When you think of the best purchasing software solutions for SMEs, or procurement tech in general, you probably think “expensive”. This list of 15 procurement tools specifically targeted to smaller and growing businesses will prove it’s not so.
Yes, it’s probably true that micro-businesses probably won’t see a benefit from these applications.
However, established and growing SMEs, and startups approaching 8-figures in revenue, can do. If you’re at that stage, then you should take a closer look at how these solutions could drive value to your business.
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No provider has paid us to be part of this list. Ask yourself when reading other similar articles whether this is also true of them…
Which are the 15 Best Purchasing Software for SMEs?
In putting together this list, we were mindful of ensuring that we cover a broad spectrum of requirements.
It’s not just about procure-to-pay (P2P) or source-to-contract (S2C applications). Although for most businesses, this will likely form the backbone of any purchasing software stack.
How do you define an SME?
For the sake of this article, we would consider any business below $50 million in annual revenue to be a small or medium-sized enterprise. The European Union takes a very similar definition.
Realistically, small businesses are probably going to struggle to see ROI on any kind of procurement software solution for SMEs. We’ve therefore assumed that you probably need to be the $10 million in annual revenue mark to justify the investment.
We also touch on a few more niche solutions for SMEs, for example project management software, supplier intake, accounts payable automation, “build-a-bot”, as well as a negotiation planning guidance tool.
Likewise, we also considered that SMEs encompass a huge range of businesses. We’re catering potentially to manufacturing, services, e-commerce and tech businesses with everything that’s included in this list.
I hope you find something of interest, and if you’d like to understand more about the procuretech landscape in general, just reach out and book an intro call.
Source-to-Contract (S2C)
1. Oboloo
oboloo is an early stage London-based startup. They provide a simple and intuitive procurement solution for source-to-contract (S2C) for small and medium-sized enterprises.
Adam Thomas from oboloo was a guest on the podcast way back in December 2021. Listen to his episode here:
It covers and visualises the whole S2C process, as well as basic supplier management and cost savings reporting.
The platform consists of four modules.
eSourcing allows for sourcing planning by facilitating questionnaires and evaluations. The other three modules manage contracts, supplier relationships, and cost saving reporting, providing full transparency of the procurement process and offering data-based insights.
This is a great solution for either “lone ranger” procurement managers. Equally, it can help organisations that need a more structured sourcing process but without a dedicated procurement team in place.
2. Procoto
Procoto is a US-based startup offering a self-service Source-to-Contract (S2C) solution for small and mid-sized businesses.
Similar to oboloo, it seeks to solve the challenges faced by small businesses, with software designed as a lower-cost, user-friendly alternative to enterprise-level solutions.
Procoto offers features including:
- Strategic sourcing
- Smart databasing
- Workflow approvals
- RFP management
- Data transformation
The platform’s tools and analytics aim to level the playing field between small and large companies – giving leverage to SMEs.
It gives you full visibility of your spend data, all in one place. Centralised vendor management brings together and aggregates all of your key vendor information. And the platform also enables you to digitise contracts into an easily-searchable repository.
This aims to address the limited insight that can hold back small companies, by giving them ready-access to everything they need from a single location.
It also includes automated bidding and analysis, allowing you to create templates and sequences, invite vendors automatically, then follow up and analyse their bids.
Procure-to-Pay (P2P)
3. Precoro
Precoro is a US-based company with strong Ukrainian roots, offering a full procure-to-pay (P2P) suite. Their solution is user-friendly and is suitable to SMEs, thanks to its per user license model.
It features workflow automation for purchase requisitions (PRs), purchase orders (POs), and approvals. Furthermore, it provides a budget management dashboard and overall reporting.
The platform’s 3-way matching of POs, receipts, and invoices ensures minimum discrepancy and reduces potential fraud across the user’s enterprise. The platform also offers inventory management and tracking, as well as solutions for supplier and user management.
Precoro can also be integrated with accounting solutions such as QuickBooks Online, Xero and NetSuite.
4. WeProc
WeProc is a growing French startup company offering a SaaS eProcurement software with a focus on purchasing and spend management for SMEs. It serves a wide range of sectors, from health and education, to manufacturing and construction.
WeProc aims to facilitate the management of Purchase Orders and invoices through a simple and efficient interface.
The WeProc platform takes users from request to pay, all in one place. Allowing them to visualise their requests, control expenses, receive and reconcile the invoice from one central location.
WeProc offers features for:
- Procurement Management
- Product Management
- Contract Management
- Supplier Management
- Budget Management
- Accounting
- Analytics
WeProc also aims to put user experience first. Boasting a clear, ergonomic and efficient interface, along with readily available support, the platform strives to be simple and quick to use.
It’s also designed in a modular fashion. This allows for scalability and flexibility. New modules are being developed all the time as part of WeProc’s continuous development.
5. Tradogram
Tradogram is a well-established, mid-sized Canadian SaaS solution provider offering a complete cloud-based source and procure-to-pay business spend management software solution.
A feature of the software is its configurability based on actual customer requirements. It helps to automate the complete P2P cycle including approvals, POs, invoicing, budgeting, and spend management. Tradogram is simple and flexible and can be integrated with existing ERP solutions.
Their affordable solution on a per user license basis makes it accessible to SMEs.
eProcurement
6. Hivebuy
Hivebuy is a growing SaaS company based in Berlin, offering process optimisation solution for small and medium-sized companies. It supports them in budgeting, requesting, and ordering articles and services for their business, while benefiting from better purchasing conditions.
The software relies on an intuitively designed approval process, linking departments and approval levels with a simple communication flow. Budget management and control features allow for transparent presentation and allocation of budgets. This enables teams to make decisions and remain in control.
Specific and sustainable supplier catalogues are included, allowing users to benefit from Hivebuy’s bulk buyer conditions. Meanwhile, charts and analysis features give you a ready overview of orders, expenses, and their development, providing insights and optimising your resources.
The software’s contract repository allows you to upload contracts and receive reminders as the contracts are due to expire.
Accounts Payable Automation
7. Vendorplace
Vendorplace is an Accounts Payable automation platform, developed by Mexican scaleup Yaydoo.
It serves businesses of all sizes, but is especially suited to growing SMEs.
It’s also particularly useful for businesses based in Latin America, thanks to the platform’s Spanish language availability.
Vendorplace offers finance solutions for fast-growing companies. It centralises accounts payable and receivable, with automatic request for approvals.
This aims to give users greater visibility over their accounts, with 100% digital synchronisation and monitoring of their payments, along with fully automated account reconciliation.
Additionally, Vendorplace offers businesses payment cards. These allow users can pay suppliers while maintaining the liquidity their businesses need to grow.
8. Yooz
Yooz is an established French software company that offers a cloud-based Purchase-to-Pay (P2P) automation solution.
Their solution utilises artificial intelligence (AI) and robotic process automation (RPA) technologies to provide automation focused on simplicity, traceability, and customisable features.
It offers five main benefits for businesses:
- Paperless accounts payable
- Real-time online supplier relationship management,
- Same-day invoice approval
- Early payment discounts capture
- Mobile access to invoice approval and communication.
The Yooz platform includes automated workflows, touchless through-processing, AI-based smart data extraction, and seamless integration with over 250 financial systems.
Contract Management
9. Trakti
Trakti is a contract negotiation and management platform integrated with blockchain, and specifically focusing on contract authoring.
Created for procurement, sales, legal, and HR, it automates your templating, negotiation and obligation management processes – supporting the entire contract management life cycle.
Trakti transforms your Word templates into adaptive, automated and interactive legal templates thanks to smart contracts and the Blockchain. Users are able to use all of Trakti’s negotiation processes with no limitations.
The platform can activate and manage evaluations, electronic signatures, reviews, payments and obligation management with one click in a single, certified, end-to-end solution. It manages RFX, Tenders, Auctions, bilateral and multilateral contract negotiations in the cloud, all with full security and access control. Additionally, a user-friendly comparison view facilitates easy communication and information sharing among team members.
Trakti accelerates your contractual flow and integrates the deployment of smart contracts for payment automation and obligation management, all thanks to the power of the blockchain.
10. Trackado
Trackado is a Swedish scale-up offering a contract lifecycle management (CLM) solution.
Their intention is to serve companies of any size, in all industries – wherever legacy contracting systems need to be updated.
Trackado offers document repository features to centralise all your contracts, giving you a view of the entire contract portfolio.
Users are able to upload files directly, or via links from their own networks or cloud storage. Once linked to the systems, all contracts are readily indexed and searchable.
Their built-in dashboards aim to provide convenient insights into upcoming activities – keeping users up-to-speed on recent costs, revenues, and contract additions. The platform also offers a partners module. This allows all contract parties to access shared information and details from a single location.
Trackado’s milestone tracking enables users to register key contract milestones, including reviews and cancellations. These can then be assigned to specific users, who are kept up to date with automatic deadline reminders.
Niche Software Solutions
11. Ruby (Negotiation Plan Creator)
Red Sheet® is a UK-based negotiation management software company. Their platform, Ruby, is a Guided Negotiation Plan Creator® that helps businesses streamline their negotiation planning processes.
The platform offers features including automated bid analysis, scenario modelling, and real-time collaboration tools. These allow procurement teams to make data-driven decisions and optimise their negotiation strategies.
RedSheet also provides a centralised platform for businesses to manage negotiation timelines, communication, and documentation. This reduces the need for manual intervention and saves time that can be better spent on more strategic tasks.
Ruby enables teams to improve their negotiation efficiency and maximise savings.
In addition, RedSheet’s team of negotiation experts are always on hand to provide ongoing support and guidance, helping businesses to more easily achieve their negotiation goals.
12. Procuros (B2B transaction automation for e-commerce)
Procuros is a B2B transaction automation solution which facilitates automated process flow.
With Procuros, businesses of all stages can easily connect with their partners. The software turns manual B2B transactions into transparent, automated workflows. Users can integrate and automate all their B2B connections and transactions through the Procuros Integration Hub.
This enables automatic receiving and sending of orders, delivery notes, and invoices – directly within your ERP system. Additionally, Procuros’s off-the-shelf ERP connectors can be set up for you within minutes.
Procuros adapts to your trade partners’ connectivity requirements – whether it’s EDI, API, or supplier portals. The software also offers instant verification of order information, such as delivery date or article number.
All this eliminates inefficiencies, manual data handling, and human error, which allows businesses to focus on their core mission by freeing up capacity.
13. Capto (build your own bot)
Capto is a Bulgaria-based company offering a Robotic Process Automation (RPA) solution to create custom digital robots. These can be used to automate a wide variety of manual tasks and processes, reducing errors and increasing efficiency.
Capto’s custom solutions are tailored to suit each client’s specific needs. They work closely with their clients to understand their business processes and pain points, then develop a solution that automates those processes.
As such, the software is adaptable to many industries and use cases, but Capto’s specialities include:
- Fraud and chargeback reporting;
- Invoicing;
- Modelling automation
Additionally, Capto’s software is designed to be user-friendly and easy to integrate with existing systems. Capto also provides ongoing support and maintenance to ensure that their digital robots continue to function at their best.
14. ProcurementFlow (pre-PO project management)
ProcurementFlow is an Estonian procurement tech provider. Its software aims to connect stakeholders and expedite the buying process, with focus on more complex project procurement for one-time spend.
The company’s solution streamlines pre-PO and sourcing operations to maximise on time, quality and cost. It offers tools for the entire S2P process, from organising workflows, managing requests and collaboration channels, to supplier relationship and contract management – all presented via an easy-to-use, intuitive design with drag & drop functions.
ProcurementFlow’s SRM tools allow for easy communication with potential and existing suppliers. It collects contracts, conditions, spend, quality incidents, past and planned events – all captured from a single source.
The platform offers simple, automated RFI/RFP/RFQ workflow, while predictive alerts notify you instantly of any process abnormalities, automatically capturing all updates and comments.
ProcurementFlow’s Supplier Portal moves communication with potential and existing suppliers out of personal inboxes, allowing suppliers to update their details on the platform, or use it to send out important updates.
Additionally, requisitions and approvals can be completed through ProcurementFlow’s mobile app – saving even more time for your purchasing team.
15. Tacto (full stack procurement management for manufacturing businesses)
Tacto develops an intuitive, data-driven, and automated approach to project collaboration in procurement for medium-sized industrial enterprises.
The Munich-based startup offers an all-in-one solution for vendor intake and management, sourcing, and operational productivity.
Tacto allows you to analyse all your data instantly and share it with your team in a simple and understandable way. It uses AI-based data analytics to monitor countless influencing factors on your supplier and item portfolio and respond with effective actions in due time.
The software gives customers a transparent overview of their procurement activities, algorithmically highlighting risk & savings potential. It can also automate all transactional workflows in sourcing and supplier management.
It lets you work seamlessly with your suppliers for an efficient RFQ process and make informed procurement decisions. You can also evaluate suppliers – aggregating both subjective criteria and hard facts for a comprehensive overview.
Tacto’s solutions enable procurement professionals can focus on strategic work, leverage savings potential, and reduce complexity. It does this without the need for lengthy implementation.
Which is the best purchasing software for SMEs?
Start with the end in mind!
What is your biggest current pain point?
If you’re an e-commerce business, then you probably don’t need project management software. Likewise, if you’re a manufacturing business, then a best-of-breed contract management system perhaps isn’t necessary.
Do you have a tail spend problem or lots of accounts payable issues? Then this could be a good place to start with e-Procurement, P2P automation, and centralising your vendor master data.
Also, don’t forget the importance of user interface and user experience (UI/UX), and ease of implementation. This is especially important for SMEs, who no doubt will have a CFO who expects a quick ROI. Budgets are usually more tightly controlled in smaller organisations and investments require planning.
That’s where the “per seat” pricing model that many of these digital procurement tools offer comes into play. You can start small, and then add licenses as your team grows. Whereas this can be a monster in large teams, in SMEs it can be the saviour, enabling access to affordable software.
When it comes to pricing, all of them will be dependent upon your specifics.
Most of them, however, are out-of-the-box, cloud-based SaaS applications. You won’t need consultants to come in and customise them. Implementation is usually possible in days. Worst case – for P2P software which requires integration to your finance system – it may take a few weeks. Definitely not months or years like some of the legacy enterprise procurement suites.
If you’d like to have a chat about how we can help you source the best purchasing software for SMEs, then schedule an intro call. It would be great to learn more about what you’re looking for!
