systems, seamlessly sharing the organization's procurement and supply chain data.
Pros and cons
Pros:
- Provides seamless integration with major ERP systems
- Features AI-powered analytics for spending analysis
- Offers a unified platform for procurement and supply chain management
Cons:
- Limited customization options compared to other solutions
- It might be overwhelming for small businesses.
- Pricing information is not readily available.
Best for large enterprises demanding extensive supply chain collaboration
SAP Ariba is a cloud-based procurement platform designed to unify and streamline the procurement process across businesses of all sizes. It excels in enabling supply chain collaboration, making it especially beneficial for large enterprises where multiple parties are involved in procurement.
Why I Picked SAP Ariba: In selecting tools, SAP Ariba struck me as the platform that uniquely met the requirements of large enterprises with complex supply chains. Its extensive collaboration features stood out, providing critical tools for coordinating multi-tiered supply chains. Hence, I judged SAP Ariba to be the best fit for businesses that need robust collaboration within their supply chain network.
Standout features & integrations:
SAP Ariba's most valuable features include supplier management, contract lifecycle management, sourcing, procurement, and spend analysis. Its standout feature is the Ariba Network, a dynamic digital marketplace where millions of companies connect to simplify business transactions and manage cash more efficiently. Regarding integrations, it works well with SAP's extensive software suite and other ERP systems, facilitating data consistency and visibility.
Pros and cons
Pros:
- Large and active supplier network.
- Seamless integration with other SAP products.
- Extensive collaboration features.
Cons:
- Customization may require assistance from SAP or a third-party consultant.
- It can be complex to use, particularly for smaller businesses.
- Pricing information is not readily available.
Zycus shines as a robust procurement solution that leverages artificial intelligence for advanced spend analysis. It's equipped to handle complex procurement needs, making it particularly attractive for businesses that drive efficiencies and savings through data-driven decisions.
Why I Picked Zycus: I selected Zycus for this list due to its advanced AI capabilities that give it a unique edge over others. It stands out for its advanced spend analysis, offering insights that can significantly optimize procurement decisions. That's why Zycus is best suited for organizations that rely on data-driven strategies to manage their procurement processes.
Standout Features & Integrations:
Zycus provides various features, including automated spend analysis, contract lifecycle management, and supplier management. Its AI-powered tool, iAnalyze, is particularly noteworthy for its ability to deliver detailed and insightful spend analytics. It also integrates well with major ERP systems such as SAP and Oracle, ensuring procurement data flows smoothly across platforms.
Pros and cons
Pros:
- Smooth integration with major ERP systems.
- Comprehensive feature set covering various aspects of procurement.
- Advanced AI-assisted spending analysis for data-driven decisions.
Cons:
- It may be more suited for larger businesses than small ones.
- The interface might be complex for users seeking simplicity.
- Pricing information needs to be more readily transparent.
Ivalua delivers various procurement functionalities, enabling businesses to manage their spending effectively. The platform is a one-stop solution for various procurement tasks, making it ideal for comprehensive spend management.
Why I Picked Ivalua: I selected Ivalua for its holistic approach to procurement. Unlike many solutions, Ivalua offers a broad range of functionalities, from strategic sourcing to invoice management, all within a single platform. This breadth makes it stand out and solidifies its position as best for comprehensive spend management. Its ability to cater to various procurement aspects and its deep analytical insights offer unparalleled control over business spending.
Standout Features & Integrations:
Ivalua offers critical features such as contract lifecycle management, spend analysis, and supplier relationship management. Its strategic sourcing module helps businesses select the best suppliers, while its invoice management feature ensures prompt and accurate payments. It integrates seamlessly with ERP systems like SAP and Oracle, enhancing data flow and organizational efficiency.
Pros and cons
Pros:
- Deep analytical capabilities for effective spend management.
- Strong integration capabilities with ERP systems.
- A broad range of procurement functionalities.
Cons:
- Limited information is available on pricing, leading to a potential lack of transparency.
- Customization can be time-consuming.
- The complexity of the platform may require a steep learning curve.
Best for integration with other Oracle Cloud solutions
Oracle Fusion Cloud Procurement is an integrated procurement software streamlining procurement processes while providing a holistic view of an organization's operations. As part of Oracle's cloud suite, it ensures a seamless data flow between different business modules, making it best for organizations already using or planning to use other Oracle Cloud solutions.
Why I Picked Oracle Fusion Cloud Procurement:
I chose Oracle Fusion Cloud Procurement because of its powerful integration capabilities, particularly with other Oracle Cloud solutions. This integration ability provides an interconnected ecosystem that enhances the effectiveness of end-to-end procurement operations. Therefore, I judged Oracle Fusion Cloud Procurement the best choice for organizations requiring seamless data flow between business modules.
Standout features & integrations:
Oracle Fusion Cloud Procurement stands out with its robust features like supplier qualification management, procurement contracts, self-service procurement, and sourcing. Moreover, its integration capabilities are top-notch. Being part of the Oracle Cloud suite, it integrates flawlessly with other Oracle solutions like Oracle Fusion Cloud ERP, SCM, and HCM, allowing for a holistic view and management of business operations.
Pros and cons
Pros:
- Supports global, complex business operations.
- A comprehensive suite of procurement features.
- Robust integration with other Oracle Cloud solutions.
Cons:
- It can be complex to navigate for new users.
- It might be less suitable for small businesses.
- Lack of transparent pricing information.
Vendr is a unique procurement platform designed primarily to assist businesses in buying and renewing SaaS products. It simplifies the software purchasing process and provides a comprehensive savings analysis, making it particularly beneficial for businesses looking to optimize their SaaS spending.
Why I Picked Vendr: I selected Vendr for its focus on SaaS procurement, a niche many other platforms need to cater to. Its approach to assisting businesses in managing, purchasing, and renewing SaaS tools sets it apart from other procurement software. The fact that it offers a detailed savings analysis further solidifies my belief that Vendr is the best choice for companies seeking control over their SaaS spending.
Standout features & integrations:
Vendr's critical features revolve around SaaS management, including procurement, renewal management, and savings analysis. Its capability to track and negotiate SaaS contracts makes it a standout in this specialized area. Vendr primarily focuses on something other than integrations; it mostly manages SaaS purchases, renewals, and expenditures.
Pros and cons
Pros:
- They specialize in SaaS contract negotiation.
- Offers savings analysis.
- They are focused on SaaS procurement.
Cons:
- It might only be suitable for businesses heavily invested in SaaS.
- Lack of integrations with other tools.
- Pricing information is not readily available.
SynerTrade
Good for organizations needing a flexible and adaptive procurement platform
SynerTrade is an end-to-end procurement solution that drives strategic value for businesses. With a robust set of features, it fosters effective collaboration with suppliers, positioning it as an excellent tool for managing supplier relationships.
Why I Picked SynerTrade: I chose SynerTrade due to its distinct ability to facilitate effective supplier collaboration. While many platforms handle transactions and workflows, SynerTrade sets itself apart by providing tools that promote productive interaction between businesses and their suppliers. This unique focus on relationship-building, transparency, and mutual growth makes it the best choice for managing and enhancing supplier relationships.
Standout Features & Integrations:
SynerTrade offers supplier relationship management, strategic sourcing, and contract management features. Its supplier management capabilities promote transparency and collaboration, allowing businesses to build strong, productive relationships with their vendors. Regarding integrations, SynerTrade connects with leading ERP systems and has APIs for custom integration needs.
Pros and cons
Pros:
- Strong integration possibilities with other systems.
- Robust strategic sourcing and contract management features.
- Excellent supplier relationship management capabilities.
Cons:
- Some users may find the interface less intuitive than other solutions.
- The platform's wide range of functionalities may overwhelm some users.
- Pricing information isn't readily available.
Other Noteworthy IT Procurement Software
Below is a list of additional IT procurement software I shortlisted but did not make it to the top 10. Definitely worth checking them out.
- Coupa
For procurement leaders seeking a comprehensive spend management suite
- Basware
For businesses needing transparent procure-to-pay processes
- Jaggaer
For organizations requiring end-to-end, industry-specific solutions
- BirchStreet
For the hospitality industry's e-Procurement needs
- Procurify
For small to mid-sized companies seeking control and visibility
- Pipefy
Good for process automation in procurement operations
- Kissflow Procurement Cloud
Good for firms desiring a cloud-based, scalable procurement system
- Tradogram
Good for businesses seeking a customizable procurement solution
- Tradeshift
Good for supply chain digitization with its comprehensive connectivity features
- Xeeva
Good for businesses wanting AI-driven insights for procurement
- SpendMap
Good for companies requiring robust purchase order management
- Bellwether
Good for SMEs seeking user-friendly procurement software
- Transcepta
Good for automated supplier onboarding and invoice processing
- Fraxion
Good for risk management with its spend control features
- inFlow
Good for inventory-centric businesses needing a procurement tool
More IT Procurement Software-Related Reviews
Selection Criteria For Choosing IT Procurement Software
I've evaluated dozens of IT procurement tools, and in my thorough research, I've tried and tested various features, assessed their usability, and gauged their core functionality. In this case, I was particularly looking for specific criteria, which I will be sure to find below.
Core Functionality:
When considering procurement software, these are the key functionalities I focused on:
- Purchase Order Management: The software should allow you to create, track, and manage purchase orders efficiently.
- Vendor Management: The tool should enable users to manage vendor information and assess vendor performance.
- Spend Analysis: A robust procurement software should offer features for tracking, reporting, and analyzing company spending.
Key Features:
Several key features differentiate good procurement software from the rest:
- Approval Workflow: This feature ensures purchase requests pass through proper channels, enabling better financial control.
- Budget Management: Managing and tracking budgets is crucial in maintaining financial health.
- Integration Capabilities: The software should integrate smoothly with other business tools like ERP and accounting systems.
- Reporting and Analytics: Advanced analytics can provide valuable insights into spending patterns and supplier performance.
Usability:
The design and usability of procurement software are also vital factors. Here's what I was looking for:
- User-Friendly Interface: The software should have an intuitive, easy-to-navigate interface. This could mean a clear dashboard showcasing vital stats or a simple process to raise purchase orders for procurement software.
- Easy Onboarding: Tools that provide helpful tutorials or guides for new users can significantly reduce the learning curve.
- Quality Customer Support: Reliable and prompt customer support can make a big difference, especially when dealing with complex financial tools.
- Role-based Access: A good procurement tool must have role-based access that's easy to configure, ensuring users have the right permissions.
Most Common Questions Regarding IT Procurement Software (FAQs)
What are the benefits of using IT procurement software?
Benefits of using IT procurement software offers:
- Improves efficiency by automating manual tasks like order creation and tracking.
- Enhances financial control with features like budget management solutions and spend analysis.
- It helps streamline vendor management, making evaluating vendor performance easier and maintaining good vendor relationships.
- With integrations to other business systems, it helps maintain data consistency across platforms.
- Advanced reporting and analytics can provide valuable insights for making better purchasing decisions.
How much does IT procurement software cost?
The cost of IT procurement software varies widely, depending on the features it offers, the size of your organization, and whether it’s a cloud-based or on-premise solution. Some tools have a subscription-based pricing model, charging a monthly or annual fee per user, while others may offer a one-time license fee.
What are the pricing models for IT procurement software?
Standard pricing models for IT procurement software include subscription-based (monthly or yearly), per user/per month, or a one-time license fee. Some software vendors also offer free freemium models, with free basic features, with paid upgrades for advanced features.
What is the typical range of pricing for IT procurement software?
The pricing for IT procurement software can range from around $10 per user/month for fundamental solutions to several thousand dollars for enterprise-level software with extensive features.
What are the cheapest and most expensive IT procurement software options?
SpendMap is among the cheapest IT procurement software options, offering a free version for small businesses. On the other end of the spectrum, solutions like GEP Smart and Coupa, which provide extensive features for larger organizations, can be more costly, with pricing usually available upon request.
Are there any free IT procurement software options?
Yes, some IT procurement software options offer free versions. For instance, SpendMap provides a free version of its software designed for small businesses. However, the free versions typically have fewer features than the paid ones.
Summary
In summary, IT procurement software is an indispensable tool in managing the complex processes and relationships involved in procurement. It aids businesses in optimizing their spending, enhancing efficiency, and making data-driven purchasing decisions.
Key Takeaways:
- Identifying Needs: Before settling on procurement software, it's vital to identify your organization's unique needs and goals. Understanding what features and functions are crucial to your business can guide your selection process.
- Key Features and Functionality: Core functionality such as purchase order management, vendor management, and reporting should be a given. However, different tools may offer unique features, like AI-powered analytics or advanced integrations, that can significantly benefit your business. I just wanted to remind you that scrutinizing these features against your needs is essential.
- Pricing and Usability: Cost is low-cost, and even free options are low-cost and even free options; ensure these offer the required features and can scale with your business. Likewise, usability is crucial. A user-friendly interface and a well-supported onboarding process can significantly enhance team members’ experience and the overall effectiveness of the software.
What Do You Think?
This guide has helped navigate the landscape of IT procurement software. But the tech world is vast and ever-changing, and there may be tools out there that I've overlooked. If you've come across a great IT procurement software that still needs to be included here, I'd love to hear about it. Please feel free to share your recommendations or experiences. It is a comprehensive resource for everyone seeking the best IT procurement solutions.