6 powerful sourcing and procurement software solutions in 2025 (and beyond)
Simplify and automate your procurement processes with the best 6 sourcing and procurement software management solutions to streamline your organization’s workflow.
The right technology can bring your procurement strategy to life. Whether you’re looking to reduce costs, enhance efficiency, or contribute to mission-critical, company-wide goals, sourcing and procurement software delivers a wide range of benefits, freeing up time and resources for your procurement team to focus on strategic initiatives that keep your business one step ahead. But with so many tools on the market, how do you know which one to go with? Read on to learn everything you need to know about choosing the best sourcing and procurement software solutions for your business.
Sourcing and procurement software are digital tools that manage and optimize the process of acquiring goods or services. This software can cover the entire procure-to-pay (P2P) cycle from beginning to end, or focus on one core element, such as sourcing optimization or spend analysis.
How sourcing and procurement management software benefits your organization
Using the right tools is a key part of any procurement transformation. Here are a few of the biggest advantages of sourcing and procurement management software for forward-thinking procurement teams.
1. Improved efficiency
Sourcing and procurement management software streamlines processes, saving time and effort for everyone involved: from your procurement team, to your requesters and approvers, and even your suppliers.
This wins back hours every week—especially for teams who are still doing things manually, like sending siloed emails to vendors and manually updating spreadsheets—that you can then re-invest in strategic, needle-moving procurement tasks.
2. Cost savings
Adopting the right eSourcing software lets you get the best value in every sourcing event, using intelligent sourcing bots and automations to drive competitive bidding and reduce costs in categories you previously didn’t have time to optimize.
From high-stakes strategic sourcing events to routine MRO procurement and sourcing, best-in-class sourcing and procurement software unlocks cost savings and drives better sourcing outcomes that deliver long-term value.
3. Greater transparency
Centralizing all sourcing and procurement activity into one digital workspace improves transparency by bringing more of your spending under governance. This gives your procurement team greater visibility over all spend across the business (even for hard-to-pin-down categories like spot buys), so you can get more accurate reports, understand performance in real time, and make more informed decisions.
4. Enhanced compliance and risk mitigation
With sourcing and procurement management software, you can better identify (and avoid) risks in your supply chain. Quickly spot issues—like over-reliance on certain suppliers—and take action to reduce their impact.
You can also ensure compliance by creating repeatable custom workflows that meet your organization’s best practices by default. Enable everyone in the business to kick off automated sourcing events that follow these protocols to reduce manual errors and missing information, speeding up procurement cycles while effortlessly boosting compliance.
The 6 best sourcing and procurement software solutions in 2024
Ready to revolutionize your sourcing and procurement? Here are six powerful tools to try.
1. Keelvar – best sourcing optimization software
Keelvar (that’s us!) is a best-of-breed eSourcing platform that combines sourcing optimization and sourcing automation for better outcomes in every event. Its easy-to-use platform simplifies sourcing for even the most complicated scenarios with thousands of line items, helping your business save time and money—and empowering your procurement team to take on a more strategic role.
With Keelvar, you can:
Make data-driven decisions: Analyze complex scenarios with large amounts of data and find the best outcome with Sourcing Optimizer. Consider a range of criteria—like cost, location, risk, and sustainability—to assess the total cost of ownership (TCO) and award suppliers that provide the best long-term value for your business.
Keelvar’s Sourcing Optimizer helps you get the best outcome for your business in any sourcing event
Reduce manual effort and win back time: Cut out manual sourcing work and automate up to 100% of tactical and tail spend with Autonomous Sourcing. Automate low-value, high-volume repetitive sourcing tasks to free up your procurement team for more impactful strategic work.
Streamline your procurement processes: Create automated workflows that follow your team’s best practices, approval processes, and compliance requirements to scale sourcing excellence across your entire organization—without needing to add headcount.
Use Autonomous Sourcing to create custom automated workflows that reduce manual admin, drive cost savings, and enhance compliance
Bring more spend under governance: Centralize all sourcing activities to enhance visibility, transparency, and accountability. See and control spending across all teams and categories, and get deeper insights to discover cost-saving opportunities you would otherwise have missed.
Build stronger supplier relationships: Collaborate with suppliers and manage relationships from one platform. Improve communication and give vendors real-time status updates to get the best deals and forge lasting partnerships.
Unite your sourcing and procurement software:Integrate Keelvar with the other tools in your procurement tech stack for even better results. Connect your systems to keep all data up-to-date, and trigger sourcing events from upstream systems (like your inventory management software) to stay one step ahead.
2. Xeneta – benchmarking
Xeneta is the leading ocean and air freight benchmarking and market analytics platform. It provides procurement teams with real-time data and intelligence, enabling you to monitor market conditions, identify negotiation opportunities, and make strategic, data-backed transportation procurement decisions.
Use a benchmarking tool like Xeneta as part of your sourcing and procurement software stack to get real-time ocean and air freight market intelligence
Integrating your sourcing solution with an industry-leading benchmarking tool lets you bring key insights right into your eSourcing platform, streamlining your workflow and giving you up-to-the-minute insights for informed decision-making.
Sievo is a global leader in procurement analytics, giving you an in-depth understanding of your organization’s spend data. Its AI-powered spend classification technology gives you granular insights and enriches data with additional information (like risk and carbon emissions) to help you monitor, analyze, and optimize procurement.
Spend analysis tools like Sievo help you dig deeper into your procurement data
Searoutes goes beyond standard carbon emissions calculations to provide teams with more accurate estimates. Its robust data intelligence and unique algorithms let businesses take control of their carbon footprint, enabling them to find the optimal routes that meet their needs andreduce their CO₂e.
Incorporating this data into your sourcing and procurement decision-making allows you to factor carbon emissions and other sustainability criteria into your tender process, supporting procurement teams’ hugely impactful role in achieving their organization’s ESG goals.
Incorporate carbon emissions data into your sourcing and scenario analysis to align supplier awards with your sustainability goals
Scoutbee is a supplier intelligence and discovery platform that matches procurement teams with new suppliers that meet their needs. Its AI-powered scouting capabilities understand complex requirements—such as sustainability and diversity goals—and identifies the best-fit suppliers from its comprehensive global database, removing the need for your team to do painstaking manual research.
A supplier discovery tool like Scoutbee identifies new suppliers that meet your business’s specific requirements without the need for time-consuming manual searches
Overhaul is a risk management platform that provides visibility and risk monitoring for in-transit shipments. It offers a range of features depending on your risk tolerance and needs, from data insights and tracking to theft recovery services and 24/7 live risk monitoring. Respond to risk in real time—or even before, thanks to proactive warnings—to keep your supply chain running securely, compliantly, and efficiently.
Overhaul gives you greater visibility over in-transit cargo so you can manage and respond to risk as needed
Boost your procurement processes and scale sourcing excellence with Keelvar
With the right sourcing and procurement software, your team can spend less time on manual, repetitive tasks and more time on procurement activities that improve efficiency, reduce costs, and give your organization a strategic advantage. Want to see how Keelvar’s sourcing and procurement software can enhance your business? Request a demo.
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