How to Choose the Best Procurement Compliance Tool Provider
â€If you’re in the market for a procurement compliance tool provider, you know that choosing the right one can be a daunting task. With so many options available, it can be challenging to know which provider will meet your business needs and budget.
A procurement compliance tool provider is a digital solution that uses automation to streamline the many phases of the procurement process. It helps manage purchase orders, contracts, and relationships with suppliers and vendors, automates inefficient manual processes, standardizes all procurement tasks, offers features like spend analysis and visibility for cost savings efforts, includes approval processes, optimizes supplier relationship management, and helps teams manage contract lifecycles.
In this article, we’ll walk you through how to choose the best procurement compliance tool provider for your business. We’ll explore the key features to look for, factors to consider, and the top procurement compliance tool providers to choose from.
Key Features to Look for in a Procurement Compliance Tool Provider
When evaluating different procurement compliance tool providers, there are several key features to look for. These features include:
Contract Management
A contract management tool saves you time, reduces expenses, and makes deals with vendors more efficient. Any time an addendum is in order or a contract needs to be renewed, you can easily pull it up, make changes, and keep a record of those changes.
Supplier Management
A robust procurement solution enables you to onboard suppliers and ensures you’re getting the best value from vendor deals. Thus letting you negotiate better terms with suppliers.
Automation and Notification Features
The procurement software you select should be able to automate manual work and send you automated notifications for every task that needs your attention.
Integration with Other Tools
The procurement compliance tool provider you choose should integrate with other tools you use, such as your ERP system, finance software, and supply chain management software.
Budgeting and Spend Control
The procurement compliance tool provider you choose should allow you to set budgets, track spending, and control costs. It should also provide spend analytics and visibility for cost savings efforts.
Security and Compliance
The procurement compliance tool provider you choose should be secure and compliant with all relevant regulations. It should also offer features such as approval workflows to ensure security and compliance.
Factors to Consider When Choosing a Procurement Compliance Tool Provider
When choosing a procurement compliance tool provider, several factors should be considered. These factors include:
Business Needs
Consider your business needs and choose a procurement compliance tool provider that meets those needs. Make sure the provider offers features and functionality that align with your business goals.
Budget
Consider your budget and choose a procurement compliance tool provider that fits within your budget. Make sure the provider offers pricing plans that are affordable and flexible.
Scalability
Consider the scalability of the procurement compliance tool provider. Make sure the provider can accommodate the growth of your business and can handle an increase in procurement volume.
Customer Support
Consider the level of customer support offered by the procurement compliance tool provider. Make sure the provider offers excellent customer support and has a knowledgeable support team that can assist you with any issues or questions.
Reputation
Consider the reputation of the procurement compliance tool provider. Make sure the provider has a good reputation in the industry and has a track record of providing quality service.
Top Procurement Compliance Tool Providers
Now that we’ve covered the key features to look for and factors to consider when choosing a procurement compliance tool provider, let’s explore the top providers in the market.
Vendr
Vendr is a procurement compliance tool provider that helps businesses manage and process all their SaaS deals and licenses in one place. It ensures businesses are getting new SaaS tools at a fair market rate and buys and renews all their software. With its detailed reports and analytics, businesses can access crucial spend data, vendor deals, and sourcing tools that give teams insight into relevant market prices.
Key Features:
- An automated SaaS management system of record
- Licensing and provisioning management features
- Approval workflows to ensure security and compliance
Best for: Organizations looking to automate their processes who can spend anywhere between $400,000 – $5,000,000 or more.
Pricing:
- Starter – $36,000 per year
- Growth – $78,000 per year
- Enterprise – $120,000 per year
Procurify
Procurify is a procurement compliance tool provider that makes it easy for organizations to manage their vendor budgets with a streamlined workflow that’s powered by automation. As a procurement tool, Procurify focuses on improving transparency by making the process accessible to anyone in the organization. It offers spend control features, so you always know what you’re spending and where. Its data and analytics features are always accessible through its mobile app.
Key Features:
- Custom budgets by departments, location, projects, etc.
- Access to credit card reconciliation tools
- Easy-to-manage vendor information and KPIs
Best for: Organizations looking to simplify their procurement process.
Pricing:
Procurify offers three customized pricing plans depending on the number of users your team needs. Contact their sales teams to learn more about pricing.
- Pioneer
- Voyager
- Enterprise
Corcentric
Corcentric is a procurement compliance tool provider that allows you to automate and simplify your purchasing process, approval workflows, and purchase order generation tasks. It comes with robust purchase requisition and expense and approval management features to ensure your team optimizes for cost savings. Corcentric works with a cataloging system that suppliers can access to update their goods and services data. This way, your team is filled in on vendor capacity on an ongoing basis.
Key Features:
- Automates the purchase order creation process
- Simplifies spend management
- Helps reduce costs by matching purchase orders against authorized users
Best for: Companies that want to transform error-prone manual processes into a streamlined procurement system powered by automation.
Pricing:
Contact the sales team to get a custom quote.
Gatekeeper
Gatekeeper is a procurement compliance tool provider that helps procurement teams reduce costs and minimize risk. With it, you can manage your team’s workload, get visibility into all your vendor contracts, and establish an end-to-end procurement process. Its standout feature is its simple contract renewal processes.
Key Features:
- Simple contract renewal processes
- Stores all your supplier data in one place
- Procurement templates for best practice workflows
Best for: Businesses looking to simplify their procurement processes without forgoing risk management.
Pricing:
- Essentials – $875/month
- Pro – $2,095/month
- Enterprise – $3,725/month
- Enterprise custom – contact the sales team to get the custom quote
Jaggaer
Jaggaer is a procurement compliance tool provider that uses a collaborative, agile approach to identify where your business could save money throughout the procurement process. Jaggaer is comprehensive enough to track inventory and help reduce supply chain risk–ensuring your quality management efforts pay off.
Key Features:
- Detailed spend analytics tools
- Plenty of third-party integrations
- Supplier management features designed to ease supplier communication
Best for: Organizations looking for an all-in-one comprehensive procurement solution.
Pricing:
Contact their sales team to get a quote.
Conclusion
Choosing the best procurement compliance tool provider for your business can be a challenging task. However, by considering the key features and factors outlined in this article, you can make an informed decision. Whether you choose Vendr, Procurify, Corcentric, Gatekeeper, Jaggaer, or another provider, make sure the provider aligns with your business needs, budget, and goals.