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10 Great Low Cost Purchasing Software Applications

Low cost purchasing software – is it a myth? We’re here to show you that it most definitely isn’t.

In the past, we’ve covered a whole range of different procurement software for the mid-market: from contract management, e-Sourcing, spend analytics to P2P tools.

We also recently released our Tech Map for SMEs, which also contains a range of low cost purchasing software. Thanks to its simplicity, procurement software for SMEs is often – but not always – priced competitively.

What we aim to do here is to mesh both together.

Low cost purchasing software is not always tailored towards smaller businesses. What it does offer, however, is more flexibility. It enables you to introduce digital processes in pilot locations if you’re part of a larger organisation. You can try a simple, low cost procurement tool to get proof of concept, before moving up to a more comprehensive tech solution.

Some of these solutions can also be seen as add-ons to already existing procurement technology, if that particular feature is missing from your current tech stack.

What is Considered Low Cost Purchasing Software?

So, how do we go about defining low cost software for procurement?

It will always be a somewhat subjective question, so we’ve included companies in this list that match at least one of the criteria below:

  • A free version that is usable or contains enough features to be able to operate without the need to upgrade.
  • Per-licence based pricing, enabling smaller procurement teams to have access to purchasing software without having to pay enterprise pricing.
  • A “lite” or “basic” version of their main product targeted towards SMEs or growth startups
  • “Pay-as-you-go” pricing model without being bound into a long-term contract.
  • Monthly pricing below $500 – for any software which requires a regular contractual obligation of at least one year.

Any of these options would be considered by us to be low cost purchasing software. They all offer either a flexible pricing strategy which can be added or reduced. Or, in the absence of this, their monthly “all-inclusive” pricing is considered affordable to those businesses big enough to benefit from procurement technology.

Clearly, a $5 million revenue business probably doesn’t need a bunch of procurement apps, beyond perhaps some simple PO or invoice automation software. Whereas, on the other hand, a $50 million revenue business or a high-growth startup could benefit from a number of the solutions we’ve listed.

Now that we’ve cleared up the definition, let’s jump right in and introduce our 10 favourite low cost purchasing software apps.

 

1. Canopy

Canopy logo

Canopy is a sophisticated Supplier Relationship Management (SRM) platform designed to enhance procurement operations. Created by OCG Software, this startup stands at the forefront of procurement innovation.

Canopy offers pivotal functionalities with modules dedicated to Data Management, Supplier Onboarding, and Lifecycle Management. These features are specifically tailored to support small procurement teams, providing a comprehensive toolset.

A notable standout feature of Canopy is its award-winning design and commitment to robust data security, being ISAE3402 SOC1 Type II certified. This highlights its unique position in the market.

The low cost purchasing software version of Canopy is their Canopy Connect product. This enables small procurement teams to get their vendor data and compliance in order for just £99 per month.

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2. Precoro

Precoro is an innovative startup established in 2015, focusing on refining procurement and spend management across diverse industries. The company operates globally, with a versatile team located in New York, Kyiv, and Vilnius, as well as remotely throughout Europe and the Americas.

The platform offers a comprehensive procure-to-pay system that integrates smoothly with other business tools. It supports essential procurement functions such as purchase requests, orders, and approvals, making them accessible across various devices and locations. This versatility ensures it adapts to different business environments efficiently.

A standout feature of Precoro is its user-friendly design, tailored to accommodate users from tech-savvy to those less familiar with digital tools. This approach ensures a high adoption rate by simplifying the procurement process, making it accessible and efficient for all types of users.

Recently, Precoro has shown significant growth, managing $16 billion worth of purchase orders annually and expanding its reach to customers in over 67 countries. The company has also enhanced its capabilities through strategic partnerships, notably with Google, to better meet the needs of its expanding international customer base.

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3. Ruby

Ruby is an integral component of Red Sheet Negotiation, designed as a digital guide to enhance the planning and execution of negotiation strategies.

It leverages the Red Sheet methodology, known for its systematic and structured approach, to provide users with guided negotiation planning capabilities. Ruby allows users to create detailed negotiation plans using an interactive, user-friendly interface that simplifies complex negotiation scenarios into manageable steps.

This tool is particularly useful for professionals looking to improve their negotiation outcomes with a strategic and well-prepared approach. Ruby represents a blend of advanced negotiation theory with practical application, making it a unique feature of the Red Sheet Negotiation platform.

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4. Yooz

Yooz, initiated in 2010 and formally established in its current format in 2014, operates out of France and the United States. This company provides a sophisticated, cloud-based e-invoicing and Purchase-to-Pay (P2P) automation solution, enhancing the efficiency of invoice processing and spend management.

The Yooz platform is distinguished by its integration with over 250 financial systems and its utilisation of artificial intelligence and deep learning technologies. These advanced capabilities enable the automation of over 80% of processing workflows, significantly reducing the need for human intervention.

Recognised for its contributions to fintech, Yooz has earned several accolades, including being named one of the “10 Best Cloud Solution Providers” by Industry Era, underscoring its status as a leader in financial technology innovation.​

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5. Trackado

Trackado is a cloud-based contract management software that significantly streamlines the way businesses manage their contracts. Established in Solna, Sweden, Trackado has developed a robust platform that caters to both small and large enterprises worldwide.

The software boasts a variety of functionalities including centralised contract storage, automatic reminders for critical deadlines, and comprehensive financial transparency concerning contractual finances. Its accessibility from any location through a web browser adds to the convenience, eliminating the need for complex installations.

A standout feature of Trackado is its user-friendly interface, which allows users to efficiently manage their contracts with minimal training. Enhanced security measures ensure that sensitive data is kept safe and private.

Trackado has been well-received in the industry for its intuitive design and comprehensive features, quickly becoming a preferred solution for efficient contract management​

Key Data:

  • Founder / CEO:  Mark Zeise
  • Date Founded: 2016
  • Visit Trackado profile in our Software Finder

 

6. Market Dojo

tag for sourcing category

Market Dojo, founded in 2010, offers cutting-edge e-procurement software designed to revolutionise the sourcing and management of goods and services. The company is celebrated for its user-friendly and efficient solutions tailored specifically for procurement professionals.

The founders, Nick Drewe, Alun Rafique, and Nic Martin, leveraged their extensive procurement expertise to establish the company, which is headquartered in Stonehouse, Gloucestershire, England. They aimed to make sophisticated e-Sourcing tools accessible to all organisations, not just large enterprises.

Market Dojo’s software suite includes e-Sourcing, Opportunity Analysis, Project Management, Supplier Onboarding, Supplier Performance Management (SPM) & Supplier Relationship Management (SRM), Contracts Management, and Savings Tracking. These tools are designed to streamline procurement processes and enhance strategic capabilities within procurement functions.

A key differentiator for Market Dojo is its focus on creating cost-effective and user-friendly solutions, making advanced procurement tools accessible to a broader audience. The company’s innovative approach has been recognised with substantial investment from a Sovereign Wealth Fund in 2018, aimed at furthering its development and expanding its market presence.

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7. Avvoka

Avvoka is an innovative startup based in London, England, with a focus on transforming legal processes through advanced, no-code document automation. The company also operates out of Singapore, extending its reach and influence in the legal tech industry.

Avvoka specialises in a platform that enables users to automate, negotiate, and analyse documents without the need for traditional coding. This includes features for creating custom templates, managing negotiations directly on the platform, and generating insightful data from document interactions, making it an all-encompassing solution for document management.

What sets Avvoka apart is its user-friendly, no-code document automation system, which allows businesses to handle legal documents without the need for Word coding or external consultants, thereby reducing costs and streamlining operations.

Avvoka has gained recognition in the legal technology sector for its innovative approach to document automation. The company collaborates with major legal and corporate clients to significantly enhance their document management processes and operational efficiencies.

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8. ProcurementFlow

ProcurementFlow is a dynamic low cost procurement software and automation platform. It centralises and streamlines procurement activities and communications for project-based procurement. The company focuses on revolutionising procurement processes through digital transformation to improve efficiency and speed.

The platform has comprehensive functionalities including requisition management, eSourcing, supplier relationship management (SRM), and workflow automation. It’s design enables it to handle the entire procurement process from requisition to payment. The aim is to reduce manual workload and enhance operational efficiency.

A standout feature of ProcurementFlow is its capability to quickly digitalise procurement teams, often within a day, allowing immediate improvements in procurement processes without the complexities of traditional setups.

ProcurementFlow has notably transformed procurement processes for various businesses, significantly reducing procurement-related stress and errors. This transformation has turned procurement functions into profit-generating operations, highlighting its effectiveness and value to its users​

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9. Anvil Analytical

Anvil Analytical, headquartered in London, is a SaaS provider focusing on strategic sourcing and supplier management. The company offers a broad array of services, including Spend Analytics, Carbon Management, Market & Inflation Analytics, Contract Analytics, Risk Management, and Project Management, all designed to improve procurement and supply chain operations.

The company sets itself apart with a robust suite of analytics tools that support procurement management while also evaluating carbon footprints and managing risks. This multifunctional integration makes Anvil Analytical a unique player in the market.

Recognised for its pioneering work in procurement analytics, Anvil Analytical has earned accolades, including a top rating on the Gartner Peer Insights as the leading Procurement Analytics platform, affirming its industry leadership.

Anvil Analytical caters to mid-market businesses with its comprehensive solution and offers a competitively priced “lite” version for smaller organisations, broadening its market reach and accessibility.

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10. Apadua

tag for sourcing category

Apadua is an innovative software company based in Cologne, Germany, specialising in smart procurement solutions for professional services. The company utilises advanced technology to simplify the sourcing and management of service providers for businesses globally.

Apadua’s software suite includes key modules such as EXPLORE, SOURCE, and MONITOR, which assist users in discovering vendors, selecting the best through a competitive sourcing process, and continuously monitoring project performance. This integrated approach facilitates a streamlined and efficient procurement process.

A distinctive feature of Apadua is its use of artificial intelligence to enhance the efficiency of procurement activities. This technology significantly reduces the time and effort required to manage the procurement of professional services, making it easier for companies to find and collaborate with service providers.

Apadua was recognised for its user-friendly platform and effective use of AI to improve procurement operations, positioning itself as a comprehensive solution for professional services procurement.

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11. Capto

Capto, established in 2021 and based in Bulgaria, is a pioneering automation partner that crafts custom-made robotics solutions tailored to enhance business operations across various sectors.

The company excels in developing and deploying bespoke robots within 3-4 weeks, specifically targeting the Financial Services and Legal industries. Their offerings range from automated dispute resolution to tax return processing and asset transfer reporting.

Distinctively, Capto combines profound coding expertise with extensive business acumen, enabling a deep understanding of client processes and goals. This unique approach ensures that their automation solutions are not only technically proficient but also strategically aligned with their clients’ broader business objectives.

Capto’s rapid development cycle and customer-focused service have quickly distinguished them in the field of automation, making them a preferred choice for businesses in the UK and Europe seeking efficient and flexible automation solutions.

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12. Hivebuy

Hivebuy is an innovative digital procurement platform for a streamlined purchasing process for businesses of all sizes. Established in 2021, the company has quickly made its mark in the digital procurement landscape.

Based in Germany, the platform specialises in procurement solutions, offering a comprehensive suite of tools that facilitate efficient order management, supplier integration, and spend analysis. These tools can support businesses in managing their purchasing activities more effectively, ensuring transparency and cost-efficiency.

What sets Hivebuy apart is its user-friendly interface and adaptability to various business needs, allowing seamless integration with existing systems. This flexibility, coupled with robust customer support, makes it a preferred choice for companies looking to optimise their procurement processes.

Since its inception, Hivebuy has demonstrated remarkable growth and innovation. Their commitment to enhancing procurement functionalities continuously evolves, marking significant advancements in digital procurement solutions tailored for modern enterprises. Hivebuy offers a strong foundation and innovative approach, and has potential to evolve further in the field of digital procurement for SMEs.

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13. Oboloo

Oboloo is a user-friendly procurement software that provides companies with full visibility and control over their procurement processes. Founded in 2019, the company has rapidly grown in the procurement software industry and is based in London, UK, which benefits from a rich business landscape and technological infrastructure.

The software features comprehensive functionalities including eSourcing, contract management, supplier management, and savings management. These tools empower users to efficiently manage sourcing activities, contracts, suppliers, and track savings.

A notable feature of Oboloo is its intuitive design, which enables even non-experts to easily navigate procurement tasks without extensive training. Recently, the platform gained recognition for significantly enhancing operational efficiencies and reducing procurement costs. Oboloo thus seeks to become an established tool in procurement management for SMEs.

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14. Vendr

Vendr is better than a low cost purchasing software. It’s free!

It revolutionises how companies buy and manage software, specialising in reducing software expenses. Since its inception in 2019, Vendr has quickly carved out a significant niche within the procurement industry, operating from its headquarters in Boston, Massachusetts.

The platform offers services such as pricing benchmarks, negotiation support, and procurement automation. These functionalities can help your financial and operational outcomes if your organisation deals with a lot of software procurement.

Vendr’s unique feature is its no-cost platform that provides expert negotiation services and automation tools, significantly reducing costs and streamlining procurement processes for clients. Recently, the company has processed over $4 billion in software spending, negotiating more than 35,000 deals, and saving customers over $400 million, highlighting its impactful presence in the technology procurement sector.

Key Data:

  • Founder / CEO: Ryan Neu
  • Date Founded: 2019
  • Visit Vendr profile in our Software Finder