Learn about actual and potential costs
How much should I pay for Procurement Software?
What is the average price of Procurement Software?
This procurement report includes pricing information to help you purchase Procurement Software. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Procurement Software been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Procurement Software yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Procurement Software?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Procurement Software with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase Procurement Software?
The procurement software market exhibits a moderate level of market share concentration, with the top four firms accounting for about 45.0% of total market revenue. The market contains about 215 providers. In the three years to 2018, the number of providers operating in the market has been falling as a... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
What relationships or partnerships does your company have with other software publishers?
Have you encountered any legal disputes with other software publishers? If so, how were the legal disputes resolved?
What computing platforms do you use, and with what software programs are they compatible?
Have your customers encountered any difficulties integrating your procurement software with other software systems? What was the result?
How does your software share information and documents with suppliers?
Does your software have RFP or RFI templates?
How does your software retrieve, manage and analyze qualitative and quantitative data?
How does your software identify supply chain risks?
How does your software measure the performance of suppliers?
How do you attract new clients and retain existing clients?
How does your firm maintain a competitive edge?
What is your reputation like among buyers and peers, and how have you developed it?
What is your client turnover rate? How long do your contracts last, on average?
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Key elements for every RFP
What should my Procurement Software RFP include?
Buyers should specify their budget for purchasing procurement software.
Buyers should specify their preferred terms for invoicing and payment.
Buyers should explain whether they wish to bundle any other software solutions with their purchase of procurement software to achieve a discount.
Buyers can reference the Benchmark Price section of this report to verify that they are receiving a competitive price for their software purchase.
Buyers should evaluate providers based on whether their procurement software offers desired features.
Buyers should consider the usability of the procurement software during the evaluation process.
Buyers should evaluate the quality of providers’ customer and technical support.
Buyers can reference the Buying-Decision Scorecard section of this report for additional selection criteria.
Buyers should specify the final date by which proposals must be submitted for consideration.
Buyers should include the date by which they expect the procurement software to be implemented.
Buyers should provide the date when vendors will be notified about contract awards.
Buyers should indicate the date by which they expect demos to occur, if applicable.
Evaluate major factors to mitigate risk
How risky is the Procurement Software supply chain?
Procurement software providers face little risk of service shutdowns resulting from upstream supply issues. Consequently, supply chain risk has been low for market providers in the three years to 2018. When risk is low, providers are often more willing to negotiate with buyers on prices because their operating expenses are... Subscribe to learn more.