It is no secret that saving on costs is one of the top priorities for every business in the world, regardless of stature or industry. One of the ways businesses reduce costs is by investing in a spend management software solution.
Aside from cost savings, a great spend management software also rationalizes the price and ensures budget and management compliance. To help you get started on the path of implementing optimal purchase processes, here are the top 10 spend management tools that could help you grow your business effectively.
Coupa provides spend management solutions through its cloud management platform, which lets you access its features no matter where
you are. The platform itself comprises of essential features such as strategic and extensive sourcing, procurement execution and direct invoice organization, spend analysis, and expense management.
Precoro focuses on procurement automation. Among basic spend management functionalities, Precoro allows you to set your budgeting within the application in order to keep yourself from falling into deficits. It also has features that only let an invoice go through if an order matches the level of standards that you will set.
Negotiatus is a cloud-based spend management solution aimed at streamlining your procurement processes. In addition to optimizing for a single product catalog and making categorization easier, Negotiatus also allows for optimal supplier/price management by centralizing all of your existing vendors and transactions all in one place. The ability to leverage this vendor network and the $4 billion of purchasing power that it brings to the table allows for ample cost savings and more opportunities during your purchases.
Negotiatus is also known for its timely set up and roll-out process, where it is ready to use by businesses of all sizes within days. Whether your business is using a legacy procurement system, an in-house procurement system, or no system at all, Negotiatus can help you transition seamlessly to its user and budget-friendly platform.
MarketDojo boasts of an array of features that are all built with the idea of ensuring effective centralization for procurement data. The app allows basic procurement features as well as advanced analytic spend management tools to serve businesses of all sizes.
Some of its key benefits include the segmentation of suppliers through questionnaires as auctions, as well as the ability for participation in different sourcing events.
While Gatekeeper's logo and its overall color themes might remind you of Google, the solution is far more than a doppelganger of the search
engine. Although it remains light to use and comes with a basic interface, Gatekeeper has all the capabilities that make for a great spend
You can easily negotiate and renew contracts, use analytical data for cost reduction, and use pre-existing templates to carry out day-to-day solutions with ease.
Much like Coupa, Promena e-Sourcing is a cloud-based procurement solution. It focuses on making procurement easier through a set of built-in tools that are segregated within its application. Through these tools, you will be able to analyze e-auction data, take a thorough look at your supplier relationship management, and effectively manage your spend.
Procurify is a spend management tool with a simple interface, but with a set of features that are more than enough to help you
carry out your day to day activities. Among basic spend management features, the app allows you to set up approval routing where you can punch in your standard operating processes for your procurement decisions.
This, coupled with its cost allocation and three-way matching capabilities, makes it a strong choice for small business owners.
GMDH Procurement brings about purchase forecasting, spending and management solution in a very basic interface. While it might be too basic for some, the product does deliver on what it promises in terms of features. The product may prove to be a good fit for those businesses that offer several products or services.
It may be especially helpful for those who are looking for a cost-effective solution.
SAP's enterprise resource planning (ERP) solution is built with the purpose of providing a holistic solution to businesses, especially for those whose procurement remains a crucial aspect. Its Process to Pay segment specifically addresses the challenges that procurement brings to the table and streamlines procurement with its focus still on resource planning.
ProcureWare is a simple spend management solution that comes with several features that business owners and their purchasing personnel may find to be helpful. It covers the basics such as supplier management and analytical sourcing, while also including additional features like customizable workflows and unlimited document storage.
Basware is yet another purchasing application with a focus on automation. The solution lets you define your standard purchasing processes, so you can spend more time analyzing the collected data. Use the product and its analytical features to analyze your collated information for effective spend management and cost savings.
Choose a Spend Management Software that works for you
Understand what your business needs when choosing the best spend management product. It will help simplify your spend management process and will show results in time and cost savings as well.