We are currently in the era of cloud computing and automation tools. 

Companies all across the world recognize that with a little help from contemporary technology, they can accomplish more, faster, and for less.

However, this does not appear to have caught on with procurement managers.

According to PLANERGY, ‘Fewer than 10% of businesses have implemented procurement solutions based on critical technologies like the Internet of Things, Big Data, and blockchain technology’. 

According to the same study, more than 60% of businesses either use no tools at all or rely on Microsoft Office-based systems to manage their workflow and supplier relationship management (SRM). 

In this article, we’ll explain why these tools are so effective and provide several options for you to consider.  

 

1] Oracle Procurement Cloud

It is a super-smart assistant for businesses when they want to buy things they need. 

Just like you might use a shopping app to order your favorite items online, businesses use Oracle Procurement Cloud to make their buying process smoother and more efficient.

For example, if you need to create a list of items to buy and this list is quite complex, you can use Oracle Procurement Cloud to organize this list, making it easy to manage different items, suppliers, and budgets.

In simple terms, Oracle Procurement Cloud is like a high-tech shopping assistant for businesses. 

It makes the process of buying things smoother, more organized, and helps businesses make better decisions when it comes to their purchases.

 

2] TradeGecko

It is a business inventory wizard that can keep track of all your products, orders, and sales effortlessly. 

It keeps track of every product your business has. It knows how much of each item you have in stock, when you need to reorder, and even helps prevent the dreaded “out-of-stock” scenario.

When your customers place orders, TradeGecko steps in to make sure everything is organized. 

It tracks all the orders, from the moment they are placed to when they are shipped. 

No more confusing paperwork or lost orders. If you also need to preorder products from your suppliers, TradeGecko has you covered. 

It helps manage relationships with your suppliers, ensuring you always have what you need to keep your customers happy.

Just like you’d want your magical companion to keep your secrets safe, TradeGecko takes security seriously. It ensures that all your business data is secure and protected.

 

3] Spendesk – Your Business Expense Guru

Spendesk acts as the headquarters for managing all your business expenses. 

It’s a central hub where you can keep track of, organize, and control all your spending activities.

Ever wish you had a guide to help you keep an eye on what your team is buying?

Spendesk provides a clear view of every purchase, making it easy for you to oversee and manage expenses without any hassle.

It ensures that your business doesn’t overspend and keeps your financial goals on track. 

So in terms of business expenses, Spendesk is like a reliable financial partner. 

It simplifies the intricacies of expense management, keeps your spending in check, and gives vital information to help your organization succeed financially. 

It is the type of helper that every firm requires to keep the financial side of things running properly. 

 

4] Orderhive 

Orderhive is a comprehensive platform that manages all aspects of your business orders. 

It serves as a central hub for overseeing, processing, and tracking orders, ensuring a seamless workflow. 

However, this application is primarily designed for e-commerce shops, which are businesses that offer things directly to consumers via the internet.

It offers a variety of characteristics, including:

. Order and inventory management.

. Purchase tracking (using barcode technologies)

. Warehouse and return management

. Invoicing and Payment

. Analytics and Reporting

 

Of course, it is compatible with all major e-commerce platforms, including eBay, Amazon, Shopify, and Etsy. 

This is a more reasonably priced option than many of the others on this list. 

And, while it provides a wide range of useful functions, it will never be as robust as the enterprise solutions listed above and below.

However, for lean organizations that move a lot of inventory online, it’s an excellent tool to investigate.

 

5] Perfect commerce 

Perfect Commerce is like a smart helper for businesses that want to buy things efficiently. 

It’s a digital tool that makes the process of purchasing goods and services easier. 

It is a personal assistant that handles everything from finding the best deals and managing contracts to working smoothly with suppliers. 

It helps businesses communicate better, saves time, and makes sure everything related to buying is organized and efficient. 

 

Choose better procurement tools

Hopefully, this list has provided you with some important and beneficial procurement tool options. 

The main thing is to recognize how much time and effort is wasted on your current manual processes and to make use of the fantastic options available to you.

Whether you’re an e-commerce company with a high stock turnover, a tech company dealing with innumerable invoices from various suppliers, or simply a corporation that needs help keeping its payments organized, one of these tools could be just what you need.