Are you ready to ditch the mess of emails, spreadsheets, and phone calls that come with manual procurement and supplier management?
Managing suppliers without the right tools can lead to inefficiencies, unstable relationships, and a lot of stress. Supplier Relationship Management (SRM) software can transform your procurement processes, making them smoother, well-organized, and more reliable.
In this article, we’ll introduce you to the best SRM software, including key features to consider, to help you streamline your processes.
Key Takeaways
Key Features to Look for in SRM Software
Not every SRM software is built the same. The right solution is relative to your needs and goals, but a powerful SRM typically offers:
- Comprehensive Lifecycle Management: Allows you to manage every stage of your supplier relationships, from onboarding to performance evaluation, in one central platform.
- Data Centralization Capabilities: Helps streamline access to supplier data and ensures that all relevant information is easily accessible — crucial for making informed decisions and maintaining accurate records.
- Automation: Automating routine tasks such as order processing and invoicing reduces manual errors and frees up time for your team to focus on strategic activities, boosting efficiency and productivity.
- Supplier Risk Management Tools: Allows you to identify, assess, and mitigate potential supplier risks to strengthen the stability and reliability of your supply chain.
- Seamless Integration: Ensures that the SRM software can integrate smoothly with your current ERP, CRM, and other systems to put an end to data silos and create a more cohesive workflow.
- Advanced Analytics: Provides deeper insights into supplier performance and procurement trends to support data-driven decision-making and strategy optimization.
When choosing SRM software, consider a solution that not only meets your current requirements but is also scalable and adaptable.
Your SRM software should accommodate new challenges and opportunities as your business grows and evolves. Investing in a flexible and future-proof SRM solution will help you maintain a competitive edge and foster long-term success.
5 Best Supplier Relationship Management Software in 2024
1. SupplierGateway
SupplierGateway is a B2B procurement platform with robust supplier relationship management capabilities. Our SRM software helps you handle the entire supplier lifecycle, from sourcing and risk assessments to tracking and reporting, in one centralized platform.
Key Features
Building strong relationships with suppliers boosts supply chain reliability, improves cost efficiency, and fosters innovation through collaborative partnerships. SupplierGateway helps you start out strong with automated supplier onboarding software.
Standardize supplier registration and maintain records of critical information, including certifications, diversity questionnaires, and company summaries in our onboarding portal.
Onboard suppliers efficiently with automated tools.
Whether you need more transparency across your supply chain or want to manage supplier compliance, our Sustainability Assessments and Reporting tools do it all. Control supplier risk with a wide array of assessments, including:
- Environmental, Social, and Governance (ESG)
- Greenhouse Gas Leadership
- Diversity, Equity, and Inclusion (DEI)
- Human Rights Compliance
Send multiple assessments to your suppliers and get the results in as little as three weeks — no more manual reminders or countless emails to gather vital risk information.
Track risk assessments for multiple suppliers in a single dashboard.
Teaming up with BluePenguin, we created SGPay — a procure-to-pay platform that puts ease of use and convenience front and center. Manage the entire pay process, from automated invoices to virtual payments, and earn 1.5% cash back rewards with SGPay.
Track and manage digital invoices and payments with SGPay.
Simplify reporting and analytics with intuitive spend tracking and built-in visuals. From diversity spend to certification status and confidence scores, visually track and depict all of your essential supplier data.
All your data, in one place: displayed visually.
And with our supplier master data management platform and unlimited seat licenses, your data is centralized and easily accessible across all departments.
Pros
- Unlimited suppliers and team seat licenses.
- Seamless integration with existing systems to get you up and running on day one.
- Intuitive dashboard for simple workflows.
- Enterprise procurement software to eliminate data silos.
Schedule a demo with our team to learn more about our supplier relationship management tools and capabilities, and see why SupplierGateway is your most comprehensive SRM solution.
Pricing
SupplierGateway’s pricing plans start at $45,000/year for supplier onboarding and offboarding. The supplier diversity management platform ranges from $20,500 to $25,000/year, while the corporate social responsibility (CSR) platform costs $39,000/year.
See the Platform
Not quite ready to talk to someone but want to see what SupplierGateway platform have to offer? Click on the product you’re interested in learning about and get an interactive walkthrough.
2. ProcureWare
ProcureWare, delivered by Contruent, is a cloud-based procurement portal that enables organizations to centrally manage vendors, solicit and evaluate bids, and award contracts.
Key Features
Key features of the platform include:
- Vendor management
- Bid management
- Contract management
Pros
ProcureWare users found several advantages:
- Well-organized system.
- Deep analysis capabilities.
- Flexible and customizable.
Cons
ProcureWare users found several disadvantages:
- Dated, complex interface.
- Slow customer support response time.
Pricing
ProcureWare offers a quote-based pricing model.
3. Promena
Promena offers a suite of tools including e-procurement, e-sourcing, and SRM functions. Promena’s SRM platform combines Supplier Information Management (SIM) and Supplier Performance Management (SPM) in one dashboard.
Key Features
Key features of the platform include:
- ESG Assessments
- Supplier Sustainability Scorecards
- Supplier Master Data Management
- E-Procurement and Sourcing
- Vendor Management
Pros
Promena users found several advantages:
- User-friendly and intuitive.
- Quick, helpful customer service.
Cons
Promena users found several disadvantages:
- Lack of visual reporting tools.
- Lacking in certain dashboards.
Pricing
Promena’s supplier management software starts at $5,000/annually.
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4. Oracle Supply Chain Management
Oracle SCM provides a comprehensive set of applications that enable companies to manage their supply chain, distribution, manufacturing, inventory, and fleet operations.
Oracle Supply Chain Management
Key Features
Key features of the platform include:
- Demand Management
- Supply Planning
- Sales and Operations Planning
- Supply Chain Collaboration
Pros
Oracle SCM users found several advantages:
- Robust security measures.
- Simple, intuitive reporting process.
- Complete visibility across all processes.
Cons
Oracle SCM users found several disadvantages:
- Difficult implementation and customization process.
- Performance issues can occur with a high volume of transactions.
- Expensive pricing model.
Pricing
Oracle SCM offers quote-based pricing.
5. SAP Business One
SAP Business One offers an on-premise or cloud supplier relationship management system for small to mid-size businesses.
Key Features
Key features include:
- Financial management
- Sales and customer management
- Purchasing and inventory control
- Business intelligence
- Analytics and reporting
Pros
SAP Business One users found several advantages:
- Wide range of reporting options.
- Real-time data analytics.
- Streamline integration process.
Cons
SAP Business One users found several disadvantages:
- Steep learning curve.
- Complex interface that is difficult to navigate.
- Inflexible software.
Pricing
SAP Business One offers a quote-based pricing model.
Optimize Supplier Relationships with SuppplierGateway
SupplierGateway is your comprehensive supplier relationship management software.
Build and maintain strong relationships, reduce supplier risks, and make better use of your supplier data with our user-friendly supplier relationship management platform.
Find Out More
Experience the SupplierGateway difference firsthand. Our team will walk you through the entire process and provide insights on key tools and capabilities.