Adopting new software is a big decision for companies of all sizes. Not only will you have to transition your existing processes, you'll have to train your team and onboard them.
However, the right procurement software can make a meaningful difference, especially when it comes to managing procurement, expense, and accounts payable processes. But how do you go about choosing the best tool for your company? We’ve compiled a list of helpful tips on how to make that decision.
Procurement software, also known as procure-to-pay (P2P) software, unifies your processes from requisition to payment. In other words, your requests, approvals, purchase orders, invoices, and expenses are all visible and managed in one central place.
Deployment options for procurement software have evolved significantly. They offer faster time-to-value than ever before. Cloud-based deployments, in particular, expedite implementation by eliminating the need for extensive infrastructure setup and maintenance. Companies can quickly onboard and start using the software, which helps them achieve efficiency and realize benefits sooner.
The most valuable benefits of procurement software come down to three things: automation, accuracy, and clear visibility into how money is spent.
Automation in procurement streamlines workflows, reduces manual errors, strengthens compliance, provides valuable data insights, and accelerates approval processes. Automation ultimately leads to significant time savings while improving overall efficiency.
In fact, Fraxion customers see an 80% increase in time savings as manual data entry, repetitive manual tasks, and duplicate entries across spreadsheets and systems are replaced by automated workflows.
Manual procurement processes holding you back? Book a demo with Fraxion today.
Procurement software improves accuracy by automating and standardizing the purchasing process, which reduces the likelihood of human error. It centralizes data, making sure all stakeholders have access to consistent, up-to-date information.
Features like automated approvals, real-time tracking, and built-in compliance checks help enforce policy and reduce errors. By automating these steps, procurement software significantly improves accuracy across the entire process.
For example, Fraxion’s AP automation uses AI to reach a 99% accuracy rate. This module reduces errors, duplicate invoices, and the time spent on manual corrections.
At its core, procurement software helps businesses understand how they spend money, and manage the processes associated with it. With full visibility into purchases and trends, you can spot savings opportunities, reduce waste, and make faster, more confident decisions.
On top of that, the right eprocurement tool also offers built-in controls to enforce policy and prevent unnecessary or unauthorized spending.
Curious about Fraxion’s pricing plans? Check out our pricing page and find the plan that best fits your needs.
Not every procurement software tool will meet your company's unique needs. To evaluate your options, start by defining your particular business requirements. Here are six important things to consider:
Analyzing software features is a balancing act. Too many features can slow adoption, confuse users, or drive up costs. But going too simple may leave you patching together disconnected tools. The key is to start with your business needs, then choose procurement software that fits.
Another way to filter software features is by company size. What works for a small team may not scale, and what works for an enterprise could be overkill. Fraxion, for example, is built specifically for mid-sized companies, offering just the right mix of power and simplicity.
Beyond functionality, look for tools your team will actually use: mobile app, a clean interface, and easy on-the-go approvals. Vendors committed to ongoing innovation and updates also offer scalability, security, and new features that’ll keep you competitive in the market.
Need a place to start? Here are some of the features that Fraxion offers.
One of the best ways to understand software and its benefits is by seeing what other users say about it. Third-party review sites such as Capterra, Software Advice, and GetApp can provide independent reviews of various software platforms and customer satisfaction ratings. They also provide comparisons between software solutions.
Additionally, most software websites will have case studies or industry pages where they highlight how companies in those sectors use their tools to solve industry-specific challenges. A solid review trail, and a clear track record of updates, can give you confidence that the tool is tested, trusted, and improving.
Even with the best software, your team will need help at some point. That’s why it’s important to choose a platform that’s easy to onboard and backed by responsive, helpful support.
Check third-party reviews for support ratings, and explore the vendor’s help center. Look for essentials like email or phone support, live chat, how-to articles, and video tutorials. Good support can make or break your rollout.
Software doesn’t live in isolation. You’ll want your platform to integrate with the tools that you use every day. Look for software with API availability: Robust APIs enable integration with third-party applications and future-proof the software.
Most software websites will have an integrations page that lists the tools they connect with. This can include ERPs and accounting systems, messaging apps such as Microsoft Teams, and vendor catalogs like Amazon Business, for example, via PunchOut or PunchIn.
Choose software providers that prioritize security by undergoing regular third-party penetration tests and obtaining security certifications. These tests help identify and address vulnerabilities. Software vendors should be willing to provide security information, on request, during your review process.
Make sure that the provider also undergoes regular audits to verify that their systems and processes meet the rigorous SOC 2 compliance standards, such as those defined by the American Institute of Certified Public Accountants (AICPA). Meeting these standards demonstrates a commitment to maintaining the highest levels of data protection and operational transparency for customers.
Pricing models vary, so look for software that offers flexible payment options, monthly billing for example, so you’re not locked into something that doesn’t fit. But don’t stop at upfront costs. Evaluate the total cost of ownership and how the tool will support cost savings, process improvements, and long-term scalability as your needs grow.
Choosing the right platform is about getting lasting value without unnecessary complexity or added tools. Make sure the software adapts as your company’s needs evolve, maximizing long-term benefits and operational effectiveness.
If you’re still relying on disconnected tools, manual approvals, or outdated systems, it will only get harder to stay in control.
Fraxion gives you the visibility, policy enforcement, and spend control you need, without slowing your process down. The platform is built to reduce overspending, approval delays, and make every purchase decision clearer.
Book a call with Fraxion today. We’d like to understand your business requirements, and if we’re a good fit, we’ll tailor a demo to your needs.
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