Procurement in 2022 is no longer that rag-tag crew operating autonomously next to Accounting. No, procurement in many ways is its own strategy, directly impacting corporate identity, the company’s position in the market, as well as human resources. While the department is spearheaded by its people, procurement software platforms are shaping the future.

The procurement software market is vast, but seven providers stand out (in no particular order). 

IBM

We kick off the list with a known commodity – IBM. International Business Machines Corporation has been in business for a staggering 111 years. On the procurement side, IBM offers source-to-pay (S2P), invoice-to-pay, analytics as well as digital procurement. The most cited features of their digital procurement software are smart, end-to-end workflows, AI (artificial intelligence), and automation. 

Coupa Software

Coupa markets itself as an “all-in-one” solution to spend management. Everything from supplier management, strategic sourcing, supply chain planning, eProcurement, invoicing, and spend analysis, Coupa’s strengths are its single comprehensive platform, flexibility, and most important, Coupa is cloud-enabled. 

Icertis

A relatively young firm, Icertis is known for its efficiency. Their source-to-contract process helps customers and contractors close deals faster and reduce risk. Their ICI (Icertis Contract Intelligence) platform is an industry leader in improving contractual governance and increasing company bottom lines. 

Capgemini

Like IBM, Capgemini has been providing technology solutions for decades. A multinational information technology services and consulting firm, users cite compliance, transparency, and sustainable sourcing as the key value features of their procurement package. Seamless integration and great customer service are Capgemini calling cards. 

GEP Smart

An S2P platform for direct and indirect procurement, GEP Smart is trusted by leading brands such as Walgreens Boots Alliance. Leveraging cloud and AI technologies, GEP Smart clients can fully transform end-to-end procurement operations under one proverbial “software roof.” Features such as procure-to-pay (P2P), savings tracking, spend analysis, and contract/supplier management are GEP Smart’s strengths. 

JAGGAER

While not as seasoned as IBM or Capgemini, JAGGAER is not a young start-up either. They’ve quietly been leading the industry with AI and robotic process automation (RPA) and are known for features such as flexible spend management. In terms of next-generation analytics, you cannot go wrong with JAGGAER’s platform. Flexible, intelligent, and all on one platform. 

Oracle

No list of procurement software solutions would be complete without Oracle. One of the world’s preeminent technology companies, Oracle’s Oracle Fusion Cloud Procurement is an integrated source-to-settle suite. Cloud-enabled automation, strategic sourcing, spend compliance, and a highly useful contract lifecycle tracking feature improves client savings and lowers risks, all leading to greater productivity and profitability. 

Whether it’s deployment, scalability, cost, customization, or overall business value, any of these seven are a smart choice for your firm’s procurement needs.