Purchase requisition software is a centralized platform that automates creating and approving purchase requests and purchase orders. It’s known as a subset of procurement software.
We reviewed a range of purchase requisition software options and picked the top systems on the market.
1 Tipalti Approve - Best Overall
Tipalti Approve (formerly known as Approve.com) is a cloud-based procurement software that helps businesses gain control of the procurement process by streamlining requests, approvals, and vendors.
Tipalti Approve integrates with ERP systems like Oracle NetSuite for seamless data sharing_. Standout features include a unified vendor database, OCR invoice conversion, personalized purchase order policy configuration, and self-serve onboarding portals.
With Tipalti Approve, customizable forms allow users to easily submit purchase requisitions all on a centralized platform. Once a purchase requisition is approved, the software will either create a purchase order within your ERP or send an email to stakeholders.
2 Tradogram - Also Great
Tradogram is a complete spend management system that integrates with cloud-based and on-premises software. Tradogram integrates with the top ERP software like SAP, Sage 50, and Blackbaud.
In addition to the standard procurement software features, Tradogram includes support for multiple companies, expense management, and simple inventory tracking. This software is one of the more affordable options on the market. It includes a free plan for a single user and five transactions per month.
Tradogram allows users to create and send purchase requisitions from any device with an internet connection. This requisition system tracks suppliers, vendors, and purchase orders. It also generates procurement reports that aim to maintain budgets and prevent unnecessary spending.
3 Precoro - Also Great
Precoro is procurement software for small to medium-sized businesses. This cloud-based software helps companies streamline procurement processes and eliminate manual work.
Precoro integrates with popular accounting software, including Xero and QuickBooks, to seamlessly transfer data and enhance workflow. In addition, Precoro has an open API and integrations with Power BI to help integrate with your business’s ERP and accounting systems.
Standout features include real-time budget tracking, a straightforward user-based pricing structure, and both punchout and Punch-In catalogs.
Precoro’s requisition system saves time and reduces manual errors by standardizing the requisition form and automatically creating a purchase order once the appropriate user approves the requisition. The software also allows users to create approval workflows that ensure timely approval of requisitions.
What Is Purchase Requisition Software?
Purchase requisition software is a centralized platform that automates creating and approving purchase requests and purchase orders. It allows users to submit purchase requests electronically, which the software then routes to the appropriate user for review and approval.
Purchase requisition software can help organizations streamline their purchasing process, reduce errors, and eliminate paperwork. It also provides visibility into spending patterns and helps organizations control costs by enforcing spending limits and identifying areas where cost savings can be achieved.
Purchase requisition capabilities are typically sold as part of a complete procurement software, which includes common features such as:
- Requisition management
- Purchase order management
- Contract management
- Supplier management
- Strategic sourcing
- Spend analysis
Features of Purchase Requisition Software
|Creating and tracking purchase orders
|Standardizes purchasing documentation with templates; Compares purchases against budgets; Track purchase orders throughout their lifecycle from creation to delivery with order and payment status updates.
|Managing requisitions and approvals
|Formalizes the review and approval process with automated approval routing to improve cost control and gain visibility into purchasing habits; Ensures procurement policy compliance.
|Track vendor order history, payment history, contracts, and communications.
|Processing invoices and purchase orders
|Automates matching of vendor invoices to internal purchase orders to ensure cost control and timely payment.
|Product and service catalog
|Compiles a catalog of products with pricing and item details, often through a retailer's PunchOut catalog system; classifies items and services and helps define purchasing guidelines.
|Recurring purchase orders
|Recurring purchase orders based on time or inventory levels; Ensures consistent supply levels and reduces the need for manual purchase order input.
Benefits of Purchase Requisition Software
Purchase requisition software’s centralized purchasing system helps organizations optimize their purchasing and procurement process, increase efficiency, reduce costs, and gain accountability and transparency in purchasing. Additionally, purchase requisition software enables organizations to make data-driven decisions and negotiate better contracts with suppliers.
Purchase requisition software automates manual tasks such as purchase order creation and approval workflows, reducing the time and effort needed to complete these tasks. Automation increases efficiency and productivity, allowing procurement teams to focus on more strategic activities.
Improved Spend Management
Purchase requisition software provides real-time spend visibility, allowing businesses to track spending and manage budgets more effectively. This tracking helps identify areas where companies can save costs and reduce the risk of overspending.
Enhanced Supplier Management
Purchase requisition software provides a centralized platform for managing supplier relationships, allowing businesses to evaluate supplier performance, negotiate better contracts, and streamline the procurement process. This leads to better supplier management and improved collaboration.
Better Data Insights
Purchase requisition software provides detailed analytics and reporting capabilities, allowing businesses to gain insights into procurement performance. These insights help identify areas for improvement and drive data-informed decision-making.
Purchase Requisition Software Pricing Guide
Cloud-based purchase requisition software starts from $11 to $35 per user per month. The total cost will depend on the number of users and your organization’s needs. Enterprise-level products will typically cost more and include advanced features like third-party integrations.
On-premise options offer perpetual licensing with a typical one-time cost between $3,000 and $500,000. Potential ongoing costs include technical support and software updates.
Other Types of Procurement Software
Various types of purchase requisition software are designed to meet the individual needs of businesses. These different types of software provide organizations with the tools needed to streamline their purchasing processes, manage spending, and improve supplier relationships. These include purchase order software, spend management software, eProcurement software, supplier management software, and contract management software, among others.
Purchase requisition software sometimes includes features such as contract management and supplier management. Still, sometimes organizations need dedicated solutions to manage these tasks.
Purchase requisition software and procurement software are used interchangeably. Like purchase requisition software, procurement software automates the purchasing process from requisition to payment and helps organizations save time and money while reducing errors.
Purchase Order Software
Purchase order software is designed to automate the generation of purchase orders, making it easier to manage the approval workflow, spending, supply chain logistics, supplier management, and budgeting. While purchase order software is sometimes used interchangeably with procurement software, not all purchase order software handles procurement.
Procure to Pay Software
Also often used interchangeably with procurement software, procure-to-pay software is more of an end-to-end solution than procurement software. This software is considered a link between accounts payable and purchasing departments, so it also caters to supply chain management practices.
Spend Management Software
Spend management software assists organizations in managing their overall spending, including budgeting, expense tracking, invoice processing, and reporting. Benefits include real-time visibility into financial data, data recording process automation, and spending categorization.
Supplier Relationship Management (SRM) Software
Sometimes called vendor management software, supplier relationship management software helps organizations manage supplier relationships, track supplier performance, and reduce risk. This software also gives users automated follow-up reminders to ensure timely communication with supplier partners.
Contract Management Software
Contract management software enables organizations to create, store, and manage contracts throughout their lifecycle, including negotiating and renewing contracts. In addition, contract management software reduces risk and ensures compliance with contract terms and conditions. Procurement teams often use contract management software as a central repository for document management and storing contact information for suppliers. Features include contract creation, contract repository, OCR and advanced search, alerts, reporting, approval management, and workflow management.
Strategic Sourcing Software
Strategic sourcing software enables organizations to solicit quotes and proposals from suppliers electronically in real-time and allows suppliers to see their rank among bidders and leverage competitive pressure. Features of strategic sourcing software typically include spend analysis, bid/quote creation, request for proposal (RFP), contract management, and supplier management.